VEGAS INC Magazine - Latest Las Vegas business news, features and commentaries about gaming, tourism, real estate and more
Issue link: https://www.ifoldsflip.com/i/203574
In business the economy Struggling Bank of Las Vegas sold to Michigan company By Eli Segall staff writer The bankrupt owner of a Las Vegas Valley community bank has reached a deal to sell the struggling lender. Capitol Bancorp said in court filings that it plans to sell Bank of Las Vegas — along with Indiana Community Bank, Michigan Commerce Bank and Sunrise Bank of Albuquerque — for $4.5 million to Talmer Bancorp, a holding company based in Troy, Mich. The deal, subject to court and regulatory approval, calls for Talmer to inject up to $90 million of capital into the four banks, as well. Capitol, a holding company based in Lansing, Mich., filed for Chapter 11 bankruptcy protection last summer. At the time, the company said it would seek quick approval from the court for a prepackaged reorganization plan, and that the Chapter 11 filing would not affect its banks' operations or deposits. Still, the company, which remains in bankruptcy court, has lost several banks to forced closures this year, including 1st Commerce Bank in North Las Vegas. The Federal Deposit Insurance Corp. closed the small, single-branch lender in June and sold its deposits and almost all of its assets to Plaza Bank. It was Southern Nevada's first bank failure in two years. Bank of Las Vegas, meanwhile, has been struggling for years. Its last annual profit came in 2008 — just $44,000, down from $608,000 in 2007 — and as the economy worsened, clients increasingly fell behind on their loan payments. At the end of 2008, borrowers were late on roughly 7 percent of the bank's loan portfolio. As of June 30 this year, they were behind on 14 percent of its loans, according to FDIC data. Get more from less. transportation Bigger share of state highway money headed to Southern Nevada By Cy Ryan staff writer CARSON CITY — Clark County has been shortchanged in the past in road building and repair money but it will get a bigger chunk of the pie this year. The state Transportation Department presented a breakdown Oct. 14 showing that $344.6 million, or 65.8 percent of the money available in fiscal year 2014, is programmed for Southern Nevada. "We're investing a significant amount of revenue in Clark," said Transportation Director Rudy Malfabon in a report to the state Transportation Board. He said a big share will go to the Boulder City bypass, the widening of U.S. 95, and Project Neon, which will widen Interstate 15 from Sahara Avenue to the Spaghetti Bowl and make major changes to the arterial streets in the area. Southern Nevada lawmakers complained during the legislative session that Clark County generated the majority of the gasoline tax revenue but didn't receive its fair share in return. Lawmakers introduced a bill to change the composition of the Transportation Board to include more representation from Clark County. But the threat of a veto by Gov. Brian Sandoval prompted the rewrite of the bill to add another member from Southern Ne- vada — who will be appointed by Sandoval. The current board is made up of the governor, who is chairman, the lieutenant governor, controller and attorney general, plus one representative each from Clark and Washoe counties and one representative from rural Nevada. The new law adding the second representative from Clark County takes effect in January. The $344.6 million in road money headed to Clark County next year does not include a proposed $100 million bond issue to be used to acquire rightof-way for the $1 billion Project Neon. The board was told that 71 percent of the needed property has been acquired from owners. Malfabon said he was aware of the complaints of past inequities in the distribution of the money but said "the Nevada Department is not holding back on funding to Southern Nevada." The report shows that for fiscal 2013, Clark County received 51.9 percent of available money. Washoe County received 4.5 percent and the remaining 43.6 percent was spent in rural Nevada. A good share of the money was spent on interstate highways to connect the long distances between cities. Audi pioneered TDI® clean diesel engines to deliver more torque, lower fuel consumption and reduce CO2 emissions, compared to equivalent gasoline engines and the The 2014 Audi A7 TDI® clean diesel is no exception. Offering a massive 428 ft lbs of torque, a 0-60mph time of 5.5 seconds and a single tank of fuel range of over 700 miles* It also . turns out it could make the world a cleaner place—by cutting emissions by 12%. To experience the Audi A7 TDI® clean diesel and the rest of the 2014 Audi lineup, visit Audi Henderson today and find out why we are one of the leading Audi Dealerships in the country. 7740 Eastgate Rd. Henderson, NV 89011 702.982.4600 • www.audihenderson.com *Based on EPA rating of 38 MPG highway. 20131104_VI11_F.indd 11 10/31/13 11:26:17 AM