Seeing Over 400 Percent in Growth Within Its First Year, The Bank Celebrates A Milestone of Serving the Financial Needs of Southern Nevada’s Businesses, Individuals, and Communities.
LAS VEGAS July 30, 2020 — One year ago Lexicon Bank, Las Vegas’ first community-chartered bank in more than a decade, opened its doors to clients, serving the growing population in the Southern Nevada community. The Bank brought promise of a new quality of service to private banking in Las Vegas, with dedication and focus in personal, high-touch banking service to the community, and more specifically, for small businesses.
Lexicon Bank was envisioned and created by experienced members of the Vegas banking community. Their vision was to be the approachable, private banker for small businesses in Southern Nevada no matter the size. As a local community bank, Lexicon was positioned to be more agile and flexible than other financial institutions, and provide personalized solutions for small businesses, entrepreneurs, and nonprofits alike.
Today, Lexicon Bank is delivering on that vision. In the wake of COVID-19, Lexicon Bank played a critical role in the community by helping over 574 small businesses, including restaurants, non-profits, gaming operators, and sole proprietors, stay open and apply for the Small Business Association’s Paycheck Protection Program (PPP). Over $114 million was secured in funding and more than 14,500 jobs were saved. Additional small business support is expected in the extended Round Two of PPP funding and as one of the few area lenders in contention for the Main Street Lending Program, a new personalized solution for businesses to stay open and financially stable.
Within the year, Lexicon Bank’s scope has expanded to deliver its personalized banking solutions around-the-clock, in-person, and online to meet the financial needs of clients now and in the future. In conjunction, the team has grown from a nimble staff of 10 to 18 and has recruited exceptional talent, including Stacy Watkins and Hilary Nelson.
“I could not be more proud of our staff, bankers, and Board of Directors for their tremendous effort servicing clients, rolling out new products and services and their overall commitment to our community,” noted Stacy Watkins, President of Lexicon Bank. “The Bank’s explosive growth is directly attributed to the relationships and care that our team delivers to its clients, and I’m exceptionally thankful to our investors and shareholders who believed in our vision from the start.”
Year One Banking Milestones—As of June 30, 2020*
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Assets totaled $248.504 million, an increase of $189.963 million
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Total loans grew to $148.844 million, an increase of $112.136 million
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Total deposits rose to $119.143 million, an increase of $78.606 million
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Net interest income before provision for the first half of the year totaled 1,092,071
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Capital ratios remain robust, as of June 30, 2020, with a Tier 1 Leverage ratio of 12.83%
* Bank comparisons are from the Bank’s opening on August 12, 2020.
Additionally, the Bank has contributed over 1,300 hours to various non-profits across the Las Vegas Valley through community service volunteerism or service through Board leadership.
In lieu of COVID-19 health and safety concerns, the Bank is forgoing a large anniversary celebration and welcoming clients into the Bank for an Anniversary Open House Week from Monday, August 10th to Friday, August 14th from 9 am to 5 pm, and Saturday, August 15th from 10 am to 2 pm. Saturday hours officially go into effect on Saturday, August 8th for added client convenience. During this time, Lexicon would like to say a special “thanks” to its customers for their business and loyalty. Light refreshments, individually wrapped snacks, and a small token of appreciation will be distributed. Masks will be required for all guests upon entry of the bank and will be offered to those who don’t have one. Additional social distancing measures will be observed.
In its inaugural year, Lexicon Bank has played an integral part in developing and contributing to the Southern Nevada Community. The Bank is thankful for its partners, investors, and shareholders who generously contributed to its success and looks forward to many more anniversaries to come.
“Lexicon’s first year in Las Vegas absolutely exceeded my expectations,” said Russell Rosenblum, Chairman of the Board of Lexicon Bank. “We followed Las Vegas in its ups and downs this past year, and found great success by stepping up when the community needed a partner and advocate most. Southern Nevada was looking for a personal banking experience, and I’m glad Lexicon Bank was able to fill that role for so many.”
For more information, visit lexiconbank.com/anniversary.
ABOUT LEXICON BANK
Founded in 2019, Lexicon Bank is Nevada’s community-focused banking partner. Lexicon Bank provides private, personal, comprehensive banking services to business and personal banking customers, placing an emphasis on creating and nurturing a long-term relationship. By providing personalized services to all customers, Lexicon Bank can help to foster Southern Nevada’s economy and community – ultimately helping to grow the Las Vegas local business economy. The bank is redefining banking as it should be in the Las Vegas Valley and Southern Nevada by creating a private bank for small business no matter the size. Lexicon Bank is located in Tivoli Village at 330 S. Rampart Blvd., Suite 150. The bank is open from 9 a.m. to 5 p.m. and can be reached by phone at (702) 780-7700 or online at lexiconbank.com.
Media Contacts
Stephanie Downing
Revenue Media Group
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Brie Christian
Revenue Media Group
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