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Nevada State Bank, a division of Zions Bancorporation (NASDAQ: ZION), has announced an agreement to acquire three branches from City National Bank located in Northern Nevada. The transaction includes $480 million in deposits and $110 million in loans, with the purchase expected to finalize in Q3 2022, pending regulatory approval. City National clients will maintain access to their accounts throughout the transition. This acquisition aims to enhance Nevada State Bank's market presence and service offerings in the region.
Positive
Acquisition of three branches strengthens market presence in Northern Nevada.
Inclusion of approximately $480 million in deposits and $110 million in loans enhances financial portfolio.
Smooth transition plans for City National clients ensure customer retention.
Negative
None.
RENO, Nev.--(BUSINESS WIRE)--
Nevada State Bank, a division of Zions Bancorporation, N.A., announced today that it has entered into an agreement with City National Bank to purchase three Northern Nevada branches and their associated deposit, credit card, and loan accounts. The three City National branches are located at:
Reno: 5470 Kietzke Lane, Building #3
Carson City: 1811 East College Parkway
Minden: 1647 Highway 395
Commenting on the branch purchase, Terry Shirey, President and CEO of Nevada State Bank, expressed that “It will be business as usual for the clients of these City National branches while we complete all the necessary transaction details. We look forward to welcoming both City National clients and banking professionals into our Nevada State Bank family. Nevada State Bank is a strong community partner with deep roots in our Nevada soil and more than 60 years of growing and serving the financial needs of our communities.”
The acquired branches will operate as City National branches and City National clients will have uninterrupted access to all their accounts and may continue to use their existing checks, credit cards, and debit or ATM cards until the purchase is completed later this year. Clients with questions about their accounts should continue to contact their local branch staff and their usual customer service channels.
Nevada State Bank and City National will collaborate to ensure a smooth transition of client accounts and services. “Over the next few months, we will be working with City National’s Northern Nevada team to ensure that their experience and transition are as seamless as possible,” emphasized Rick Thomas, EVP and Northern Nevada Executive for Nevada State Bank. “We have launched a resource web page during this transition, www.nsbank.com/CNBwelcome, where we can share information and updates as they become available.”
In addition to the three branches, the purchase includes approximately $480 million in deposits and $110 million in commercial and consumer loans. Nevada State Bank currently has 17 branches throughout northern Nevada that will provide additional location options for City National’s Northern Nevada clients once the purchase is completed. The transaction is expected to be completed by the third quarter of 2022, subject to customary closing conditions and regulatory approval.
“We are confident that our colleagues and clients will be well taken care of at Nevada State Bank,” said Scott Witter, executive vice president and head of Personal and Business Banking. “Our Northern Nevada colleagues and clients have been an integral part of the bank since we entered the market in 2007 and we wish them well in their new professional and banking endeavors. We are still very committed to Nevada and have four branches in the southern part of the state along with our private banking office in Northern Nevada.”
As part of this commitment, Witter noted the strong relationships City National has with the Vegas Golden Knights and its founding partnership with T-Mobile Arena in Southern Nevada. City National has long term relationships with hundreds of clients in the southern part of the state.
“Nevada State Bank has an incredible team that can’t wait to welcome new colleagues and clients. We will have dedicated resources with clear communication to assure a smooth transition as we move through this process together,” added Shirey.
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.
About City National Bank
With $91.3 billion in assets, City National Bank provides banking, investment and trust services through 74 offices, including 19 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville, Atlanta, Minneapolis, Washington, D.C. and Miami*. In addition, the company and its investment affiliates manage or administer $99.8 billion in client investment assets.
City National is a subsidiary of Royal Bank of Canada (RBC), one of North America’s leading diversified financial services companies. RBC serves more than 17 million personal, business, public sector and institutional clients through offices in Canada, the United States and 27 other countries.
For more information about City National, visit the company’s website at cnb.com.
*City National Bank does business in Miami and the state of Florida as CN Bank.
