Nevada State Bank Completes Acquisition of Three Northern Nevada Branches from City National Bank

Rhea-AI Summary

Nevada State Bank, a division of Zions Bancorporation, has successfully acquired three branches of Northern Nevada City National Bank. This strategic move adds over $450 million in deposits and $100 million in commercial and consumer loans. The newly acquired branches are located in Reno, Carson City, and Minden, expanding Nevada State Bank's presence to 20 branches in Northern Nevada. Terry Shirey, the bank's CEO, emphasized the commitment to community and customer transition during this acquisition.

Positive

• Acquisition expands Nevada State Bank's presence with three new branches in Northern Nevada.
• Inclusion of over $450 million in deposits and $100 million in loan accounts enhances financial capacity.
• Strengthens community relationships and customer service capabilities.

Negative

• None.

RENO, Nev.--(BUSINESS WIRE)-- Nevada State Bank, a division of Zions Bancorporation, N.A., (NASDAQ: ZION) has finalized the acquisition of three Northern Nevada City National Bank branches and their associated deposit, credit card, and loan accounts. The three branch locations are:

• Kietzke South: 5470 Kietzke Lane, Building #3, Reno
• College Parkway: 1811 East College Parkway, Carson City
• Douglas County: 1647 Highway 395, Minden

“This acquisition demonstrates Nevada State Bank’s commitment to Northern Nevada’s communities and brings on board some excellent banking colleagues. The smooth transition for our clients and our colleagues was a priority for the past six months,” shared Terry Shirey, president & CEO of Nevada State Bank. “We are so pleased to officially welcome everyone and to begin building new relationships for the future. We believe the extensive footprint of Nevada State Bank will be an excellent benefit for our new clients.”

In addition to the three branches, the purchase was anticipated to include more than $450 million in deposits and $100 million in commercial and consumer loans. Nevada State Bank now has 20 branches throughout northern Nevada to provide additional location options for Northern Nevada clients, in addition to the other 30 branches across the state.

About Nevada State Bank (@nevadastatebank)

Nevada State Bank, a division of Zions Bancorporation, N.A., was founded on Dec. 9, 1959. The full-service bank offers a complete range of consumer, private, and business banking services in 20 communities across the state. Nevada State Bank’s colleagues regularly volunteer in their communities and have been dedicated to helping make Nevada a better place to live for more than 60 years. Zions Bancorporation, N.A. is included in the S&P 500 and NASDAQ Financial 100 indices (NASDAQ: ZION). For more information on Nevada State Bank, visit www.nsbank.com. Member FDIC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220802005287/en/

Sandi Milton

SVP/Public Relations

702-855-4701

sandi.milton@nsbank.com

Source: Nevada State Bank

FAQ

What did Nevada State Bank acquire recently?

Nevada State Bank acquired three branches of Northern Nevada City National Bank.

What is the value of deposits included in the acquisition by Zions Bancorporation?

The acquisition includes over $450 million in deposits.

Where are the new branches located?

The new branches are located in Reno, Carson City, and Minden, Nevada.

How many branches does Nevada State Bank have after the acquisition?

After the acquisition, Nevada State Bank now has a total of 20 branches in Northern Nevada.

Who is the CEO of Nevada State Bank?

Terry Shirey is the president & CEO of Nevada State Bank.