Meadows Bank reports 18% total equity capital growth from Q1
RENO, Nev. — Meadows Bank announced May 14 it posted After Tax Net Income of $3,721,000 in the first three months of 2020, a slight decrease from the $3,964,000 earned during the same period in 2019.
At March 31, 2020, the bank had Total Loans of $813 million, which represented a 4% growth on the $782 million Total Loans outstanding on March 31, 2019.
Total Deposits were down $2.5 million from March 31, 2019, to $806 million at March 31, 2020, according to a May 14 statement from the Las Vegas-based bank that launched in 2008 and has two locations in Reno.
As of March 31, 2020, Total Assets grew to $944 million and Total Equity Capital grew to $122 million, the bank reports.
“The health crisis-related shut-down of the national and local economies in March resulted in an overall slow first quarter,” Meadows Bank CEO Arvind Menon said in a statement. “However, we are very happy we were able to assist not only our clients, but other community businesses to qualify for PPP loans, resulting in almost 1000 loans for over $190 million. In addition, the Bank exceeded a billion dollars in total assets as of the end of April.”
Concerned that a spate of COVID-19-related lawsuits could bankrupt businesses, members of the Las Vegas Metro Chamber of Commerce implored the state’s congressional delegation during the chamber’s annual D.C. retreat to pass a federal liability protection measure.