First Independent Capital of Nevada, the parent company of
First Independent Bank of Nevada, last week said it purchased
Smith Realty Finance, a 14-year-old real estate
commercial brokerage firm based in Reno.
The bank's new realty finance division will handle
packages for the purchase and refinance of
commercial real estate in northern Nevada, said
Mike Hix, president of the unit to be known as
First Independent Commercial Mortgage.
"Having a commercial brokerage division will
allow us to assist our customers with much larger
transactions and at times arrange more flexible loan terms and
structures," Hix said. "This means flexibility to finance much
larger projects such as a shopping center, warehouse, industrial
or even multi-family residential projects."
Grant Markham, president and chief executive of First
Independent Bank, said the bank sees a growing demand for
commercial real estate lending services in the Truckee
Meadows.
First Independent Commercial Mortgage will be located at
6518 S. McCarran Blvd., the bank's headquarters.
The First Independent's primary focus is business and professional
markets, providing commercial banking services such
as business deposit accounts and commercial, construction and
commercial real estate loans.
The bank opened for business in September 1999 after raising
capital through a private stock offering. Nearly 96 percent
of the bank's shareholders are Nevada residents.
The bank added a Sparks branch in February of 2002.
