Meadows Bank total assets reach $1 billion

Meadows Bank, headquartered in Las Vegas, announced Wednesday that it had reached $1.1 billion in total assets as of June 30. Total equity capital also grew 17% to $126.8 million.

As of June 30, the bank had total loans of $994.6 million, which represented a 25% growth or $195.9 million over loans outstanding June 30, 2019. Total deposits grew by $127.1 million from June 30, 2019 to $949.4 million June 30, 2020.

“Our team has been committed to helping our business clients through the current economic crisis,” said Arvind Menon, president and CEO of Meadows Bank. “We processed 986 Payroll Protection Program loans for a total of $193.6 million.

“We know that our customers continue to rely on Meadows Bank to provide the services they need and we will be here, working side by side with our neighbors to make sure our community is strong and standing tall when this crisis passes.”

The bank posted net income after tax of $8.2 million in the first half of 2020, which was slightly lower than the $8.7 million it earned during the same period in 2019.