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Las Vegas Bank Gets $14 Million Cash Infusion From Owners

Friday, August 5, 2011 - 2:53 PMFirst Security Bank of Nevada - Details
From VEGAS INC
The money-losing First Security Bank of Nevada has been rescued with a $14 million cash infusion by new owners.

Investors led by Jason Awad and including Dr. Toomas Rebane and Eva Garcia-Mendoza today said they received approval from the Federal Deposit Insurance Corp. and the Nevada Financial Institutions Division for their 94 percent stake in the bank, which has one branch at 10501 W. Gowan Road in Las Vegas.

Like many banks serving the Las Vegas area, First Security Bank of Nevada has been hit hard by loan losses during the recession.

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