Silver State Bank ExpandsThrough Bank Acquisition
Silver State Bank recently expanded its services to offer residential loan programs to new and existing customers. Silver State Bancorp, the holding company for Silver State Bank, closed acquisition of Choice Bank in Scottsdale, Ariz., in September of 2006. The acquisition and the increase in small businesses opening in Nevada have contributed to the bank’s growth. Silver State Bank will now offer one time close construction loans and hard to fit permanent loans to the development community, as well as highly competitive loans to the residential brokerage community.
Yucca Mountain Project Will Cost Taxpayers More Money
A study recently released from the state of Nevada contradicted with cost estimates from the U.S. Department of Energy (DOE) and suggested the proposed Yucca Mountain nuclear waste repository would actually cost billions more than storing the waste at existing nuclear reactor sites. By basing its cost estimates on today’s dollar values and ignoring the declining buyer power of a dollar over many years, the DOE failed to follow the normal accounting guidelines required by the federal Office of Management and Budget (OMB). According to Bob Loux, executive director of Nevada’s Agency for Nuclear Projects said, “DOE’s own numbers show that, over time, continued on-site dry storage will save billions of dollars relative to proceeding with the repository. The longer the repository is delayed, the greater these savings will be.” The actual cost savings associated with at-reactor storage range from $1 billion to $1.4 billion, depending on how fast the buying power of a dollar declines during that year. If the project is never built, taxpayers would save at least $30.8 billion to $10.4 billion.
First Asian Bank Receives Approval to Organize
The organizers of First Asian Bank recently announced approval by the State of Nevada Financial Institutions Division (NFID) to organize. The approval will allow organizers to proceed with the process of organizing the bank, an intermediate step before NFID and FDIC grant final approval and issue a State Bank Charter and Certificate of Deposit Insurance. The Organizers and Founders of First Asian Bank are business owners in Clark County which have strong ties with the growing Asian-American business population. The bank will engage in traditional retail and commercial banking activities for small- to medium-sized businesses. First Asian Bank is scheduled to open for business during the second quarter of 2007.
Shea Commercial Becomes SAXA
Shea Commercial recently announced that its development operation will be known as SAXA, to reflect its focus on diversified development offerings including mixed-use, industrial/flex, commercial subdivisions, investment properties and mixed-rise residential projects. SAXA will continue to develop office condos and will operate under the leadership of Founder and CEO Jim Riggs. Since 1994, the company has grown from a small office condo developer to a national mixeduse developer. Rebranding the company as SAXA will allow the company to further emphasize its strategic partnerships and developments within the commercial and residential arenas, as well as capitalize on its resources and expertise. The separation of brokerage and development services will speed the brokerage market penetration and free up internal resources to further leverage development, said Riggs.
Tax Changes for Filing a 2006 Return
According to Liberty Tax Service, some tax measures have been extended and changed for filing a 2006 return including telephone tax refund, stricter procedures for deducting charitable contributions and non-business energy credit for installation of qualified energysaving items. Taxpayers should receive a refund of $30 to $60 for excise taxes they paid on long distance service billed after February 28, 2003 and before August 1, 2006. The refund amount is based on number of exemptions claimed on a 2006 tax return. After August 17, 2006, no deduction is allowed for most contributions of clothing and household items unless the donated property is in good, used condition. Educators will be able to continue claiming the $250 deduction for out-of-pocket classroom supplies purchased. Higher education expenses of approximately $4,000 may be deductible as an adjustment. The non-business energy property credit is based on the purchase and installation of energysaving items. The credit available is a maximum of $500. The cleanfuel burning deduction for qualified hybrid vehicles has been replaced by the alternative motor vehicle credit in 2006.