Reno-based First Independent Bank of Nevada plans to open its first branch in the Spanish Springs Valley in the latter half of 2006, and other banks aren't far behind.
First Independent signed a ground lease, and construction on the 4,000-square-foot branch east of Pyramid Highway at the corner of Los Altos Boulevard and Galleria Parkway is expected to begin early next year.
Several other banks have similar plans to open branches next year in the high-growth Spanish Springs area.
They include Heritage Bank,Nevada Security Bank and Northern Nevada Bank.
With growing retail and commercial centers coupled with the dramatic growth of residential neighborhoods, Spanish Springs becomes an obvious choice in the banks' expansion plans.
Currently the area is underserved, agree all bankers.
"We recognize the tremendous growth in Sparks and in Spanish Springs Valley and are excited to be a part of the community,"Grant Markham, chief executive officer of First Independent Bank of Nevada, said in a press release.
Though First Independent Bank is the first to make a firm announcement, the new branches of the banks in Spanish Springs probably will open within months of each other.
Timing of the openings of their branches is not a big issue for the banks.
"There is some advantage to being among the first to open in the market but we'd also like to think that our bank can be successful regardless of timing because of our community bank aspect,"Markham said.
David Taylor, spokesman for Northern Nevada Bank,which plans to start construction in mid-2006 on a branch on Pyramid, said a few months of separation don't matter.
"Even if you put another four or five branches out there within the next year, the way the community is growing, it's still going to be underserved," he said.
Agrees David Funk, president of Nevada Security Bank, which is in talks with a developer to build a branch in a shopping center that awaits approval by Washoe County.
"When you put a branch in there, you're building it for the future," Funk said."You've certainly seen the numbers through that valley over the next five to 10 years pretty dramatic increases in the number of people and businesses out there."
The community bankers say focused personal service to both consumers and businesses in Spanish Springs and elsewhere differentiates them from bigger institutions.
'We can compete on majority of the customers who want to get a good service,want to have accessibility to the decision maker," said Stan Wilmoth, president of Heritage Bank.
Heading the largest locally owned community bank in northern Nevada, First Independent's Markham said he is confident to be competitive in customer service.
"We can attract consumer deposit customers, grant those customers additional services and that gives us a deposit base from which to do business loans as well," he said.
