Breakout Southern Nevada community-chartered bank bucks trend, exits de novo period profitable.
LAS VEGAS December 14, 2022 — Lexicon Bank, Las Vegas’s first community-chartered bank in more than a decade, announces the completion of its de novo period, a three-year timeframe of stringent supervision for newly established banks imposed by the Federal Deposit Insurance Corporation (FDIC).
Launched just prior to the start of the pandemic, Lexicon Bank capitalized on its agile lending services and “Yes” mentality. The Bank achieved explosive client growth by differentiating itself through fast local decision-making and concierge-like personal service.
Lexicon Bank hit its first profitable quarter in Q4 2020 and continued the trend throughout 2021—an accomplishment that the average de novo launched between 2000 and 2009 met in 8.6 quarters.* Lexicon Bank achieved profitability in only six quarters. As of September 30, 2022, the Bank continues to be profitable posting a $160,000 YTD profit with total assets of $237.6 million.
On September 30, 2022, the Bank reported core loans of $118.3 million, a 45% year-over-year increase, and deposits of $211.2 million, up 14% year over year.
Adding to the Bank’s financial success, the Las Vegas Review-Journal’s Best of Las Vegas 2022 awards recognized Lexicon Bank as a winner of Gold Best Commercial Banking, Gold Best Commercial Lending and Bronze Best Customer Service, spanning all customer service businesses in Southern Nevada. The awards solidified the Bank’s impact on the community by being the bank for business, no matter the size.
Notably, Lexicon Bank made national headlines during the Small Business Administration’s Paycheck Protection Program (PPP) when it served as an advocate and banking partner for Southern Nevada small businesses, lending over $185 million in PPP loans. In April, the Bank was designated a preferred lender under the Small Business Administration Preferred Lending Program. This designation gives the Bank the tools to make faster decisions for borrowers seeking SBA loans.
“It’s an exciting time for Lexicon Bank as we celebrate a new chapter serving the Las Vegas community and the unique needs of local businesses,” shared Stacy Watkins, Bank President and CEO. “Time has flown by and I’m exceptionally proud of the team and the many talented people who have been and are currently a part of our journey.”
Exiting de novo status is considered a developmental milestone after which state and FDIC regulators usually extend their exam intervals from every 12 months to every 18 months. The highly regulated de novo period is marked by more frequent examinations, more intensive surveillance, higher standards for capital levels, and limits on capital distributions.
Since 2010, only 75 de novo banks, including Lexicon Bank, have been chartered in the United States–a pace of about six per year.**
The Bank is thankful for the loyalty of its clients, support from its shareholders, and the relentless dedication and passion of its Board and team members.
“We’re passionate about supporting the communities in which we live and work, and you see that dedication in all that we do,” adds Watkins. “We look forward to helping more individuals, businesses and non-profits move past the challenges of the pandemic, and we remain diligent in delivering personalized concierge banking and lending services to empower our clients.”
Lexicon Bank is an A+ rated financial institution through the Better Business Bureau of Southern Nevada and an active business ambassador in the professional community, including memberships with the Henderson Chamber of Commerce, Urban Chamber of Commerce, Vegas Chamber, Nevada Bankers Association, Certified Commercial Investor Member (CCIM), Commercial Real Estate Women (CREW), International Women’s Forum (IWF), and National Association of Women Business Owners (NAWBO).
For more information on Lexicon Bank products and services, visit lexiconbank.com.
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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 individual banking clients, emphasizing creating and nurturing long-term relationships. By providing personalized services to all clients, Lexicon Bank helps to foster Southern Nevada’s economy and community—ultimately helping to grow and develop the region’s local businesses. The Bank is redefining banking as it should be in Southern Nevada by creating a concierge-like experience for businesses, regardless of 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. Monday through Friday and 10 a.m. to 2 p.m. on Saturdays. Clients can contact us by phone at (702) 780-7700 or online at lexiconbank.com. Follow us on Facebook, Instagram, LinkedIn, and Twitter @lexiconbank. Lexicon Bank is a member of the FDIC.
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Revenue Media Group
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* Melican, N. (2021 Oct 18). De novo banks growing, some even turning profits during pandemic. S&P Global Market Intelligence. https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/de-novo-banks-growing-some-even-turning-profits-during-pandemic-67081872
** Banking Strategist. (Q3 2022). De Novo Bank Chartering Trends. https://www.bankingstrategist.com/de-novo-bank-chartering-trends
