Meadows Bank reports 16% rise in net income in 2019
RENO, Nev. — Meadows Bank announced Feb. 4 that in calendar year 2019, the bank’s after-tax net income grew 16% to $18.4 million, up from $15.8 million in calendar year 2018.
The bank’s loan portfolio grew by 7%, or $52.3 million, from $752.9 million to $805.2 million. In addition, total deposits grew from $745.8 million at year end 2018 to $838.2 million at year end 2019.
As of Dec. 31, 2019, total assets of Meadows Bank grew by 12% from the prior year end to $961.2 million from $858.7 million; total equity capital grew to $118.0 million, up 19% from the previous year.
Meadows Bank was founded in 2008 in Las Vegas and has Nevada branches in Las Vegas, Henderson, Pahrump and Reno, as well as one in Phoenix.
Construction could begin next year and require about 500 to 600 workers, with a permanent workforce starting at 150 to 200 people with potential to expand.