Investment group purchases Colonial, 1st Commerce
The Las Vegas Review-Journal reported this morning that a New York investment company led by former casino analyst Jason Ader has agreed to buy the Nevada deposits and some assets of Colonial Bank of Montgomery, Ala., and North Las Vegas-based 1st Commerce Bank, the company said Tuesday.
Global Consumer Acquisition Corp. intends to merge Colonial Bank’s Nevada operations with 1st Commerce and operate under the North Las Vegas bank’s state charter and name.
Global Consumer will change its name to Western Liberty Bancorp and become a bank holding company with $833 million in assets. The combined banks will become a subsidiary with $500 million in assets, and 22 branches in Southern and Northern Nevada with 225 employees.