Another Las Vegas RE Bank Goes Public: Updated
In a replay of the tech boom, here comes an IPO that should be a perfect fit for the real estate speculator. The Las Vegas Sun reports that Western Alliance Banc has filed with the SEC to go public. "If the offering is completed, Western Alliance will be the third Las Vegas-based bank to make a public offering in the past year."
"In 2003, the company has branches in Phoenix, Scottsdale and Tucson, and Torrey Pines Bank which has branches in San Diego and neighboring La Mesa." In other words, some of the riskiest areas in the nation.
"Commercial real estate, construction and land development and commercial and industrial loans, which comprised 88.7 percent of our total loan portfolio as of December 31, 2004." These may be a better short than the home builders.
I response to requests, the two previous IPO's are Valley Bancorp and Community Bancorp. As you can see, investors have been discounting the LV housing market via these stocks for months.