Lexicon Bank, Southern Nevada’s premier community-focused business bank, recently celebrated its fifth anniversary. Founded in 2019, Lexicon Bank has become a vital part of the local economy, providing concierge banking services and demonstrating a steadfast commitment to the community.
A VISION REALIZED
Lexicon Bank was established with a clear mission: To be an approachable concierge banking partner for local businesses in Southern Nevada, no matter the size. This vision has guided the bank since its inception, ensuring personalized solutions for small businesses, entrepreneurs and nonprofits alike.
Lexicon plays an integral role within the Southern Nevada community. Skilled bankers know firsthand the challenges and needs of Lexicon’s diverse client base, which includes start-ups and large corporations. The bank serves as a collaborative partner for both companies moving to the valley as well as established businesses that have thrived here for decades. Lexicon’s focus is to create new opportunities, aid growth, and develop solutions to meet clients’ unique needs.
“When we founded Lexicon Bank five years ago, our vision was to create a community-centered financial institution that could offer personalized, concierge banking services to businesses of all sizes in Southern Nevada. Today, I am proud to say that we have not only realized that vision but have surpassed it. Our significant growth in assets, deposits, loans, dedication to community initiatives, and recognition as the ‘Best Bank’ in Las Vegas are testaments to our unwavering support of the community. As we look to the future, we remain dedicated to fostering prosperity and providing exceptional service to our clients and community,” said Russell Rosenblum, chairman of the board of directors.
ACHIEVEMENTS AND GROWTH
Over the past five years, Lexicon Bank has achieved significant milestones:
• Growth: Lexicon has grown loans to $164.7 million, deposits to $260.9 million, and total assets to $299.2 million through June 30, 2024. Additionally, through the growth and focus, Lexicon has grown shareholders’ equity to $27.1 million, with positive retained earnings of $1.9 million reflecting cumulative profits since inception, including net income of $969,000 for the year ended Dec. 31, 2023, and $983,000 for the six months ended June 30, 2024. For more financial information, visit lexiconbank.com/investor-relations to review the quarterly shareholder reports and 2023 annual report.
• Community Impact: Provided crucial support to local businesses through the Paycheck Protection Program (PPP), helping over 600 small businesses stay afloat by lending $185 million in PPP loans during the COVID-19 pandemic.
• Exited De Novo status in three years: Exiting de novo status is considered a developmental milestone after which state and Federal Deposit Insurance Corp. regulators usually reduce the frequency and level of oversight. This was a significant accomplishment as Nevada’s first newly chartered bank in over a decade was founded to deliver and meet the financial service needs in Southern Nevada. Lexicon’s ability to exit from the regulatory de novo status following its three-year anniversary during a unique time of the COVID crisis was an exemplary and rare accomplishment, further recognizing our strategy and progress.
• Formation of Lexicon Bancorp: In 2023, Lexicon completed the formation of Lexicon Bancorp as the sole shareholder of Lexicon Bank. Lexicon Bancorp also completed an investment in PartnersHoldings, LLC and its operating entity, IconTrust, LLC, a trustee services firm based in Las Vegas.
• Recognition: Most recently named “Best Bank” in Las Vegas by the readers of the Las Vegas Review-Journal in 2023. With other accolades since Lexicon’s inception, such as “Best Commercial Banking,” “Best Commercial Lending” and “Best Customer Service.”
• Community Spotlight Program: Since its inception in 2020, the bank has highlighted and supported more than 50 local nonprofits through advocacy, volunteerism and donations, fostering stronger community ties.
• Cybersecurity Newsletter: Lexicon launched a quarterly cybersecurity newsletter, which is another example of the value Lexicon has brought to the community. The newsletter helps clients understand current trends and tactics to mitigate the ever-evolving risks that fraudsters pose to information and IT system security.
• Commitment to Community
Five years ago, Lexicon Bank embarked on a mission to unlock Southern Nevada’s economic potential. Today, Lexicon’s diverse clientele includes an array of industries that thrive in Southern Nevada, from innovative startups to established enterprises to nonprofit organizations to real estate developers and beyond.
Lexicon has fueled the growth and expansion of various sectors by offering tailored credit solutions such as commercial real estate loans, lines of credit, SBA loans, equipment financing and construction loans. As a full-service community bank, Lexicon focuses on complementing its lending with the products and services businesses of all sizes rely on to be successful. This includes supporting restaurateurs, manufacturers, retailers and a multitude of professional services.
One such success story comes from James Trees of Esther’s Kitchen, who shares: “Working with Lexicon Bank has shown me how when you have a team behind you, you can make your dream come true. Partnering with Ray at Lexicon Bank made the SBA process simple and seamless and kept us on track for success.”
Lexicon Bank’s commitment to the community extends beyond financial services. The bank’s Community Spotlight program, initiated in 2020, has brought much-needed attention and resources to numerous local nonprofits.
“Our goal is to empower and uplift our community. When our communities succeed, we succeed,” said Stacy Watkins, president and CEO.
Notable community efforts include partnerships with organizations such as the Las Vegas Metropolitan Police Department Foundation, The Center, Nevada Ballet Theatre, the Boy Scouts and the Girl Scouts of Southern Nevada. Lexicon is a founding sponsor of Junior Achievement BizTown- Inspiration Center. Through this partnership with Junior Achievement of Southern Nevada, Lexicon aims to promote financial literacy and empower students with hands-on learning experiences. By immersing students in community banking, Lexicon invests in their potential to make informed financial decisions and become the next generation of savvy financial stewards and community leaders.
This commitment to the community extends to nonprofit clients, as demonstrated by our strong partnership with Nevada Ballet Theatre.
“From our first PPP loan to the expanded banking relationship we enjoy today, Lexicon Bank has been a partner of Nevada Ballet Theatre as we’ve continued to grow as a business and a client. Lexicon Bank’s level of service is unmatched in the banking industry, and their concierge-level focus means they partner with us to find the products and services that fit our business goals. As part of the community for more than 50 years, Nevada Ballet Theatre is pleased to partner with Lexicon to continue that tradition together,” stated Beth Barbre, president and CEO of Nevada Ballet Theatre.
These initiatives underscore the bank’s dedication to making a tangible difference in the lives of Southern Nevadans. Visit lexiconbank.com/community to learn more about Lexicon Bank’s community spotlight program and the organizations that have been highlighted.
LOOKING AHEAD
As Lexicon Bank looks to the future, it remains committed to its core values of personalized service, community involvement and financial excellence.
“As we celebrate Lexicon Bank’s 5th anniversary, I am filled with immense pride for what we have achieved and excitement for what lies ahead. Over the past five years, our dedicated team has driven remarkable growth and fostered strong community connections. However, our journey is just beginning. Looking forward, we are committed to continuing our mission of providing personalized concierge banking services and supporting the growth of Southern Nevada’s businesses and communities. We are committed to further investing in innovative solutions, expanding our community programs, and delivering excellence in client service. The future holds great promise, and we are ready to embrace it with the same dedication and passion that have brought us to where we are today,” Watkins said.
ABOUT LEXICON BANK
Founded in 2019, Lexicon Bank is Nevada’s community-focused banking partner. Lexicon Bank provides personal, comprehensive banking services to business and individual banking clients, emphasizing creating and nurturing long-term relationships. By providing personalized services to all clients, Lexicon Bank helps to foster Southern Nevada’s economy and community — ultimately helping to grow and develop the region’s local businesses. The bank is redefining banking as it should be in Southern Nevada by creating a concierge-like experience for businesses, regardless of size. Lexicon Bank is in Tivoli Village at 330 S. Rampart Blvd., Suite 150. The bank is open from 9 a.m. to 5 p.m. Monday through Friday and 10 a.m. to 2 p.m. on Saturdays. Clients can contact by phone at 702-780-7700 or online at lexiconbank.com. Follow us on Facebook, Instagram, LinkedIn, and Twitter @lexiconbank. Lexicon Bank is a member of the FDIC.