City National Provides Shetakis Foodservice With Commercial Loan Totaling Over $12 Million
LAS VEGAS, NV – City National Bank, Nevada’s Premier Private and Business Bank®, today announced that it has established a new relationship with Shetakis Foodservice, one of the largest food distribution companies in southern Nevada, by providing them with a commercial loan totaling over $12 million. The company took advantage of today’s low interest environment by refinancing their headquarters warehouse facility located at 3840 Civic Center Drive in North Las Vegas.
The company was founded by Jim L. Shetakis out of the back of his car in 1959. Today, Shetakis is the largest independent food distribution company based in Las Vegas. The company services hotels, casinos, national restaurant chains, independent restaurants, food markets, the Clark County School District, and more.
The company’s 168,000 square foot facility in North Las Vegas stocks over 10,000 items from every major manufacturer in the foodservice industry with an emphasis on dry and frozen, dairy, eggs, cheese, meat and poultry. Current management of the company consists of Charles Jackson, president, and Andrew Dannin, CFO and treasurer.
“We had been exploring another banking relationship for some time now and City National seemed to be the best fit for us and our business,” said Dannin. “City National has a lot of experience and expertise with our industry, and their flexibility and willingness to work with us was something that was very attractive. They value our relationship and they’re driven to help us achieve our growth goals.”
Shetakis will generate in excess of $100 million in revenue this year. The company operates out of one facility and has 17 delivery trucks to service more than 400 clients throughout southern Nevada. The company also warehouses dry and frozen/cold storage for other companies. Shetakis employs more than 90 people in a variety of positions.
“We are excited and very proud to have Shetakis Foodservice as one of our newest clients of the bank,” said Scott Aney, Nevada regional executive for City National Bank. “Our two companies are very similar in their histories and entrepreneurial spirit. City National began around the same time as Shetakis did, and we have very similar core values. Shetakis epitomizes the type of company City National wants to bank and help become more successful.”
City National offers a full array of Commercial Loan Products such as Business Equipment and Machinery, Tenant Improvement, Working Capital, SBA 504 and 7A, Unsecured Small Business Loans, Asset-based lending, Real Estate financing, and more.
About Shetakis Distribution
Founded in 1959 by Jim Shetakis, the company’s goal is to serve its customers with the highest-quality foodservice products and services. Shetakis is a member of Unipro Foodservice, Inc., which is the largest network of foodservice distributors in the United States. With a collective sales volume of over $60 billion, the buying power of Unipro enables Shetakis to receive enhanced purchasing opportunities, thereby providing better pricing and a vast array of products and services to its customers. For more information about Shetakis Foodservice, go to www.shetakis.com.
About City National
With $41.2 billion in assets, City National Bank provides banking, investment and trust services through 74 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. In addition, the company and its investment affiliates manage or administer $55.7 billion in client investment assets.
City National is a subsidiary of Royal Bank of Canada (RBC), one of North America’s leading diversified financial services companies. RBC serves more than 16 million personal, business, public sector and institutional clients through offices in Canada, the United States and 36 other countries.
For more information about City National, visit the company’s website at cnb.com.
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(Caption: Shetakis Foodservice recently secured a $12 million loan from City National to refinance its 168,000 square foot warehouse located at 3840 Civic Center Drive in North Las Vegas.)
(Caption: Andrew Dannin (middle right), CFO of Shetakis Foodservice, shows City National’s Ramon Perez (l-r), Jeff Jarvis and Scott Aney the company’s warehouse facility in North Las Vegas.)