Meadows Bank total assets surpass $1 billion for first time
Meadows Bank announced Aug. 5 it had reached $1.1 billion in Total Assets as of June 30. Total Equity Capital also grew 17% to $126.8 million.
According to an Aug. 5 press release, as of June 30, the bank had Total Loans of $994.6 million, representing a 25% growth, or $195.9 million, over loans outstanding at June 30, 2019. Total Deposits grew by $127.1 million from June 30, 2019, to $949.4 million at June 30, 2020.
“Our team has been committed to helping our business clients through the current economic crisis. We processed 986 Payroll Protection Program (PPP) loans for a total of $193.6 million,” Arvind Menon, president & CEO of the bank, said in a statement. “We know that our customers continue to rely on Meadows Bank to provide the services they need and we will be here, working side by side with our neighbors to make sure our community is strong and standing tall when this crisis passes.”
The Las Vegas-based bank that launched in 2008 and has two locations in Reno also posted Net Income After Tax of $8.2 million in the first half of 2020, slightly lower than the $ 8.7 million it earned during the same period in 2019.
“We did a lot of very, very difficult evaluation over a very, very short amount of time and just concluded that this was the right thing for the company at large.”