The Boom Continues

With the hottest-growth hand in America in the 1990s, Las Vegas was a natural target for Colonial BancGroup. We entered Nevada in 1998 and quickly caught the spirit of growth. The state has been the fastest-growing in the nation for the past 16 years and grew 3.6 percent from July 2001 to July 2002 – more than three times the pace of the U.S. population growth of 1.1 percent for the same period.

In 2002, Colonial’s Nevada region grew its income 50 percent over 2001. With $498 million in assets, it closed $427 million in new loan volume.

Las Vegas tourism bounced back from September 11 much faster than forecasters had predicted and drew nearly 64 million visitors in 2002. The region also has become a major draw for retirees moving from California for the more favorable tax structure and attractive housing prices.

With 11 branches statewide – in the Las Vegas, Reno and Lake Tahoe areas – and six more coming on board over the next three years, Colonial is taking advantage of the boom by focusing on the funding, acquisition and development of residential housing as well as commercial property development and construction.

“We have a little slogan we use out here – ‘We are what our competitors want to be,’” says Nevada CEO Mark Daigle. “We believe Colonial is the only bank in the state big enough to handle all its customers’ needs while maintaining a community-based philosophy of customer service.”

“It’s not true for anybody but us,” Daigle says. “That’s the combination that makes you want to pinch yourself in the mornings, and we’re uniquely positioned to deliver that.”

Download Printer-Friendly (PDF) Version

^©2003 Colonial BancGroup