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									HENDERSON ECONOMIC NEWS REPORT                                                                                          Fall 2006



    Henderson banking and financial services
   industry continues to outpace other markets
          Robust economic development attributed to industry growth
    HENDERSON, NEV. – Nevada                    “The     rapid   growth     in   our    credit with corporations in burgeoning
continues to report robust economic         communities is the driving force behind     areas such as Henderson.
growth in a number of markets which         the state’s expanding banking and               Another bank is Silver State Bank. A
continues to positively impact the local    finance market,” said Bartlett, who         Henderson-based bank with loan
banking and finance industry.               serves as Bank of Nevada’s eastern          operations in six states throughout the
    No where else is growth more            regional vice president. “As our            United States, Silver State Bank has
apparent than in Henderson, Nev.            communities        grow,      so      do    experienced much success in the
    Adjacent to Las Vegas and located       supplementary      service     industries   market.
within the state’s largest deposit market   whether for business or personal needs.’        As one of the nation’s highest
according to the Federal Deposit                Bartlett added that the state’s tax     performing independent banks with
Insurance        Corp.,       Henderson’s   structure and friendly-climate, both of     more than 200 employees, Silver State
expansion in multiple markets and its                                                   Bank is considered a regional leader in
general employment growth are primary                                                   Small Business Administration loans.
reasons why the city continues to grow        “The health of the                            According to Michael Threet, the
in all sectors, more recently the banking
and financial services arena.
                                              banking and                               bank’s chief financial officer, Silver
                                                                                        State’s growth is due to the state’s
    “Our economy continues to outpace
the national average and has allowed us
                                              finance industry is                       favorable economic environment.
                                                                                             “The health of the banking and
to successfully diversify our economy,”       a testament to the                        finance industry is a testament to the
said City of Henderson Mayor James B.                                                   state’s strong economy,” Threet said.
Gibson. “The City of Henderson has            state’s strong                            “Unemployment rates are low, job
positioned itself as a place for                                                        creation is high and significant
businesses and employees to live and          economy.”                                 investment dollars continue to be made
work in many industries, including the                                                  in the state which has had a big, positive
banking and finance industry which has                                                  impact on our bank.”
a strong future ahead of it.”
                                                            - Michael Threet                Other financial services firms are
                                                                   Silver State Bank
    Over the past six years, the City of                                                also benefiting from the market’s
Henderson’s Economic Development                                                        opportunities and call Henderson their
Division has been instrumental in           which attract a growing number of           home.
recruiting over 100 non-hospitality,        retirees to the state – particularly            Favorable legislation and niche
non-retail firms to Henderson which         Henderson, are a growing contributor to     opportunities such as industrial loan
have created more than 6,500 jobs while     Bank of Nevada’s success and overall        corporations       provide     significant
occupying nearly four million-square-       growth within the industry throughout       incentives for companies seeking an
feet of space. The economic impact of       the western United States. The bank,        operational edge. For example, Nevada
the efforts is estimated at more than       which operates under the umbrella of        is one of a handful of lender-friendly
$478 million                                Western Alliance Corporation, has           states that places no cap on interest rates
    From national banks to the smaller      offices in Nevada, Arizona and              and provides a clear consumer credit
community banks, credit unions and          California. Of the 18 Nevada locations,     code.
industrial loans banks, financial           15 are located within southern Nevada.          Industrial loan corporations, or ILCs,
institutions in Henderson compete for       Two more locations are scheduled to         are allowed in very few states, only
both the commercial and consumer            open in southern Nevada within the next     seven states grant charters. ILCs have a
business that continues to grow daily in    12 months.                                  wide variety of banking powers and, in
the city.                                       Banks, like Bank of Nevada and                                         - CONT’D
    Long-time       Nevada        banking   others, are also getting in on making             For more information on the City of
professional Selma Bartlett continues to    business loans and establishing lines of          Henderson’s Economic Development
see the industry expand at a fast pace.                                                          Division, call (702) 267-1650.
 HENDERSON ECONOMIC NEWS REPORT                                                                                              Fall 2006


CONT’D – HENDERSON

certain states such as Nevada, they may      Company, which provides automotive            services industry which is why we see
be owned by non-financial firms such as      financing for Ford, Lincoln, Mercury,         tremendous growth in local banking and
automakers and department stores.            Aston Martin, Jaguar, Land Rover,             the attraction of new financial services
While Utah has been solicited as the
                                             Mazda and Volvo dealers and customers.        companies,” said Bob Cooper, manager
“leading” state in which to form an ILC,
                                                 Other businesses that relocated to        of the City of Henderson’s Economic
Nevada is much more attractive on
                                             Henderson include Mellon’s Private            Development Division. “Clearly, our
paper.
                                             Wealth Management group.                      tax and regulatory environment is rated
    “With no state corporate tax, no
                                                 Mellon, which is among the nation’s       among the most desirable in the nation.
state income tax and some of the lowest
                                             leading private wealth managers,              However, companies in the financial
property and sales tax structures in the
                                             opened its western regional office in         services sector are also taking notice of
nation, Nevada is the ideal place to open
                                             Henderson in 2004.                            other key site location decision factors
an industrial loan corporation,” said Ray
                                                  “Gaming, development, mortgage           such         as        telecommunications
Specht, president and CEO of Toyota
                                             brokerages, title companies and all the       infrastructure and business continuity
Financial Savings Bank in Henderson.
                                             support services needed to service these
    Ford Motor Credit, one of the                                                          considerations, which are additional
                                             major components of Nevada’s business
world’s largest automotive finance                                                         strong points for Southern Nevada.”
                                             community        provides     a    golden
companies, recently announced its                                                              The region’s telecommunications and
                                             opportunity for banking and financial
expansion efforts in Henderson due to                                                      broadband connectivity is outstanding as
                                             services to expand and flourish,” said
the        city’s       business-friendly                                                  numerous           national        backbone
                                             Doug Fries, regional president for
environment.                                                                               connections are routed through the Las
                                             Mellon’s Nevada office. “Just the
    The Henderson facility, which                                                          Vegas area. In addition, the area is well
                                             expansion alone of small privately
currently employs over 500 people, will                                                    positioned from a disaster avoidance
                                             owned banks has provided a substantial
occupy nearly 13, 000 square feet at an                                                    perspective as the valley is free from
                                             increase in highly paid individuals both
additional location in southwest                                                           major weather-related issues such as
                                             from salaries and stock appreciation,
Henderson, bordering the city of Las                                                       tornadoes and hurricanes.
                                             which companies like ours benefit
Vegas.      The     new     office    will
                                             from.”                                            “The roster of impressive banking
accommodate approximately 90 new
                                                 Fries added that Mellon’s reasoning       and financial services companies
employees.
                                             behind its Henderson expansion can            establishing a presence in Henderson
    “Besides the loan servicing that is
                                             also be attributed to the state and city’s    sends a strong message about the
currently handled at the Henderson
                                             favorable tax laws and overall friendly       vibrancy of the area and the emerging
facility,     our     expansion       will
                                             business atmosphere.                          recognition of the city as a viable choice
accommodate new business operations
                                                  “Easier access to banking services       for expanding and relocating firms in
that manage originations, dealer credit
                                             helps a community to grow and                 these sectors,” Cooper said.
and      wholesale    operations.     The
                                             prosper,” said Fries, who has over 22             Henderson – known for its master-
expansion is part of a United States
                                             years of investment and banking               planned communities and high-quality
restructuring plan that will form six
                                             experience. “In Henderson you have a          of living – has been at the front of the
business centers across the country,”
                                             unique marketplace that provides the          growth spurt of Southern Nevada,
said Anthony Goins, director of Ford
                                             key elements to foster a strong banking       growing from just 60,000 people in
Motor Credit’s Henderson Business
                                             and financial marketplace, which is why       1990 to currently over 250,000. That
Center. “Our growth has a lot to do with
                                             so many savvy institutions are hanging        population would make Henderson the
the business-friendly climate of
                                             their hat here.”                              14th largest city in the state of California
Henderson.”
                                                 Overall,    city   officials    predict   – larger than such cities as Irvine,
    Ford Motor Credit’s Henderson
                                             Henderson’s growing economy will              Glendale and San Bernardino.
Business Center, which opened in 2000,
                                             attract banking and financial institutions
supports over 600,000 customers across
10 states, including Hawaii and Alaska.      for years to come.                                  For more information on the City of
                                             “Henderson is an attractive city for those          Henderson’s Economic Development
The company is an indirect, wholly                                                                  Division, call (702) 267-1650.
owned subsidiary of Ford Motor               in the banking and financial

								
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