This year brought a bumper crop of new bank branches opening across northern Nevada seven new Nevada bank branches since Jan.
1 and another five pending a banner year for the state's banks.
So, what comes after such a year? "We're bullish on 2005," says Chad Osorno, senior vice president and manager of Nevada business banking for Wells Fargo, which opened a branch in northwest Reno this year."All economic indictors show the next few quarters will be ones of sustainable growth with a predictable curve, without a lot of peaks and valleys." And those interest rates? "We've had historically low interest rates," he says.
Coupled with the overall soaring economy over the last year, he adds, low rates brought construction in the region to new levels.
And more good news: "Northern Nevada has been resilient to some negative factors," he says.
Some of that resiliency comes from California and the loved and hated in-migration of folks.
That creates a big drive for both residential and commercial development and a cushion against increases in interest rates.
"We'll definitely see continued growth," says Jim DeVolld, executive vice president and chief credit officer of First Independent Bank of Nevada, which moved into its new headquarters on Kietzke this year.
"The economy will continue to increase," adds Stan Wilmoth, chief executive officer and president of Heritage Bank, which opened a new branch on West Seventh earlier this year."If there is a cloud on the horizon, it's long-term interest rates."
But that's off on the horizon, and any trends that affect rates will be nationwide, he adds.
"But people feel good about the economy in northern Nevada," says DeVolld."And banks mirror what the economy is doing."
Like wildflowers, bank branches appeared last year all over the Truckee Meadows and Carson Areas - with a whole bouquet of them in northwest Reno.And the harvest is not over.
Credit that to the many new rooftops, DeVolld says.
Retail and office follow the rooftops into an area and he does not see a slowdown.
Key growth in the Reno/Sparks area has been in the northwest, Spanish Springs, South Meadows.
Add the area east of Reno, a result of upcoming industrial development there.And keep an eye on the Minden, Gardnerville, and Dayton areas, too, for current and future expansion.
"I'd like to see a (Heritage) branch in Sparks on the I-80 corridor," Wilmoth says,"and soon, as soon as we can find a spot."
Las Vegasbased Business Bank of Nevada, new to the Reno market (but with Minden and Carson City branches), is planning three branches for the Reno/Sparks market.
Las Vegas-based First National Bank of Nevada, too, has announced plans for a Reno branch.
First Independent Bank of Nevada is opening its new branch at the Robb Drive exit off I-80 poised to serve the northwest, Somersett, and Verdi areas.
"I do not know of a region that has no expected growth," says Osorno.
And about the new competition."We sure are showing up on the radar screen," says Wilmoth."Vegas banks are seeing opportunity in northern Nevada because they do not have the ratio of banks we do.
They're overbanked down there."
So expect more of the same next year.
And expect a renewed focus, too, on customer service."A bank is based on relationships," says Wilmoth.
As more banks open branches in the area, that service becomes even more important to a bank's health, he adds.
As Osorno says,"What's not going to change next year is that service is our product."
