Bank of Las Vegas Las Vegas, NV

Bank of Las Vegas was founded in 2002.  They have a  Texas ratio of 275%.   They entered into a consent agreement with the FDIC on 3/15/10 and were cited for performing unsafe and unsound lending.

They asset base was $375MM with loans of $283M and $8MM in equity.

Problem loans consisted of $12MM that were 30/90 days past due, with $6MM over days 90 days past due , non accrual is $95MM and OREO is $12MM.  That equates to 44% the portfolio, that are problem loans. This results in $125MM in problem debt, supported by $8MM in equity.

NI was ($5MM) in FY10.  Equity eroded from $14MM in FY08 to $8MM in FY10, which is 75%

With NI of $11MM and overhead of $21MM, this is a challenging cost structure in any environment.

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