Michigan corporation drawn to LV banking
A Michigan holding corporation is jumping into the Southern Nevada market with the opening of Paramount Bank, the last in a series of community banks to emerge in recent months.
Paramount Bancorp, a $280 million bank holding company, obtained a separate state charter for Paramount Bank in Las Vegas and is preparing for an official opening on Monday.
The holding company was attracted to Las Vegas because of the recent flurry of bank mergers and acquisitions, said bank CEO Paul Kadavy.
Community bank customers often are disconcerted when their bank is acquired because of changes in personnel, Kadavy said. That creates an opportunity for community banks to attract the disaffected customers.
The bank holding company also liked the area’s rapidly growing economy. Las Vegas is adding several thousand additional residents every month, he said.
Paramount Bancorp isn’t the only financial company to see opportunities in Las Vegas. Meadows Bank is in organization. Bank of George opened a month ago. First Asian Bank opened in June. Service1st Bank started operations early this year.
Independent or community banks typically focus on serving small businesses and professionals, such as lawyers and doctors. Paramount also intends to provide banking services to consumers as well as products for businesses and professionals.
Paramount offers free checking accounts, high-yielding certificates of deposit and credit cards. It will originate residential mortgage loans, as well as home equity loans. The new bank will emphasize personalized service as many independent banks do as way of distinguishing themselves from large regional banks, Kadavy said.
The bank occupies 4,000 square feet at 7795 W. Sahara Ave. The bank is starting with $12 million in capital.
Contact reporter John G. Edwards at jedwards@reviewjournal.com or (702) 383-0420.
