Deposit Alternative Company Established in Nevada
The founder of one of Australia’s deposit bonding companies expanded its international reach by opening the first deposit bond firm, Deposit Alternative, in Las Vegas – the first of its kind in the United States. A deposit bond is a substitute for the cash deposit required when purchasing property, and can be issued for up to 20 percent of the total purchase price. Deposit Alternative can issue deposit bonds for property purchases and can also provide deposit bonds for all or part of the property transaction’s deposit requirement for periods of three to 36 months.
Prudential CRES and IPG Commercial Merge
Prudential CRES announced it has acquired IPG Commercial Real Estate, forming a partnership that will create synergy between two firms in Southern Nevada’s commercial real estate market. Prudentials President Art Carll said the companies will now be branded Prudential CRES | IPG Commercial Real Estate. The acquisition brings the newly re-branded organization to a staff of 24, including 17 licensed brokers. Prudential CRES | IPG offers advisory assistance and consultation for investments, site selection, leasing, opinion of value, acquisition and disposition services. Combined, the two companies have facilitated more than $200 million in transactions this past year.
Lundahl and Associates Rebrands
Collaborative Design Studio is the new name for Lundahl and Associates, which has worked out of the Reno-Tahoe region for more than 30 years. The firm was founded in 1976 by Jeff Lundahl in Incline Village. The newly restructured firm will continue to provide architecture, master-planning, urban design and interior services in commercial, government, educational, resort and hospitality and residential settings.
Nevada Companies Create New Jobs
The Nevada Commission on Economic Development (NCED) reported the number of new jobs created by expanding Nevada companies during the past fiscal year has increased. In 2007, Nevada’s expanding companies reported 1,744 new jobs companies compared to 1,196 in 2006. The three largest Nevada company expansions were: Microsoft Licensing, providing 300 new jobs; Zappos.com, providing 280 new jobs; and PetsMart, providing 200 new jobs. Although the housing market represents a major economic stimulus- both national and local- the fact that this indicator was extremely sluggish for the U.S. and Nevada did not appear to adversely affect Nevada’s long-running expansion. The state is still growing, and people are still moving here and absorbing housing vacancies.
Bank of George Receives Permission to Organize
Bank of George received permission from the State of Nevada Financial Institutions Division to organize. It also obtained the approval of its application from the Federal Deposit Insurance Corporation (FDIC). Bank of George was founded by Chairman Edward M. Nigro; the bank is organized and directed by Antonio T. Alamo, M.D., Dipak Desai, M.D., Timothy Herbst, William Hornbuckle, Gary Johnson, Rudy A. Manthei, D.O., Troy Nelson, Michael Nigro, Todd Nigro, Alan Sklar, Jonathan Schwartz and Diane Fearon. Bank of George will be located in Desert Canyon Business Park, at Russell Road and the I-215 Beltway, and is scheduled to open in the fall of 2007.
