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.”
Ernest Packaging Solutions has leased 133,108 square feet at Dermody Properties’ LogistiCenter at 395 Phase II, Building 1, leaving 47,952 square feet still available.