NBJ PR Wire

Nevada State Bank Announces Sale of Three Las Vegas Food4Less Branches to Amalgamated Bank

Release Date: May 9, 2007

Bill Martin, Chairman, President and CEO of Nevada State Bank, announced today the agreement to sell the bank's three Food4Less branches to Amalgamated Bank. The Food4Less locations are at 3250 East Flamingo, 4001 South Decatur, and at 2255 Las Vegas Boulevard North. Amalgamated Bank is assuming the branch facilities only; no Nevada State Bank customer deposits or loan accounts are included in the agreement but rather will be transferred to other nearby Nevada State Bank offices. Martin emphasized that no employees will lose their jobs; they will be relocated to other branches within the bank's 47 locations in Southern Nevada. Financial terms were not disclosed. The transfer of the branches to Amalgamated Bank is scheduled to be completed in early fall.

Established in 1923 by the Amalgamated Clothing Workers of America, Amalgamated Bank has distinguished itself as the working person's bank. The institution, which is an FDIC insured commercial bank holding assets in excess of $4.5 billion, currently has nine branches in New York City as well as one branch in each of the following locations: New Jersey, Washington, D.C. and southern California. The Bank provides a full range of commercial banking services with their primary focus being financial services to labor unions, their members and low-to-moderate income working people. Amalgamated Bank is owned by UNITE HERE, the labor union formed in 2004 by the merger of UNITE (the clothing, textile and needle trades union) and HERE (the hotel and restaurant employees union). In addition, a number of UNITE HERE locals and joint boards have a stake in Amalgamated Bank. The corporation's web site is www.amalgamatedbank.com.

Nevada State Bank, with assets of $4.0 billion, is the fourth largest commercial bank in Nevada. Established in 1959, it is the oldest state-chartered bank in Nevada with a total of 73 branches statewide. Many of these branches are conveniently located in Smith's Food & Drug Stores, which are open on evenings and weekends. For more information on Nevada State Bank, call 702.383.0009 or access the bank's website at www.nsbank.com.

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