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October 23, 2014

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Arizona company can use Bank of Nevada name, board rules

The state Board of Finance has ruled the Bank of Nevada may retain its name even though it is run by an Arizona company.

The Tuesday decision by the finance board overturned the decision of George Burns, commissioner of the state Financial Institutions Division.

Bank of Nevada was merged into the Western Alliance Bank of Phoenix in December last year. And the Arizona company wanted to continue to use Bank of Nevada at its newly acquired branches.

After Burns denied the request, and the Arizona bank appealed to the finance board. Gov. Brian Sandoval is chairman but he excused himself because he had met with each side prior to the hearing.

After presentations of both sides Tuesday, state Treasurer Kate Marshall, who chaired the meeting, said the law contradicts Burns' decision.

State Controller Kim Wallin, also a finance board member, said changing the name would create confusion.

Burns, in his decision, said Nevada law prohibits a bank from using a name that may mislead or confuse the public.

Bank of Nevada's website shows it has 11 branches in Clark County.

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