Sparks, Nev.-based JBNV Holding Corp. filed an application with the Federal Reserve Bank of San Francisco to become a bank holding company by acquiring Las Vegas-based Kirkwood Bancorp of Nevada Inc. and indirectly control Kirkwood Bank of Nevada.
Terms of the deal were not disclosed in the Federal Reserve release.
SNL valuations for bank and thrift targets in the West region between Sept. 29, 2017, and Sept. 29, 2018, averaged 186.63% of book, 194.04% of tangible book and had a median of 25.55x last-12-months earnings, on an aggregate basis.
Kirkwood Bancorp. of Nevada operates two branches in Clark County, Nev., ranked no. 28 with a 0.03% share of approximately $259.41 billion in total market deposits.
Kirkwood Bank of Nevada had approximately $87.3 million in assets as of June 30, according to S&P Global Market Intelligence data.