Thursday, Nov. 17, 2022 | 2 a.m.
Powered by Nevada State Bank
Nevada State Bank was founded more than 60 years ago with a vision of economic growth for the state and the desire to help Nevadans pursue their dreams. In 1960, the population of Nevada was an estimated 285,000 individuals. Now, it boasts more than 3.1 million, and with this growth comes new industries, an advanced job market, industrious entrepreneurs and diverse individuals from all walks of life. Entrepreneurial spirit has driven the growth of the state, and Nevada State Bank has grown alongside it. Here’s a look at how one small, local bank expanded to 46 branches across Nevada with more than $7.7 billion in assets.
Beginning: 1959-1979
Founded on December 9, 1959, Charles L. Horsey and 11 other businessmen raised $750,000 to open the doors of the bank’s headquarters January 8, 1960, on Fourth and Carson Streets in Downtown Las Vegas. The bank’s assets were valued at $7 million in the early ’60s and grew to more than $105 million by 1976 under the leadership of Harley Harmon. The ’70s ushered in an era of significant growth for Las Vegas’ economy and Nevada State Bank, which opened several new branches throughout the city. By 1979, it had 225 employees working across four branches and the Downtown headquarters.
The 1980s
The country was hit by a national recession in the early ’80s, a period marked by high unemployment, higher inflation and historically high interest rates. Even still, Nevada State Bank opened two more branches and continued to invest in the community. Technical advances ushered in a new era of banking. In 1984, Nevada State Bank installed eight ATMs, allowing clients to withdraw money for the first time outside of “bankers’ hours.” That same year, Zions Bancorporation purchased the bank, allowing it to operate as a subsidiary and maintain its name, employees and agency. In 1989, Nevada State Bank opened the first bank in a supermarket in the state. This inaugural in-store branch was inside the Smith’s on Maryland Parkway and Sahara Avenue. Five more supermarket branches followed.
The 1990s
The ’90s were a time of unprecedented growth. From 1995 to 2000, the assets grew from $400 million to $2 billion, partially fueled by casino industry expansion that led to a real estate boom in Las Vegas. In 1999, Nevada State Bank merged with the Reno-based Pioneer Citizens Bank, dramatically increasing its presence in Northern Nevada. The bank further expanded by opening supermarket branches in Reno, Sparks, Carson City, Elko, Gardnerville, Pahrump, Eureka,
Fernley, Tonopah, Lovelock and Wells. It also acquired Sun State Bank, adding three new branches in Southern Nevada.
The 2000s
In the new millennium, Nevada State Bank was serving 20 communities throughout the state, and in 2001, it opened the Small Business Administration lending department to offer businesses lending services that were catered to their unique needs. In 2008, the market crashed right as Dallas Haun took over as Nevada State Bank president.
The bank proved resilient during the crash, and with a healthy balance sheet and experienced team, it assisted the Federal Deposit Insurance Corporation (FDIC) resolve the complex banking issues in Nevada. Nevada State Bank acquired the insured deposits of Silver State Bank, and in 2009, it acquired Great Basin Bank as well. As banking trends changed, Nevada State Bank sold its grocery store branches and redirected its focus to providing comprehensive banking services at its freestanding locations.
The 2010s
Online banking was booming, and ATMs were being replaced with mobile services and banking apps. Nevada State Bank followed suit. In 2013, the bank launched the Small Business Survey report, an annual survey of business owners, executives and entrepreneurs that is now a benchmark report for local chambers and economic development organizations.
The 2020s
The year 2020 was kicked off with the global pandemic that challenged even the heartiest of institutions. Nevada State Bank, as a division of Zions Bancorporation, worked with thousands of businesses on the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) and secured loans totaling more than $805 million.
In 2022, the bank announced the acquisition of the Northern Nevada interests of City National Bank, including three branch locations. The transaction, completed in July, saw NSB add more than $100 million in new loans, $400 million in new deposits, and 4,000 new clients—bringing its total assets to more than $7.7 billion.
