Brief: Three new Nevada banks proposed

Nevada Community Bancorp Ltd. plans to open its first community bank in Las Vegas by the middle of the year, said Chief Executive Officer Joseph Reid, who has successfully started 11 community banks in Michigan and six in Arizona.

"The trick is to make sure these banks aren't too big," said Reid, who said the operations will remain independent of each other and will focus on personal relationships instead of transaction banking.

Second and third banks are planned for Henderson and North Las Vegas.

Reid has hired former First Interstate Bank executive Tom Mangione to be executive vice president and chief operating officer of Nevada Community Bancorp Ltd., which has been capitalized with $10 million. Reid said he expects to register with the Financial Institutions Division of the Nevada Business and Industry Department later this month.

Reid, a commercial litigator in family law for 17 years in Michigan, said he will seek local investors to partner with the corporation and hopes to have all three banks running within 18 months.

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