First Security Bank of Nevada in Las Vegas has received a much-needed capital boost.
The $106 million-asset company said Thursday that an investor group led by Jason A. Awad bought "a significant ownership interest" for $14 million on Aug. 3.
Awad is a former chairman of Business Bank of Nevada, which was sold to City National Corp. of Los Angeles in 2007.
First Security said in a press release that the fresh investment would be enough to dramatically increase its financial stability, but it did not provide any new capital ratios.
At June 30, the bank was significantly undercapitalized, with a total risk-based capital ratio of 4.65% and a leverage ratio of 2.35%. More than a fifth of its assets were nonperforming.
In September 2010, regulators ordered the bank to raise its leverage ratio to 12% and its total risk-based capital ratio to 15%.
