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Business Bank of Nevada Targets Homebuilders With
Construction Loans; Bank Looks to Fund $100 Million Over Next 5 Years
LAS VEGAS, Aug 16, 2004 /PRNewswire-FirstCall via COMTEX/ -- Business Bank
of Nevada (BBNV)
today announced that it is looking to capture a significant share of the
single- and multi-family construction lending business over the next several
years. The Bank is looking to lend more than $100 million over the next five
years to qualified homebuilders in Nevada. The Bank's decision to become a
formidable competitor in this residential real estate lending arena is based
on the recent hiring of a seasoned residential real estate lender from one
of the state's largest financial institutions who has expertise in this area
of lending.
According to Mark Phillips, executive vice president and chief credit
officer of Business Bank, this staffing expertise, along with competitive
pricing, will help the Bank attract smaller residential builders and
developers at both ends of the state. "We see ourselves becoming a lender of
choice among homebuilders who are developing projects up to $10 million per
phase. As we grow and get more comfortable with this area of lending, we
will expand our program to attract larger size homebuilders."
The Bank has targeted several homebuilders in northern and southern Nevada
with which it would like to do business by financing their projects along
with establishing a long-term banking relationship. Over the next several
months, the Bank will be sending out a number of proposals and calling on
several homebuilders throughout the state to try and secure their business.
Included in these proposals will be very favorable terms and conditions,
competitive pricing, flexible credit underwriting and highly qualified loan
officers and relationship managers to handle a complete package of banking
products and services.
"In order to gain a solid foothold in the homebuilder business, we're going
to have to be aggressive in all areas of banking, which includes both the
loan and deposit side of our business," Phillips said. "Our customers
appreciate that we're flexible and provide them with award-winning service,
which gives us a competitive advantage over other banks. The other
competitive advantage we have is our experienced staff who understand the
homebuilding business."
Phillips added that the single- and multi-family construction lending
business will continue to help the Bank increase its total outstanding loans
at an average growth rate of more than 20 percent a year. The lending area
of the Bank recently topped the $200 million mark in total outstanding
loans, while the Bank's total assets surpassed $300 million at the end of
the second quarter.
In addition to offering Single- and Multi-Family Construction Loans,
Business Bank also offers a full array of Commercial Loan Products such as
Construction, Land and Real Estate Development, Business Equipment and
Machinery, Tenant Improvement, SBA 504 Loans, Unsecured Small Business
Loans, and much more. The Bank also offers a variety of Consumer Loans such
as Auto, RVs, Boat/Trailer, Home Equity Credit Lines (HECL), and more.
The homebuilding industry should contact Merri Raymond at 702-952-4420 for
more information about the Business Bank's Single- and Multi-Family
Construction Lending Programs. Information about all other Bank lending
products and programs can be accessed from the Bank's website at
www.bbnv.com or by contacting a
relationship manager or loan officer at the nearest Business Bank branch
office.
About Business Bank
Business Bank, with $308.8 million in total assets as of June 30, 2004, is
in its ninth year of operation and is one of the fastest-growing independent
banks in Nevada. The Bank has five branch offices in the state, with three
in the Las Vegas area, one in Carson City and one in Minden. The Bank also
has Loan Production Offices (LPOs) in Reno and at Stateline in South Lake
Tahoe. Business Bank is FDIC Insured and is a member of the Federal Reserve
Bank of San Francisco. Its stock is listed on the Over The Counter Bulletin
Board (OTCBB) at ticker symbol BBNV. Additional information about Business
Bank is available on the Bank's Web site at
www.bbnv.com.
Forward-Looking Statement
This press release contains forward-looking statements relating to
operations, product features and benefits, market penetration and market
strategies. Such statements are made based on management's beliefs as well
as assumptions made by, and information currently available to, management,
pursuant to "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. While these statements reflect our best judgment, they
are subject to risks and uncertainties that could cause a change in focus
and direction.
Contact: Paul C. Stowell
702-952-4415
pstowell@bbnv.com
Available Topic Expert(s): For information on the listed expert(s), click
appropriate link. Mark Phillips
http://www.profnet.com/ud_public.jsp?userid=423888
SOURCE Business Bank of Nevada
Paul C. Stowell of Business Bank of Nevada, +1-702-952-4415,
pstowell@bbnv.com
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