Banking institution Lexicon Bank in Las Vegas strategies for expansion via partnerships with charitable organizations.
In the heart of southern Nevada, Lexicon Bank has been making waves in the community banking sector. Founded in August 2019, the bank has grown significantly, with approximately $300 million in assets as of June 2023.
One of the key factors driving Lexicon Bank's growth is its commitment to nonprofit organisations. Through its Community Spotlight initiative, the bank has engaged over 60 nonprofits since its inception, building strong ties within the community. This targeted engagement has resulted in a substantial number of nonprofits becoming clients, with around 45 organisations joining Lexicon Bank after being featured in the spotlight.
The bank's focus on nonprofits resonates well with socially minded clients, expanding its client base. Lexicon Bank's emphasis on personalised service and community support aligns with nonprofit values and needs, enhancing client acquisition and retention in this sector.
CEO Stacy Watkins, who joined Lexicon Bank just before the COVID-19 pandemic began in March 2020, emphasises the bank's approach is more about relationships and the value-add it offers, distinguishing it from regional or large banks. Watkins stated that Lexicon Bank takes a careful approach with the goal of avoiding job cuts, a testament to its commitment to its employees and the community.
During the pandemic, Lexicon Bank facilitated nearly 1,000 Paycheck Protection Program (PPP) loans totalling $185 million, helping businesses navigate the challenging times. A large majority of businesses that received PPP loans from Lexicon Bank left their previous banks and moved to Lexicon, underscoring the bank's reputation for exceptional service.
Lexicon Bank's business clients appreciate its accessibility, including after-hours, weekend, and holiday services. The bank's relationship managers guide entrepreneurs to vendors, insurance agents, and other contacts to help jump-start their business endeavours.
As Lexicon Bank aims to deliver a digital experience, there is a growing emphasis on human interaction in its services. The bank is expanding its services to include banking for professional poker players and active or retired athletes.
As of the end of June 2023, Lexicon Bank's deposits totalled $260.9 million and core loans totalled $163.9 million. The bank's expenses climbed 20% from 2022 to 2023, to $7.4 million. Despite this increase, Lexicon Bank's commitment to its community remains unwavering, positioning it as a preferred banking partner for businesses and nonprofits in southern Nevada.
[1] Source: Lexicon Bank's official website and various news articles.
- Lexicon Bank's growth in the community banking sector isn't limited to businesses; it also extends to the finance sector, as it has engaged over 45 nonprofit organizations since its inception through the Community Spotlight initiative.
- The banking-and-insurance industry recognizes Lexicon Bank's unique approach toward its clients, especially nonprofits, with its emphasis on personalized service, community support, and value-add offerings, which differentiates it from other banks.
