In just five years, Bank of the West has worked hard to establish itself in Nevada’s banking industry. The California-based bank came to Northern Nevada in 1999, when it purchased SierraWest Bancorp. Two years later, it expanded to Las Vegas by acquiring seven branches divested in a merger between Wells Fargo Bank and First Security Bank.
“The bank’s philosophy is to try to offer the services a very large bank would be capable of offering its clientele, but still have a very close community tie to the customers,” said John Sizemore, regional vice president and manager of Bank of the West’s business banking unit.
Bank of the West now has a total of 10 retail branches throughout the state, as well as business banking centers in Las Vegas and Reno. The total average deposits in Nevada through September 2004 were $375 million.
Bank of the West was founded in 1874 in San Jose, Calif. as Farmers National Gold Bank, and it is one of California’s oldest financial institutions. It now operates 296 branches in Nevada, California, Oregon, Washington, Idaho and New Mexico, and has nearly 6,000 employees.
“We have two pending acquisitions that will bring us into an additional 10 states,” said Bob Wolff, spokesman for Bank of the West. The acquisitions are of Community First Bankshares, based in the Midwest, and Union Safe Deposit Bank, based in Stockton, Calif. The purchases are pending regulatory approval, but when complete, they will increase the size of the bank’s network to 470 branches by the first quarter of 2005. Bank of the West also operates five commercial banking centers in California.
The bank, which has $30 billion in assets, is the largest lender to religious institutions in the United States, and among the largest lenders to agricultural businesses and the recreational-vehicle industry.
Sizemore said employees’ experience has made the bank successful in the Nevada market. “We have a very experienced staff,” he said. “In my business banking unit, I have two men I have worked with for 30 years. We provide a lot of knowledge and personal service to the clientele.” The bank has 91 employees in Nevada.
“We offer just about everything and anything a bank can offer,” Sizemore said. Bank of the West’s retail branches offer a full array of deposit, loan and investment products. Services can be accessed through local branches or via the Internet or telephone. In addition to its retail products, Bank of the West caters to businesses of all types with revenues of up to $25 million. Its business services include a variety of depository accounts, business and personal loans, investment products, cash management, merchant services and payroll services. It is also a preferred lender for the Small Business Administration.
Bank of the West prides itself on its community involvement. “A couple years back, we set a 10-year goal of $30 billion in loans, investments and contributions as part of our commitment to community development in the states and markets where we have a presence,” Wolff said. Some of its recent charitable contributions include a Thanksgiving food drive for St. Jude’s Ranch for Children and a pledge drive for KLVX Public Television. Bank of the West employees are also preparing to participate in a United Blood Services blood drive, a stuffed bear donation project with local police and a mentoring program for high school students.
“Volunteerism is something we as a regional bank take very seriously,” Wolff said. “It’s part of the overriding philosophy that comes down from the president of the institution.”