Document:

EX-10.12

 

Exhibit 10.12

Execution Version

SUPPORT AGREEMENT

     This Support Agreement (this “Agreement”) is dated as of December 30, 2005, among
Western Alliance Bancorporation, a Nevada corporation (“Acquirer”), and the shareholders of
Intermountain First Bancorp, a Nevada corporation (“IFB”), executing this Agreement on the
signature page hereto (each, a “Shareholder” and collectively, the “Shareholders”).

RECITALS

     A. Concurrently with the execution of this Agreement, Acquirer and IFB have entered into an
Agreement and Plan of Merger (the “Merger Agreement”) which provides, among other things,
for the merger (the “Merger”) of IFB with and into Acquirer, upon the terms and subject to
the conditions set forth therein.

     B. As of the date hereof, each Shareholder is the record and Beneficial Owner (as defined
below) of that number of IFB Common Shares (as defined below) set forth below such Shareholder’s
name on the signature page hereto.

     C. As a condition to Acquirer’s willingness to enter into and perform its obligations under
the Merger Agreement, each Shareholder has agreed to enter into this Agreement.

     NOW THEREFORE, the parties hereto agree as follows:

I. CERTAIN DEFINITIONS

     1.1. Capitalized Terms. Capitalized terms used in this Agreement and not defined
herein have the meanings ascribed to such terms in the Merger Agreement.

     1.2. Other Definitions. For the purposes of this Agreement:

     “Beneficial Owner” or “Beneficial Ownership” with respect to any securities
means having “beneficial ownership” of such securities (as determined pursuant to Rule 13d-3 under
the Securities Exchange Act of 1934, as amended).

     “Transfer” means, with respect to a security, the sale, grant, assignment, transfer,
pledge, hypothecation, encumbrance, constructive sale, or other disposition of such security or the
Beneficial Ownership thereof (including by operation of law), or the entry into of any contract,
agreement or other obligation to effect any of the foregoing, including, for purposes of this
Agreement, the transfer or sharing of any voting power of such security.

     “IFB Common Share” means a share of common stock, par value $0.01 per share, of IFB,
including for purposes of this Agreement all shares or other voting securities into which an IFB
Common Share may be reclassified, sub-divided, consolidated or converted and any rights and
benefits arising therefrom (including any dividends or distributions of securities which may be
declared in respect of IFB Common Shares).

II. SUPPORT OBLIGATIONS OF THE SHAREHOLDER

     2.1. Agreement to Vote. Each Shareholder irrevocably and unconditionally agrees that
from and after the date hereof, at any meeting (whether annual or special, and at each adjourned or
postponed meeting) of shareholders of IFB, however called, or in connection with any written
consent of IFB’s shareholders, each Shareholder will (x) appear at each such meeting or otherwise
cause all of its Owned Shares to be counted as present thereat for purposes of calculating a
quorum, and

 

 

respond to each request by IFB for written consent, if any, and (y) vote (or consent), or
cause to be voted (or validly execute and return and cause consent to be granted with respect to),
all of such Shareholder’s IFB Common Shares Beneficially Owned by such Shareholder as of the
applicable record date (including any IFB Common Shares that such Shareholder may acquire after the
date hereof, “Owned Shares”) and all other voting securities of or equity interests in IFB:
(i) in favor of the adoption of the Merger Agreement (whether or not recommended by the Board of
Directors of IFB), and (ii) against any action, agreement, transaction or proposal that (A) is made
in opposition to, or in competition or inconsistent with, the Merger or the Merger Agreement, (B)
relates to a Competing Proposal, Acquisition Transaction, Third Party Public Event or Superior
Competing Transaction, or (C) could otherwise prevent, impede or delay the consummation of the
Merger or the other transactions contemplated by the Merger Agreement.

     2.2. Restrictions on Transfer. Except as provided for herein, each Shareholder agrees
from and after the date hereof not to (a) tender into any tender or exchange offer or otherwise
directly or indirectly Transfer any Owned Shares (or any rights, options or warrants to acquire IFB
Common Shares), or (b) grant any proxies with respect to such Shareholder’s Owned Shares, deposit
such Shareholder’s Owned Shares into a voting trust, enter into a voting agreement with respect to
any of such Shareholder’s Owned Shares or otherwise restrict the ability of such Shareholder freely
to exercise all voting rights with respect thereto. Any action attempted to be taken in violation
of the preceding sentence will be null and void.

     2.3. No Solicitation. Each Shareholder agrees that it will comply with Section 5.1(e)
of the Merger Agreement, which Section is incorporated by reference herein. The foregoing shall
not restrict or limit the ability of any Person who is a director of IFB to take any action in his
or her capacity as a Director of IFB to the extent expressly permitted by the Merger Agreement.

     2.4. Lock-up. Subject to Section 2.5 hereof, from the Closing Date until the six
month anniversary of the Closing Date, each Shareholder agrees that it will not Transfer any shares
of Western Common Stock received by such Shareholder in connection with the Merger.

     2.5 Piggy Back Rights.

     (a) If at any time from the Closing Date until the six month anniversary of the Closing Date
Acquirer proposes to file a registration statement with respect to an underwritten public equity
offering in which Acquirer’s shareholders may participate, Acquirer shall give prompt written
notice of the proposed registration to each of the Shareholders specifying in reasonable detail the
proposed offering, and at the written request of any such Shareholders delivered to Acquirer within
10 days after giving such notice, shall include in such registration and offering, and in any
underwriting of such offering, subject to the other provisions of this Section 2.5, all shares of
Western Common Stock as may have been designated in the Shareholder’s request (such inclusion, a
“Piggyback Registration”); provided, however, that such Shareholders shall agree to and be bound by
the additional conditions and covenants set forth on Exhibit A hereto. Each Shareholder
requesting a Piggyback Registration shall be responsible, severally and not jointly, for the fees
and expenses of such Shareholder’s counsel, any transfer taxes relating to the sale of Western
Common Stock by such Shareholder, and such Shareholder’s pro rata portion of any underwriting
discounts or commissions or the equivalent thereof. Acquirer shall pay all other expenses incident
to such registration, including, without limitation, all registration and filing fees, fees and
expenses of compliance with “blue sky” laws, printing expenses, messenger and delivery expenses,
and fees and expenses of counsel for Acquirer and all independent certified public accountants and
other persons retained by Acquirer, and shall enter into customary indemnification arrangements
with participating Shareholders.

-2-

 

     (b) If the managing underwriters with respect to such offering advise Acquirer that, in their
sole discretion, the number of securities requested to be included in such registration exceeds the
number which can be sold in an orderly manner in such offering within a price range acceptable to
the holders initially requesting such registration, Acquirer shall include in such registration the
shares of Western Common Stock requested to be included in such registration pursuant hereto and
the securities requested to be included therein by the holders initially requesting such
registration, pro rata among the holders of all such securities on the basis of the number of
shares requested to be included in such registration statement by each such holder.

III. REPRESENTATIONS AND WARRANTIES

     3.1. Representations and Warranties of Shareholders. Each Shareholder, severally and
not jointly, represents and warrants to Acquirer, as of the date of this Agreement and as of the
Closing Date, that (i) this Agreement has been duly authorized, executed and delivered by such
Shareholder and constitutes the valid and binding agreement of such Shareholder, enforceable
against such Shareholder in accordance with its terms, except as enforcement may be limited by
general principles of equity whether applied in a court of law or court of equity and by
bankruptcy, insolvency and similar laws affecting creditors’ rights and remedies generally; (ii)
such Shareholder is the record and beneficial owner of the Owned Shares set forth below such
Shareholder’s name on the signature page hereto (and any Owned Shares acquired by such Shareholder
after the date hereof), with sole voting and dispositive power over such Owned Shares; (iii) such
Owned Shares are the only voting securities or interests in IFB owned (beneficially or of record)
by such Shareholder; (iv) such Owned Shares are owned by such Shareholder free and clear of all
liens, charges, encumbrances, agreements and commitments of every kind, other than as expressly set
forth herein; and (v) neither the execution or delivery of this Agreement nor the consummation by
such Shareholder of the transactions contemplated hereby will violate any provisions of any Law or
order, injunction, decree or judgment applicable to such Shareholder or any contract, agreement or
other commitment to which such Shareholder is a party or by which such Shareholder or any of such
Shareholder’s properties or assets (including such Owned Shares) is bound, other than such
violations of contracts, agreements or commitments as would not prevent, impede or delay the
performance by Member of his or her obligations hereunder or impose any liability or obligation on
IFB or Acquirer or any Subsidiaries or Affiliates thereof.

IV. ADDITIONAL COVENANTS OF SHAREHOLDERS

     4.1. Waiver of Dissenters’ Rights. Notwithstanding any provision in the Merger
Agreement to contrary, each Shareholder hereby waives, and shall cause the record holders (if
different from such Shareholder) of any Owned Shares Beneficially Owned by such Shareholder to
waive, dissenters’ rights, if any, that such Shareholder or such record holder may have under
Sections 92A-38 through 92A-500 of the NRS in connection with the Merger and the transactions
contemplated by the Merger Agreement.

     4.2. Disclosure. Each Shareholder hereby authorizes Acquirer and IFB to publish and
disclose in any announcement or disclosure required by the SEC and in the Proxy Materials such
Shareholder’s identity and ownership of the Owned Shares and the nature of such Shareholder’s
obligation under this Agreement.

     4.3. Non-Interference; Further Assurances. Each Shareholder agrees that such
Shareholder shall not take any action that would make any representation or warranty of such
Shareholder contained herein untrue or incorrect or have the effect of preventing, impeding,
interfering with or adversely affecting the performance by such Shareholder of its obligations
under this Agreement. Each Shareholder agrees to execute and deliver such additional documents and
to take such further actions as necessary or reasonably requested by Acquirer to confirm and assure

-3-

 

the rights and obligations set forth in this Agreement or to consummate the transactions
contemplated by this Agreement.

V. GENERAL

     5.1. Notices. All notices shall be in writing and shall be deemed given (i) when
delivered personally, (ii) when telecopied (which is confirmed) or (iii) when dispatched by a
nationally recognized overnight courier service to the parties at the following addresses (or at
such other address for a party as shall be specified by like notice): (a) if to a Shareholder, to
the address set forth below such Shareholder’s name on the signature page hereto, and (b) if to
Acquirer, in accordance with Section 9.4 of the Merger Agreement, or to such other Persons,
addresses or facsimile numbers as may be designated in writing to each other party hereto by the
Person entitled to receive such communication as provided above.

     5.2. No Third Party Beneficiaries. This Agreement is not intended to confer any
rights or remedies upon any Person other than the parties to this Agreement.

     5.3. Governing Law. This Agreement and any controversies arising with respect hereto
shall be construed in accordance with and governed by the law of the State of Nevada (without
regard to principles of conflict of laws that would apply the law of another jurisdiction).

     5.4. Severability. If any term, provision, covenant or restriction of this Agreement
is held by a court of competent jurisdiction or other authority to be invalid, void, unenforceable
or against its regulatory policy, the remainder of the terms, provisions, covenants and
restrictions of this Agreement shall remain in full force and effect and shall in no way be
affected, impaired or invalidated. Upon such determination that any term, provision, covenant or
restriction of this Agreement is invalid, void, unenforceable or against regulatory policy, the
parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in an acceptable manner to the end that the
transactions contemplated hereby are fulfilled to the extent possible.

     5.5. Assignment. The provisions of this Agreement shall be binding upon, inure to the
benefit of and be enforceable by the parties hereto and their respective successors and assigns;
provided, however, that no Shareholder may assign, delegate or otherwise transfer any of its rights
or obligations under this Agreement without the prior written consent of Acquirer and any attempted
assignment without such consent shall be null and void without effect; and provided, further, that
Acquirer may assign its respective rights or obligations hereunder to any direct or indirect
wholly-owned Subsidiary of Acquirer (or any successor thereto) without the prior written consent of
the parties hereto.

     5.6. Interpretation. For the purposes of this Agreement, (i) words in the singular
shall be held to include the plural and vice versa and words of one gender shall be held to include
the other gender as the context requires, (ii) the terms “hereof”, “herein”, and “herewith” and
words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as
a whole (including all of the Exhibits and Schedules hereto) and not to any particular provision of
this Agreement, and Article, Section, paragraph references are to the Articles, Sections,
paragraphs to this Agreement unless otherwise specified, (iii) the word “including” and words of
similar import when used in this Agreement shall mean “including, without limitation,” unless the
context otherwise requires or unless otherwise specified, (iv) the word “or” shall not be
exclusive, (v) provisions shall apply, when appropriate, to successive events and transactions,
(vi) unless otherwise specified, all references to any period of days shall be deemed to be to the
relevant number of calendar days. The Article, Section and paragraph headings contained in this
Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement. This Agreement shall

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be construed without regard to any presumption or rule requiring construction or
interpretation against the party drafting or causing any instrument to be drafted. References to a
Person will refer to its predecessors and successors and permitted assigns.

     5.7. Amendments. This Agreement may not be amended except by written agreement signed
by Acquirer and by each Shareholder.

     5.8. Extension; Waiver. Acquirer may (a) extend the time for the performance of any
of the obligations of a Shareholder, (b) waive any inaccuracies in the representations and
warranties of any Shareholder contained in this Agreement or in any document delivered under this
Agreement, or (c) unless prohibited by applicable Laws, waive compliance by any Shareholder with
any of the covenants or conditions contained in this Agreement. Any agreement on the part of a
party to any extension or waiver will be valid only if set forth in an instrument in writing signed
by such party. The failure of any part to assert any of its rights under this Agreement or
otherwise will not constitute a waiver of such rights.

     5.9. Fees and Expenses. Each party is responsible for its own fees and expenses
(including the fees and expenses of financial consultants, investment bankers, accountants and
counsel) in connection with the entry into of this Agreement and the consummation of the
transactions contemplated hereby.

     5.10. Entire Agreement. This Agreement constitutes the entire agreement and
supersedes all other prior agreements, understandings, representations and warranties, both written
and oral, among the parties to this Agreement with respect to the subject matter of this Agreement.

     5.11. Remedies Cumulative. Except as otherwise provided in this Agreement, any and
all remedies expressly conferred upon a party to this Agreement will be cumulative with, and not
exclusive of, any other remedy contained in this Agreement, at law or in equity. The exercise by a
party to this Agreement of any one remedy will not preclude the exercise by it of any other remedy.

     5.12. Counterparts; Execution. This Agreement may be executed in any number of
counterparts, all of which are one and the same agreement. This Agreement may be executed by
facsimile signature by any party and such signature is deemed binding for all purposes hereof,
without delivery of an original signature being thereafter required.

     5.13. Effectiveness and Termination. This Agreement will become effective when
Acquirer has received counterparts signed by all of the other parties and itself. In the event the
Merger Agreement is terminated in accordance with its terms, this Agreement shall automatically
terminate and be of no further force or effect. Upon such termination, except for any rights any
party may have in respect of any breach by any other party of its or his obligations hereunder,
none of the parties hereto shall have any further obligation or liability hereunder.

     5.14. Specific Performance. The parties agree that the remedies at law for any breach
or threatened breach, including monetary damages, are inadequate compensation for any loss and that
any defense in any action for specific performance that a remedy at law would be adequate is
waived. Accordingly, in the event of any actual or threatened default in, or breach of, any of the
terms, conditions and provisions of this Agreement, the party or parties who are or are to be
thereby aggrieved shall have the right to specific performance and injunctive or other equitable
relief of its rights under this Agreement, in addition to any and all other rights and remedies at
law or in equity, and all such rights and remedies shall be cumulative. Any requirements for the
securing or posting of any bond with such remedy are waived.

-5-

 

     5.15. Submission to Jurisdiction. The parties to this Agreement (a) irrevocably
submit to the personal jurisdiction of the state and federal courts of the United States of America
located in the State of Nevada and (b) waive any claim of improper venue or any claim that those
courts are an inconvenient forum. The parties to this Agreement agree that mailing of process or
other papers in connection with any such action or proceeding in the manner provided in Section 5.1
or in such other manner as may be permitted by applicable Laws, will be valid and sufficient
service thereof.

     5.16. Waiver of Jury Trial. Each party acknowledges and agrees that any controversy
which may arise under this Agreement is likely to involve complicated and difficult issues and,
therefore, each such party irrevocably and unconditionally waives any right it may have to a trial
by jury in respect of any action arising out of or relating to this Agreement or the transactions
contemplated by this Agreement. Each party to this Agreement certifies and acknowledges that (a)
no representative of any other party has represented, expressly or otherwise, that such other party
would not seek to enforce the foregoing waiver in the event of an action, (b) such party has
considered the implications of this waiver, (c) such party makes this waiver voluntarily, and (d)
such party has been induced to enter into this Agreement by, among other things, the mutual waivers
and certifications in this Section.

     5.17 Regulatory Approval. If any provision of this Agreement requires the approval of
any regulatory authority in order to be enforceable, then such provision shall not be effective
until such approval is obtained; provided, however, that the foregoing shall not affect the
enforceability of any other provision of this Agreement.

[Rest of page intentionally left blank]

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     IN WITNESS WHEREOF, each party hereto has caused this Agreement to be signed as of the date
first above written.

	 	 	 	 	 	 	 
	 	 	WESTERN ALLIANCE BANCORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

(Shareholder signature pages follow)

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	[SHAREHOLDERS]	 	   
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Shareholder:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Signature:	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Title, if applicable:	 	 	 	 
	 

	 	 	 	 	 	 	 
	 	 	Owned Shares:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Shareholder:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Signature:	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Title, if applicable:	 	 	 	 
	 

	 	 	 	 	 	 	 
	 	 	Owned Shares:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Shareholder:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Signature:	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Title, if applicable:	 	 	 	 
	 

	 	 	 	 	 	 	 
	 	 	Owned Shares:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Shareholder:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Signature:	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Title, if applicable:	 	 	 	 
	 

	 	 	 	 	 	 	 
	 	 	Owned Shares:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 

 

 

Exhibit A

     (a) Acquirer shall have no obligation to include shares of Western Common Stock owned by any
shareholder in a registration statement unless and until such Shareholder in connection with any
underwritten offering, agrees to enter into an underwriting agreement, a custody agreement and
power of attorney and any other customary documents required in an underwritten offering all in
customary form and containing customary provisions.

     (b) In connection with any registration statement in which a Shareholder is participating,
each such holder shall furnish to Acquirer in writing such information and affidavits as Acquirer
reasonably requests for use in connection with any such registration statement or prospectus and,
to the extent permitted by law, shall indemnify Acquirer, its directors and officers and each
person or entity who controls Acquirer (within the meaning of the Securities Act) against any
losses, claims, damages, liabilities and expenses resulting from any untrue or alleged untrue
statement of material fact contained in the registration statement, prospectus or preliminary
prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein not
misleading, but only to the extent that such untrue statement or omission is contained in any
information or affidavit so furnished in writing by such Shareholder; provided that the obligation
to indemnify shall be individual, not joint and several, for each Shareholder and shall be limited
to the net amount of proceeds received by such Shareholder from the sale of shares of Western
Common Stock pursuant to such registration statement.

     (c) Any person or entity entitled to indemnification hereunder shall (i) give prompt written
notice to the indemnifying party of any claim with respect to which it seeks indemnification
(provided that the failure to give prompt notice shall not impair such person or entity’s right to
indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and
(ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such
indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying
party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified
party. If such defense is assumed, the indemnifying party shall not be subject to any liability
for any settlement made by the indemnified party without its consent (but such consent shall not be
unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the
defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for
all parties indemnified by such indemnifying party with respect to such claim, unless in the
reasonable judgment of any indemnified party a conflict of interest may exist between such
indemnified party and any other of such indemnified parties with respect to such claim.

     (d) The indemnification provided for under this Agreement shall remain in full force and
effect regardless of any investigation made by or on behalf of the indemnified party or any
officer, director or controlling person or entity of such indemnified party and shall survive the
transfer of securities.EX-10.13

 

Exhibit 10.13

Execution Copy

AGREEMENT AND PLAN OF MERGER

BY AND BETWEEN

WESTERN ALLIANCE BANCORPORATION,

AND

BANK OF NEVADA

DATED AS OF

January 16, 2006

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I THE MERGER
	 	 	1	 
	1.1 The Merger 
	 	 	1	 
	1.2 Effective Time 
	 	 	2	 
	1.3 Effects of the Merger 
	 	 	2	 
	1.4 Conversion of BN Common Stock and Interim Bank Common Stock 
	 	 	2	 
	1.5 Options 
	 	 	3	 
	1.6 Articles of Incorporation 
	 	 	3	 
	1.7 Bylaws 
	 	 	3	 
	1.8 Directors and Officers 
	 	 	3	 
	1.9 Possible Alternative Structures 
	 	 	3	 
	 
	 	 	 	 
	ARTICLE II EXCHANGE PROCEDURES
	 	 	4	 
	2.1 Deposit of Payment and Exchange Procedures 
	 	 	4	 
	2.2 Dissenters’ Rights 
	 	 	5	 
	 
	 	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF BN
	 	 	6	 
	3.1 Corporate Organization 
	 	 	6	 
	3.2 Capitalization 
	 	 	6	 
	3.3 Authority; No Violation 
	 	 	7	 
	3.4 Consents and Approvals 
	 	 	7	 
	3.5 Loan Portfolio; Reports 
	 	 	8	 
	3.6 Financial Statements; Books and Records 
	 	 	8	 
	3.7 Broker’s Fees 
	 	 	8	 
	3.8 Absence of Certain Changes or Events 
	 	 	9	 
	3.9 Legal Proceedings 
	 	 	9	 
	3.10 Taxes and Tax Returns 
	 	 	9	 
	3.11 Employee Plans 
	 	 	10	 
	3.12 Certain Contracts 
	 	 	12	 
	3.13 Agreements with Regulatory Agencies 
	 	 	13	 
	3.14 Environmental Matters 
	 	 	13	 
	3.15 Reserves for Losses 
	 	 	13	 
	3.16 Properties and Assets 
	 	 	14	 
	3.17 Insurance 
	 	 	14	 
	3.18 Compliance with Applicable Laws; Licenses 
	 	 	15	 
	3.19 Loans 
	 	 	15	 
	3.20 Affiliates 
	 	 	16	 
	3.21 Fairness Opinion 
	 	 	17	 
	3.22 BN Information 
	 	 	17	 
	3.23 Labor and Employment Matters 
	 	 	17	 
	3.24 Intellectual Property 
	 	 	17	 
	3.25 Accounting Records 
	 	 	17	 
	3.26 Antitakeover Provisions Inapplicable 
	 	 	18	 
	 
	 	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES OF WESTERN
	 	 	18	 
	4.1 Corporate Organization 
	 	 	18	 
	4.2 Authority; No Violation 
	 	 	18	 
	4.3 Regulatory Approvals 
	 	 	19	 
	4.4 Legal Proceedings 
	 	 	19	 

i

 

	 	 	 	 	 
	 	 	Page	 
	4.5 Absence of Certain Changes or Events 
	 	 	20	 
	4.6 Agreements with Governmental Entities 
	 	 	20	 
	4.7 Financial Statements, SEC Filings, Books and Records 
	 	 	20	 
	4.8 Western Information 
	 	 	21	 
	4.9 Financing 
	 	 	21	 
	 
	 	 	 	 
	ARTICLE V COVENANTS RELATING TO CONDUCT OF BUSINESS
	 	 	21	 
	5.1 Covenants of BN 
	 	 	21	 
	5.2 Merger Covenants 
	 	 	24	 
	5.3 Western and Interim Bank Conduct Pending Effective Time 
	 	 	24	 
	 
	 	 	 	 
	ARTICLE VI ADDITIONAL AGREEMENTS
	 	 	24	 
	6.1 Regulatory Matters 
	 	 	24	 
	6.2 Access to Information 
	 	 	25	 
	6.3 Stockholder Meeting 
	 	 	25	 
	6.4 Legal Conditions to Merger 
	 	 	26	 
	6.5 Employees 
	 	 	26	 
	6.6 Indemnification 
	 	 	27	 
	6.7 Subsequent Interim and Annual Financial Statements 
	 	 	28	 
	6.8 Additional Agreements 
	 	 	28	 
	6.9 Advice of Changes 
	 	 	29	 
	6.10 Current Information 
	 	 	29	 
	6.11 Execution and Authorization of Bank Merger Agreement 
	 	 	29	 
	6.12 Transaction Expenses of BN 
	 	 	29	 
	6.13 Additional Directors and Officer 
	 	 	29	 
	6.14 List of Extension of Credit and Real Estate Owned 
	 	 	30	 
	6.15 Indemnification Agreements 
	 	 	30	 
	 
	 	 	 	 
	ARTICLE VII CONDITIONS PRECEDENT
	 	 	30	 
	7.1 Conditions to Each Party’s Obligation To Effect the Merger 
	 	 	30	 
	7.2 Conditions to Obligations of Western 
	 	 	30	 
	7.3 Conditions to Obligations of BN
	 	 	31	 
	 
	 	 	 	 
	ARTICLE VIII TERMINATION AND AMENDMENT
	 	 	32	 
	8.1 Termination
	 	 	32	 
	8.2 Effect of Termination
	 	 	33	 
	8.3 Amendment
	 	 	33	 
	8.4 Extension; Waiver
	 	 	33	 
	 
	 	 	 	 
	ARTICLE IX GENERAL PROVISIONS
	 	 	34	 
	9.1 Closing 
	 	 	34	 
	9.2 Nonsurvival of Representations, Warranties and Agreements 
	 	 	34	 
	9.3 Expenses; Breakup Fee 
	 	 	34	 
	9.4 Notices 
	 	 	34	 
	9.5 Interpretation 
	 	 	35	 
	9.6 Counterparts 
	 	 	35	 
	9.7 Entire Agreement 
	 	 	35	 
	9.8 Governing Law 
	 	 	36	 
	9.9 Enforcement of Agreement 
	 	 	36	 
	9.10 Severability 
	 	 	36	 
	9.11 Publicity 
	 	 	36	 
	9.12 Assignment; Limitation of Benefits 
	 	 	36	 
	9.13 Additional Definitions 
	 	 	37	 

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AGREEMENT AND PLAN OF MERGER

     This AGREEMENT AND PLAN OF MERGER, dated as of January 16, 2006 (this “Agreement”), is entered
into by and between Western Alliance Bancorporation, a Nevada corporation (“Western”), and Bank of
Nevada, a Nevada state-chartered bank (“BN”).

     WHEREAS, in furtherance of this transaction Western will cause WAB Interim Bank to be
organized as a corporation under applicable Nevada law (“Interim Bank”);

     WHEREAS, the Boards of Directors of Western and BN have determined that it is in the best
interests of their respective companies and stockholders to consummate the business combination
transaction provided for herein in which Western will acquire BN through the merger of Interim Bank
with and into BN (the “Merger”);

     WHEREAS, prior to the consummation of the Merger, BN will and Western will cause Interim Bank
to enter into a plan of merger, in a form to be mutually agreed upon by the parties (the “Bank
Merger Agreement”), providing for the Merger, with BN being the surviving bank;

     WHEREAS, immediately following the consummation of the Merger, BN as the surviving bank will
enter into a plan of merger whereby it will merge with and into BankWest of Nevada, a Nevada
state-chartered bank and a wholly owned subsidiary of Western (“BankWest”), with BankWest being the
surviving bank (the “BankWest Merger”);

     WHEREAS, contemporaneous with the execution of this Agreement, John S. Gaynor, the President
and Chief Executive Officer of BN and a shareholder of BN, will execute a Non-Competition and
Confidential Information Agreement with BankWest, and Western would not have agreed to acquire BN
and BankWest would not have agreed to employ Mr. Gaynor but for his promise to comply with the
obligations in the Non-Competition and Confidential Information Agreement;

     WHEREAS, the parties desire to make certain representations, warranties and agreements in
connection with the Merger and also to prescribe certain conditions to the Merger; and

     WHEREAS, unless otherwise indicated, capitalized terms shall have the meanings set forth in
Section 9.13;

     NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and
agreements contained herein, and intending to be legally bound hereby, the parties agree as
follows:

ARTICLE I

THE MERGER

     1.1 The Merger.

     Subject to the terms and conditions of this Agreement, in accordance with the Nevada Revised
Statutes (“NRS”), at the Effective Time, Interim Bank will merge into BN, with BN being the
surviving institution (hereinafter sometimes called the “Surviving Bank”) in the Merger. Upon
consummation of the Merger, the separate corporate existence of Interim Bank shall cease.

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     1.2 Effective Time.

     The Merger shall become effective on the date and at the time specified in the Bank Merger
Agreement. The term “Effective Time” shall be the date and time when the Merger becomes effective
as set forth in the Bank Merger Agreement.

     1.3 Effects of the Merger.

     The Merger shall have the effects set forth in the NRS.

     1.4 Conversion of BN Common Stock and Interim Bank Common Stock.

          (a) At the Effective Time, subject to Sections 1.4(b) and 1.4(c), each share of BN common
stock, par value $0.10 per share (“BN Common Stock”), issued and outstanding immediately prior to
the Effective Time (excluding Dissenters’ Shares) shall be converted in accordance with the
procedures set forth in Section 2.1, into the right to receive in cash from Western, without
interest, an amount equal to $80.187 (the “Merger Consideration”).

          (b) No Dissenters’ Shares shall be converted into the Merger Consideration pursuant to this
Section 1.4, but instead shall be treated in accordance with the provisions set forth in Section
2.2(a).

          (c) At the Effective Time, all shares of BN Common Stock that are owned by BN as treasury
stock and all shares of BN Common Stock that are owned directly or indirectly by Western, BN or any
of Western’s Subsidiaries, including any shares of BN Common Stock held by Western or BN or any of
Western’s Subsidiaries in respect of a debt previously contracted, other than shares that are held
by BN or any of Western’s Subsidiaries, if any, in a fiduciary capacity, shall be canceled and
shall cease to exist and no cash or other consideration shall be delivered in exchange therefor.
All shares of common stock, par value $0.0001 per share of Western (“Western Common Stock”) that
are owned by BN shall become treasury stock of Western.

          (d) Each share of common stock of Interim Bank issued and outstanding immediately prior to the
Effective Time will be converted into and exchanged for one validly issued, fully paid, and
nonassessable share of the Surviving Bank’s common stock. Each stock certificate of Interim Bank
evidencing ownership of any such shares will from and after the Effective Time evidence ownership
of shares of the Surviving Bank’s common stock.

          (e) Notwithstanding any other provision of this Agreement to the contrary, the sum of the
aggregate Merger Consideration plus the aggregate Option Merger Consideration (together, the
“Transaction Consideration”) to be issued or paid shall not exceed $74 million, plus the aggregate
proceeds received by BN, if any, from the exercise prices of Options (as defined below) after the
date hereof and until the Effective Time. In the event that the provisions of this Article I
result in more Transaction Consideration than specified in the previous sentence, then the
Transaction Consideration calculated under Section 1.4(a) (including giving effect to Dissenting
Shares as if they had been converted under Section 1.4(a)) shall be reduced on a pro rata basis to
the aggregate amount set forth in the previous sentence. Notwithstanding any other provision of
this Agreement to the contrary, in the event that aggregate number of fully-diluted shares of BN
Common Stock immediately prior to the Effective Time exceeds 962,974 shares, then the Merger
Consideration shall be reduced on a pro rata basis.

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     1.5 Options.

     At the Effective Time, each option granted by BN under the Bank of Nevada Director
Nonqualified Stock Option Plan and the Bank of Nevada Employee Stock Option Plan (together, the
“Option Plans”) or otherwise to purchase BN Common Stock (each an “Option” and collectively, the
“Options”) that is outstanding and unexercised immediately prior to the Effective Time, shall, by
virtue of the Merger and without any action on the part of BN, Western or the holder thereof, be
converted into the right to receive, as soon as practicable thereafter but in any event within 20
days after the Effective Time, for each share of BN Common Stock subject to an Option, an amount of
cash equal to the excess, if any, of the Merger Consideration over the sum of the exercise price of
such Option and any applicable withholding taxes (the “Option Merger Consideration”). In
connection with the Merger, the Option Plans and the Options will be terminated and none of the
Options will be assumed or substituted for. Prior to the Effective Time, BN and its board of
directors shall take any and all actions necessary to effectuate this Section 1.5, including the
approval of any amendments to the Option Plan. In the event that any of the Options are exercised
for shares of BN Common Stock prior to the Effective Time, such shares of BN Common Stock shall be
converted into and exchangeable for the Merger Consideration in accordance with Section 1.4.

     1.6 Articles of Incorporation.

     At the Effective Time, the articles of incorporation of BN, as in effect at the Effective
Time, shall be amended and restated to read as the articles of incorporation of Interim Bank at the
Effective Time; provided, however, that the name of the Surviving Bank shall remain “Bank of
Nevada.”

     1.7 Bylaws.

     At the Effective Time, the bylaws of BN, as in effect immediately prior to the Effective Time,
shall be amended and restated to read as the bylaws of Interim Bank.

     1.8 Directors and Officers.

     At the Effective Time, the directors and officers of Interim Bank immediately prior to the
Effective Time shall be the directors and officers of the Surviving Bank.

     1.9 Possible Alternative Structures.

     Notwithstanding anything to the contrary contained in this Agreement, prior to the Effective
Time, Western shall be entitled to revise the structure of the Merger, provided that (i) there are
no adverse federal or state income tax consequences to BN shareholders as a result of the
modification; (ii) the consideration to be paid to the holders of BN Common Stock and Options under
this Agreement is not thereby changed in kind or value or reduced in amount as a result of such
change in structure; and (iii) such modification will not materially delay or jeopardize receipt of
any required regulatory approvals or other consents and approvals relating to the consummation of
the Merger. Each of the parties hereto agree to appropriately amend this Agreement and any related
documents in order to reflect any such revised structure.

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ARTICLE II

EXCHANGE PROCEDURES

     2.1 Deposit of Payment and Exchange Procedures.

          (a) Prior to the Effective Time, Western shall deposit with an exchange and payment agent
selected by Western (the “Exchange Agent”) sufficient cash to permit prompt payment of the Merger
Consideration to holders of BN Common Stock who are not Holders of Dissenters’ Shares, as defined
by Section 2.2, and the Option Merger Consideration. Western shall instruct the Exchange Agent to
timely pay such Merger Consideration and the Option Merger Consideration.

          (b) As soon as reasonably practicable after the Effective Time, Western shall cause the
Exchange Agent to mail to each holder of record of a BN Stock Certificate(s) which immediately
prior to the Effective Time represented outstanding shares of BN Common Stock whose shares were
converted into the right to receive the Merger Consideration pursuant to Section 1.4 (i) a letter
of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to
the BN Stock Certificate(s) shall pass, only upon delivery of the BN Stock Certificate(s) (or
affidavits of loss in lieu of such certificates)) (the “Letter of Transmittal”) to the Exchange
Agent, which shall be in such form and have such other provisions as shall be determined by Western
and BN and (ii) instructions for use in surrendering the BN Stock Certificate(s) in exchange for
the Merger Consideration.

          (c) Upon surrender to the Exchange Agent of its BN Stock Certificate(s), accompanied by a
properly completed Letter of Transmittal, a Holder of BN Common Stock will be entitled to receive
promptly after the Effective Time, the Merger Consideration in respect of the shares of BN Common
Stock represented by its BN Stock Certificate. Until so surrendered, each such BN Stock
Certificate shall represent after the Effective Time, for all purposes, only the right to receive
the Merger Consideration.

          (d) BN shall deliver to Western and Western shall deliver to the Exchange Agent a list of
holders of Options who are entitled to receive the Option Merger Consideration and a list of the
amount of such payments to be made to each such holder of Options. As soon as reasonably
practicable after the Effective Time, Western shall cause the Exchange Agent to mail to each Person
entitled to received the Option Merger Consideration a letter in such form as shall be determined
by Western and BN and instructions for use in surrendering the applicable Options in exchange for
the Option Merger Consideration. Upon surrender of the applicable Option, the Holder thereof shall
be paid promptly the Option Merger Consideration owed to such Person.

          (e) If any portion of the Merger Consideration is to be paid to a Person other than the Person
in whose name a BN Stock Certificate so surrendered is registered, it shall be a condition to such
payment that such BN Stock Certificate shall be properly endorsed or otherwise be in proper form
for transfer and the Person requesting such payment shall pay to the Exchange Agent any transfer or
other similar Taxes required as a result of such payment to a Person other than the registered
holder of such BN Stock Certificate, or establish to the reasonable satisfaction of the Exchange
Agent that such Tax has been paid or is not payable. The Exchange Agent (or, subsequent to the
six-month anniversary of the Effective Time, Western) shall be entitled to deduct and withhold from
the Merger Consideration otherwise payable pursuant to this Agreement to any holder of BN Common
Stock such amounts as the Exchange Agent or Western, as the case may be, is required to deduct and
withhold under the Code, or any provision of state, local or foreign Tax law, with respect to the
making of such payment. To the extent the amounts are so withheld by the Exchange Agent or Western,
as the case may be, such withheld amounts shall be treated for all purposes of this

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Agreement as having been paid to the holder of shares of BN Common Stock in
respect of whom such deduction and withholding was made by the Exchange Agent or Western, as the
case may be.

          (f) After the Effective Time there shall be no further registration or transfers of shares of
BN Common Stock. If, after the Effective Time, BN Stock Certificates are presented to Western,
they shall be cancelled and exchanged for the Merger Consideration in accordance with the
procedures set forth in this Article II.

          (g) At any time following the six-month anniversary of the Effective Time, Western shall be
entitled to require the Exchange Agent to deliver to it any remaining portion of the Merger
Consideration and the Option Merger Consideration not distributed to holders of shares of BN Common
Stock or Options entitled to receive the Option Merger Consideration that was deposited with the
Exchange Agent at the Effective Time (the “Exchange Fund”) (including any interest received with
respect thereto and other income resulting from investments by the Exchange Agent, as directed by
Western), and such holders shall be entitled to look only to Western (subject to abandoned
property, escheat or other similar laws) with respect to the Merger Consideration and the Option
Merger Consideration, without any interest thereon. Notwithstanding the foregoing, neither Western
nor the Exchange Agent shall be liable to any holder of a BN Stock Certificate or Option entitled
to receive the Option Merger Consideration or Merger Consideration (or dividends or distributions
with respect thereto), or cash from the Exchange Fund in each case delivered to a public official
pursuant to any applicable abandoned property, escheat or similar Laws.

          (h) In the event any BN Stock Certificates shall have been lost, stolen or destroyed, upon the
making of an affidavit of that fact by the Person claiming such BN Stock Certificate(s) to be lost,
stolen or destroyed and, if required by Western or the Exchange Agent, the posting by such Person
of a bond in such sum as Western may reasonably direct as indemnity against any claim that may be
made against it or the Surviving Bank with respect to such BN Stock Certificate(s), Western shall
cause the Exchange Agent to issue the Merger Consideration deliverable in respect of the shares of
BN Common Stock represented by such lost, stolen or destroyed BN Stock Certificates.

     2.2 Dissenters’ Rights.

          (a) Notwithstanding anything in this Agreement to the contrary and unless otherwise provided
by applicable Laws, shares of BN Common Stock that are issued and outstanding immediately prior to
the Effective Time and that are owned by stockholders who have properly objected within the meaning
of Sections 92A-300 through 92A-500 of the NRS (the “Dissenters’ Shares”), shall not be converted
into the right to receive the Merger Consideration, unless and until such stockholders shall have
failed to perfect or shall have effectively withdrawn or lost their right of payment under
applicable Laws, in which event such Dissenters’ Shares shall thereupon be deemed to have been
converted into and to have become exchangeable, as of the Effective Time, for the right to receive,
without any interest thereon, the Merger Consideration upon surrender in the manner provided in
Section 1.4(a).

          (b) BN shall give Western (i) prompt notice of any objections filed pursuant to the NRS that
are received by BN, withdrawals of such objections and any other instruments served in connection
with such objections pursuant to the NRS and received by BN and (ii) the opportunity to direct all
negotiations and proceedings with respect to objections under the NRS consistent with the
obligations of BN thereunder. BN shall not, except with the prior written consent of Western, (x)
make any payment with respect to any such objection, (y) offer to settle or settle any such
objections

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or (z) waive any failure to timely deliver a written objection in accordance with the
NRS, subject to BN’s legal duties and obligations thereunder.

          (c) Holders of Dissenters’ Shares shall look only to Western for any payments required to be
made under the NRS.

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF BN

     BN hereby makes the following representations and warranties to Western as set forth in this
Article III, subject to the specifically identified exceptions disclosed in writing in the BN
Disclosure Schedule as of the date hereof, each of which is being relied upon by Western as a
material inducement to enter into and perform this Agreement. All of the disclosure schedules of
BN referenced below and/or otherwise required of BN pursuant to this Agreement, which disclosure
schedules shall be cross-referenced to the specific sections and subsections of this Agreement (and
shall only be deemed an exception to the extent identified) and delivered herewith, are referred to
herein as the “BN Disclosure Schedule.”

     3.1 Corporate Organization.

          (a) BN is a corporation duly organized, validly existing and in good standing under the laws
of the State of Nevada. BN has the corporate power and authority to own or lease all of its
properties and assets and to carry on its business as it is now being conducted, and is duly
licensed or qualified to do business in each jurisdiction in which the nature of any business
conducted by it or the character or location of any properties or assets owned or leased by it
makes such licensing or qualification necessary, except where the failure to be so licensed or
qualified would not have a Material Adverse Effect on BN. The articles of incorporation and bylaws
of BN, copies of which are attached at Section 3.1(a) of the BN Disclosure Schedule, are true,
correct and complete copies of such documents as in effect as of the date of this Agreement.

          (b) BN is a state chartered bank duly organized, validly existing and in good standing under
the laws of the State of Nevada. Deposit accounts of BN are insured by the Federal Deposit
Insurance Corporation (the “FDIC”) through the Bank Insurance Fund to the fullest extent permitted
by law, and all premiums and assessments required in connection therewith have been paid by BN.

          (c) BN does not have any direct or indirect Subsidiaries.

     3.2 Capitalization.

          The authorized capital stock of BN consists of 5,000,000 shares of BN Common Stock. As of the
date hereof, there are (x) 843,710 shares of BN Common Stock issued and outstanding and no shares
of BN Common Stock held in BN’s treasury and (y) 119,264 shares of BN Common Stock reserved for
issuance upon exercise of outstanding stock options or otherwise. All of the issued and
outstanding shares of BN Common Stock have been duly authorized and validly issued and are fully
paid, nonassessable and free of preemptive rights, with no personal liability attaching to the
ownership thereof. Except for the outstanding options under the Option Plans, true, complete and
accurate copies of which are set forth in Section 3.2 of the BN Disclosure Schedule, BN does not
have and is not bound by any outstanding subscriptions, options, warrants, calls, commitments or
agreements of any character calling for the purchase or issuance of any shares of BN Common Stock
or any other equity security of BN or any securities representing the right to purchase or
otherwise receive any shares of BN Common

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Stock or any other equity security of BN. The names of
the optionees, the date of each option to purchase BN Common Stock granted, the number of shares subject to each such option, the expiration date of
each such option, and the price at which each such option may be exercised under the Option Plans
are set forth in Section 3.2 of the BN Disclosure Schedule. Except as set forth in Section 3.2 of
the BN Disclosure Schedule, since December 31, 2004, BN has not issued any shares of its capital
stock, or any securities convertible into or exercisable for any shares of its capital stock, other
than director or employee stock options granted under the Option Plans or shares of BN Common Stock
issuable pursuant to the exercise of director or employee stock options granted under the Option
Plans.

     3.3 Authority; No Violation.

          (a) BN has full corporate power and authority to execute and deliver this Agreement and the
Bank Merger Agreement and, subject to receipt of the required stockholder and regulatory approvals
specified herein, to consummate the transactions contemplated hereby and thereby. The execution
and delivery of this Agreement and the Bank Merger Agreement and the consummation of the
transactions contemplated hereby and thereby have been duly and validly approved by the Board of
Directors of BN. The Board of Directors of BN has directed that this Agreement and the Bank Merger
Agreement and the transactions contemplated hereby and thereby be submitted to BN’s stockholders
for approval at the Special Meeting and, except for the adoption of this Agreement and the Bank
Merger Agreement by the holders of a majority of the outstanding shares of BN Common Stock, no
other corporate proceedings on the part of BN (except for matters related to setting the date,
time, place and record date for the Special Meeting) are necessary to approve this Agreement and
the Bank Merger Agreement or to consummate the transactions contemplated hereby or thereby. This
Agreement and the Bank Merger Agreement have been duly and validly executed and delivered by BN and
(assuming due authorization, execution and delivery by Western of this Agreement and the Bank
Merger Agreement) will constitute valid and binding obligations of BN, enforceable against BN in
accordance with their terms, except as enforcement may be limited by general principles of equity
whether applied in a court of law or a court of equity and by bankruptcy, insolvency, moratorium or
other similar laws affecting creditors’ rights and remedies generally and except as may be limited
by the exercise of judicial discretion in applying principles of equity.

          (b) Neither the execution and delivery of this Agreement and the Bank Merger Agreement by BN,
nor the consummation by BN of the transactions contemplated hereby or thereby, nor compliance by BN
with any of the terms or provisions hereof or thereof, will (i) violate any provision of the
articles of incorporation or bylaws of BN or (ii) assuming that the consents and approvals referred
to in Section 3.4 are duly obtained, (x) violate any Laws applicable to BN, or any of its
properties or assets, or (y) violate, conflict with, result in a breach of any provision of or the
loss of any benefit under, constitute a default (or an event which, with notice or lapse of time,
or both, would constitute a default) under, result in the termination of or a right of termination
or cancellation under, accelerate the performance required by, or result in the creation of any
lien, pledge, security interest, charge or other encumbrance upon any of the properties or assets
of BN under, any of the terms, conditions or provisions of any note, bond, mortgage, indenture,
deed of trust, license, lease, agreement or other instrument or obligation to which BN is a party,
or by which BN or any of BN’s properties or assets may be bound or affected, except as to this
clause (y) for such violation, conflict, breach or default as would not singly or in the aggregate
have a Material Adverse Effect on BN.

     3.4 Consents and Approvals.

          (a) Except for (i) the filing of applications, notices, or requests for waivers thereof, as
applicable with regard to the establishment of the Interim Bank, and the receipt of approvals,
consents to, or waivers of the foregoing, (ii) as to the Merger, the filing of applications,
notices or requests for waivers thereof, as applicable, with (x) the FDIC under the Bank Merger Act
and FDIC

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regulations, (y) the Board of Governors of the Federal Reserve System (“FRS”) under the
Bank Holding Company Act (“BHC Act”) and FRS regulations, and (z) the Nevada Financial Institutions
Division (“NFID”) under Nevada banking laws or regulations, and the receipt of approvals, consents to, or waivers of the
foregoing, (iii) the approval of this Agreement by the requisite vote of the stockholders of BN,
and (iv) such filings, authorizations or approvals as may be set forth in Section 3.4 of the BN
Disclosure Schedule, no consents or approvals of or filings or registrations with any court,
administrative agency or commission or other governmental authority or instrumentality (each a
“Governmental Entity”), or with any third party (except where the failure to obtain any such
consent from a third party would not have a Material Adverse Effect on BN or the Surviving Bank)
are necessary in connection with (1) the execution and delivery by BN of this Agreement and the
Bank Merger Agreement and (2) the consummation by BN of the Bank Merger and the transactions
contemplated thereby.

          (b) BN has no Knowledge of any reason why approval or effectiveness of any of the consents,
approvals, authorizations, applications, notices, filings or waivers thereof referred to in Section
3.4(a) cannot be obtained or granted on a timely basis.

     3.5 Loan Portfolio; Reports.

          BN has timely filed all reports, registrations and statements, together with any amendments
required to be made with respect thereto, it was required to file since December 31, 2004, with (i)
the FDIC, (ii) the NFID and any other state banking commissions or any other state regulatory
authority (each a “State Regulator”), and (iii) any other self-regulatory organization
(collectively “Regulatory Agencies”). Except for normal examinations conducted by a Regulatory
Agency in the regular course of the business of BN, to BN’s Knowledge no Governmental Entity is
conducting, or has conducted, any proceeding or investigation into the business or operations of BN
since December 31, 2004.

     3.6 Financial Statements; Books and Records.

     BN has previously delivered to Western true, correct and complete copies of the statements of
condition of BN as of December 31 for the fiscal years 2003 and 2004 and the related statements of
income, stockholders’ equity and cash flows for the fiscal years 2003 through 2004, inclusive, in
each case accompanied by the audit report of McGladrey & Pullen LLP, independent public accountants
with respect to BN, and the interim financial statements of BN as of and for the nine months ended
September 30, 2005 and 2004. The financial statements referred to in this Section 3.6 (including
the related notes, where applicable) fairly present, and the financial statements referred to in
Section 6.7 will fairly present (subject, in the case of the unaudited statements, to recurring
audit adjustments normal in nature and amount), the results of the operations and financial
condition of BN for the respective fiscal periods or as of the respective dates therein set forth;
each of such statements (including the related notes, where applicable) has been, and the financial
statements referred to in Section 6.7 will be, prepared in accordance with generally accepted
accounting principles in the United States consistently applied during the periods involved
(“GAAP”), except in each case as indicated in such statements or in the notes thereto or, in the
case of unaudited statements. The books and records of BN have been, and are being, maintained in
all material respects in accordance with GAAP and any other applicable legal and accounting
requirements.

     3.7 Broker’s Fees.

     Neither BN nor any of its officers or directors has employed any broker or finder or incurred
any liability for any broker’s fees, commissions or finder’s fees in connection with any of the
transactions contemplated by this Agreement, except that BN has engaged, and will pay a fee or
commission as set

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forth at Section 3.7 of the BN Disclosure Schedule to Sandler O’Neill & Partners
L.P. in accordance with the terms of a letter agreement between Sandler O’Neill & Partners L.P. and
BN, dated August 22, 2005, a true, complete and correct copy of which is attached at Section 3.7 of
the BN Disclosure Schedule.

     3.8 Absence of Certain Changes or Events.

          (a) Except as set forth at Section 3.8 of the BN Disclosure Schedule, since December 31, 2004,
(i) BN has not incurred any material liability, except as contemplated by the Agreement or in the
ordinary course of its business consistent with past practices and (ii) no event has occurred which
has had, or could reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect on BN.

          (b) Since December 31, 2004, BN has carried on its business in the ordinary and usual course
consistent with past practices.

     3.9 Legal Proceedings.

          (a) Except as set forth at Section 3.9 of the BN Disclosure Schedule, BN is not a party to
any, and there are no pending or, to the Knowledge of BN, threatened, legal, administrative,
arbitration or other proceedings, claims, actions or governmental or regulatory investigations of
any nature against BN.

          (b) There is no injunction, order, judgment, decree, or regulatory restriction imposed upon BN
or the assets of BN.

     3.10 Taxes and Tax Returns.

          (a) Except as set forth at Section 3.10(a) of the BN Disclosure Schedule, (i) all federal,
state, local and foreign Tax Returns required to be filed by or on behalf of BN have been timely
filed or requests for extensions have been timely filed and any such extension shall have been
granted and not have expired, and all such filed Tax Returns are complete and accurate in all
material respects; (ii) all Taxes shown on such Tax Returns, all Taxes required to be shown on Tax
Returns for which extensions have been granted and all other Taxes due and payable by BN have been
paid in full, or BN has made adequate provision for such Taxes in accordance with GAAP; (iii) there
is no audit examination, deficiency assessment, Tax investigation or refund litigation with respect
to any Taxes of BN, (and no claim has been made by any Taxing Authority in a jurisdiction where BN
does not file Tax Returns that BN is subject to Tax in that jurisdiction), either (A) claimed or
raised by any Taxing Authority in writing or (B) to the Knowledge of BN based upon personal contact
with any agent of such Taxing Authority; (iv) BN has not executed an extension or waiver of any
statute of limitations on the assessment or collection of any material Tax due that is currently in
effect; (v) there are no liens for Taxes on any of the assets of BN, other than liens for Taxes not
yet due and payable; (vi) BN has withheld and paid all Taxes required to have been withheld and
paid in connection with amounts paid or owing to any employee, independent contractor, creditor,
stockholder or other third party, and BN has timely complied with all applicable information
reporting requirements under Part III, Subchapter A of Chapter 61 of the Code and similar
applicable state and local information reporting requirements; (vii) BN is not and has never been
a member of an affiliated group, or an affiliated, combined, consolidated, unitary or similar group
for state or local Tax purposes, and BN is not liable for any Taxes of any Person (other than BN)
under Treas. Reg. § 1.1502-6 (or any similar provision of state, local, or foreign law),
as a transferee or successor, by contract or otherwise; (viii) BN is not a party to or bound by
any Tax allocation or sharing agreement; (ix) BN has delivered to Western copies of, and Section
3.10(a) of the BN

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Disclosure Schedule sets forth a complete and accurate list of, Tax Returns filed
with respect to the taxable periods of BN ended on or after December 31, 2000, indicates those Tax
Returns that have been audited and indicates those Tax Returns that currently are the subject of an
audit; (x) the unpaid Taxes of BN did not, as of the date of any financial statements of BN
furnished to Western pursuant to Section 3.6, exceed the reserve for Tax liability (other than any
reserve for deferred Taxes established to reflect timing differences between book and Tax income)
set forth on the face of such financial statements (rather than any notes thereto) and do not
exceed that reserve as adjusted for the passage of time through the Closing Date in accordance with
the past custom and practice of BN in filing its Tax Returns; (xi) BN has not been a United States
real property holding corporation within the meaning of Section 897(c)(2) of the Code during the
applicable period specified in Section 897(c)(1)(A)(ii) of the Code; (xii) BN has disclosed on its
federal income Tax Returns all positions taken therein that could reasonably be expected to give
rise to a substantial understatement of federal income Tax within the meaning of Section 6662 of
the Code; and (xiii) BN has not entered into or otherwise participated in a “listed transaction”
within the meaning of Treas. Reg. § 1.6011-4(b)(2) or any other “reportable transaction” within the
meaning of Treas. Reg. § 1.6011-4(b).

          (b) For purposes of this Agreement:

          “Tax” means any tax (including any income tax, capital gains tax, payroll tax, value-added
tax, sales tax, property tax, gift tax, or estate tax), levy, assessment, tariff, duty (including
any customs duty), deficiency, or other fee, and any related charge or amount (including any fine,
penalty, interest, or addition to tax), imposed, assessed, or collected by or under the authority
of any Taxing Authority or payable pursuant to any tax-sharing agreement or any other contract
relating to the sharing or payment of any such tax, levy, assessment, tariff, duty, deficiency, or
fee.

          “Tax Return” means any return (including any information return), report, statement, schedule,
notice, form, or other document or information filed with or submitted to, or required to be filed
with or submitted to, any Taxing Authority in connection with the determination, assessment,
collection, or payment of any Tax or in connection with the administration, implementation, or
enforcement of or compliance with any law, regulation or other legal requirement relating to any
Tax.

          “Taxing Authority” means any:

               (i) nation, state, county, city, town, village, district, or other jurisdiction of any nature;

               (ii) federal, state, local, municipal, foreign, or other government;

               (iii) governmental or quasi-governmental authority of any nature (including any governmental
agency, branch, department, official, or entity and any court or other tribunal);

               (iv) multi-national organization or body; or

               (v) body exercising, or entitled to exercise, any administrative, executive, judicial,
legislative, police, regulatory, or taxing authority or power of any nature.

     3.11 Employee Plans.

          (a) Section 3.11(a) of the BN Disclosure Schedule sets forth a true and complete list of each
employee benefit plan (within the meaning of Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”)), or other employee benefit arrangement, agreement,

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program or policy that is sponsored by, maintained or contributed to as of the date of this
Agreement, or that has within the last six years been sponsored by, maintained or contributed to,
by BN or any other entity which together with BN would be deemed a “single employer” within the
meaning of Section 4001 of ERISA or Code Sections 414(b), (c) or (m) or under which BN has any
liability (collectively, the “Plans”). With respect to the Plans, except as set forth on Section
3.11(a) of the BN Disclosure Schedule:

               (i) except as set forth in Section 3.11(a)(i) of the BN Disclosure Schedule no Plan provides
benefits, including, without limitation, death or medical benefits (whether or not insured), with
respect to current or former employees of BN beyond their retirement or other termination of
service, other than (A) coverage mandated by applicable Laws, (B) death benefits or retirement
benefits under a Plan that is an “employee pension benefit plan” (as that term is defined in
Section 3(2) of ERISA), (C) deferred compensation benefits under a Plan that are accrued as
liabilities on the books of BN, or (D) benefits the full cost of which is borne by the current or
former employee (or such former or current employee’s beneficiary);

               (ii) no Plan is a “defined benefit plan” (as such term is defined in Section 3(35) of ERISA);

               (iii) no Plan is a “multiemployer plan” (as such term is defined in Section 3(37) of ERISA);

               (iv) except as set forth in Section 3.11(a)(iv) of the BN Disclosure Schedule, no Plan,
program, agreement or other arrangement, either individually or collectively, provides for any
payment by BN that would not be deductible under Code Sections 162(a)(1), 162(m) or 404 or that
would constitute a “parachute payment” within the meaning of Code Section 280G after giving effect
to the transactions contemplated by this Agreement, nor would the transactions contemplated by this
Agreement accelerate the time of payment or vesting, or increase the amount of compensation due to
any employee.

          (b) BN has heretofore delivered or made available to Western true, correct and complete copies
of each of the Plans and all related material documents, including but not limited to (i) the
actuarial report for such Plan (if applicable) for each of the last three years, (ii) the most
recent determination letter from the IRS (if applicable) for such Plan, (iii) the current summary
plan description (or any other such summary of the terms and conditions of the Plan) and any
summaries of material modification for such Plan, (iv) all annual reports (Form 5500 series) for
each Plan filed for the preceding three plan years, (v) all agreements with fiduciaries and service
providers relating to the Plan, and (vi) all substantive correspondence relating to any such Plan
addressed to or received from the Internal Revenue Service, the Department of Labor or any other
governmental agency.

          (c) Except as set forth at Section 3.11(c) of the BN Disclosure Schedule:

               (i) each of the Plans has been operated and administered in all material respects in
compliance with applicable Laws, including but not limited to ERISA and the Code;

               (ii) each of the Plans intended to be “qualified” within the meaning of Section 401(a) of the
Code is so qualified, and (A) any trust created pursuant to any such Plan is exempt from federal
income tax under Section 501(a) of the Code, (B) each such Plan has received from the Internal
Revenue Service a favorable determination letter to such effect upon which BN is entitled to rely
as to such matters and which is currently applicable, and (C) to the Knowledge of BN, there is no
circumstance or event which would be reasonably likely to jeopardize the tax-qualified status of
any

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such Plan or the tax-exempt status of any related trust, or which would cause the imposition of
any liability, penalty or tax under ERISA or the Code;

               (iii) all contributions or other amounts payable by BN as of the Effective Time with respect
to each Plan, and all other liabilities of each such entity with respect to each Plan, in respect
of current or prior plan years, have been paid or accrued in accordance with generally accepted
accounting practices and, to the extent applicable, Section 412 of the Code;

               (iv) BN has not engaged in a transaction in connection with which BN could be subject to
either a civil penalty assessed pursuant to Section 409 or 502(i) of ERISA or a tax imposed
pursuant to Section 4975 or 4976 of the Code and no transaction has occurred which involves the
assets of any Plan and which could subject BN or any of the directors, officers or employees of BN,
or a trustee, administrator or other fiduciary of any trusts created under any Plan to a tax or
penalty on prohibited transactions imposed by Section 4975 of the Code or the sanctions imposed
under Title I of ERISA;

               (v) to the Knowledge of BN, there are no pending, threatened or anticipated claims (other than
routine claims for benefits) by, on behalf of or against any of the plans or any trusts related
thereto; and

               (vi) all Plans could be terminated prior to or as of the Effective Time without material
liability in excess of the amount accrued with respect to such Plan in the financial statements
referred to in Sections 3.6 and 6.7 hereto.

     3.12 Certain Contracts.

          (a) Except as set forth at Section 3.12 of the BN Disclosure Schedule, BN is not a party to or
bound by any contract, arrangement or commitment (i) with respect to the employment of any
directors, officers, employees or consultants, (ii) which, upon the consummation of the
transactions contemplated by this Agreement or the Bank Merger Agreement will (either alone or upon
the occurrence of any additional acts or events) result in any payment (whether of severance pay or
otherwise) becoming due from Western, BN, or any of Western’s Subsidiaries to any director, officer
or employee of BN, (iii) which materially restricts the conduct of any line of business by BN, (iv)
with or to a labor union or guild (including any collective bargaining agreement) or (v) except as
set forth on Section 3.12(a)(v) of the BN Disclosure Schedule, any of the benefits of which will be
increased, or the vesting of the benefits of which will be accelerated by the occurrence of any of
the transactions contemplated by this Agreement, or the value of any of the benefits of which will
be calculated on the basis of any of the transactions contemplated by this Agreement (including as
to this clause (v), any stock option plan, stock appreciation rights plan, restricted stock plan or
stock purchase plan). Except as set forth at Section 3.12 of the BN Disclosure Schedule, there are
no employment, consulting and deferred compensation agreements to which BN is a party. Section
3.12(a) of the BN Disclosure Schedule sets forth a list of all material contracts (as defined in
Item 601(b)(10) of Regulation S-K) of BN. Each contract, arrangement or commitment of the type
described in this Section 3.12(a), whether or not set forth in Section 3.12(a) of the BN Disclosure
Schedule, is referred to herein as a “BN Contract,” and BN has never received notice of, nor do any
executive officers of BN have Knowledge of, any violation of any BN Contract.

          (b) (i) Each BN Contract is a valid and binding obligation of BN and in full force and effect,
except as may be limited by general principles of equity whether applied in a court of law or a
court of equity and by bankruptcy, insolvency, moratorium or other similar laws affecting
creditors’ rights and remedies generally, and except as may be limited by the exercise of judicial
discretion in applying principles of equity; (ii) BN has in all material respects performed all
obligations required to be

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performed by it to date under each BN Contract; and (iii) no event or
condition exists which constitutes or, after notice or lapse of time or both, would constitute, a
material default on the part of BN under any such BN Contract.

     3.13 Agreements with Regulatory Agencies.

          BN is not subject to any cease-and-desist or other order issued by, nor is it a party to any
written agreement, consent agreement or memorandum of understanding with, nor has it adopted any
board resolutions at the request of (each, whether or not set forth on Section 3.13 of the BN
Disclosure Schedule, a “Regulatory Agreement”), any Governmental Entity that restricts the conduct
of its business or that in any manner relates to its capital adequacy, its credit policies, its management
or its business, nor has BN been advised by any Governmental Entity that it is considering issuing
or requesting any Regulatory Agreement.

     3.14 Environmental Matters.

          (a) Except as set forth in Section 3.14(a) of the BN Disclosure Schedule, BN is in material
compliance with all applicable federal and state laws and regulations relating to pollution or
protection of the environment (including without limitation, laws and regulations relating to
emissions, discharges, releases and threatened releases of Hazardous Materials, or otherwise
relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport
or handling of Hazardous Materials (hereinafter referred to as “Environmental Laws”)).

          (b) Except as set forth in Section 3.14(b) of the BN Disclosure Schedule, to the Knowledge of
BN, there is no suit, claim, action, proceeding, investigation or notice against BN pending or
threatened (x) for alleged material noncompliance (including by any predecessor), with any
Environmental Law or (y) relating to any material release or threatened release into the
environment of any Hazardous Material, occurring at or on a site owned, leased or operated by BN
relating to any material release or threatened release into the environment of any Hazardous
Material, occurring at or on a site not owned, leased or operated by BN.

          (c) Except as set forth in Section 3.14(c) of the BN Disclosure Schedule, during the period of
BN’s ownership or operation of any of its properties, there has not been any material release by BN
(or to the Knowledge of BN, any other Person) of Hazardous Materials in, on, under or affecting any
such property.

          (d) Except as set forth in Section 3.14(d) of the BN Disclosure Schedule, to the Knowledge of
BN, BN has never made or participated in any loan to any Person against whom any suit, claim,
action, proceeding, investigation or notice is pending or threatened, with respect to (i) any
alleged material noncompliance as to any property securing such loan with any Environmental Law, or
(ii) the release or the threatened release into the environment of any Hazardous Material at a site
owned, leased or operated by such Person on any property securing such loan.

          (e) For purposes of this Section 3.14, the term “Hazardous Material” means any hazardous
waste, petroleum product, polychlorinated biphenyl, chemical, pollutant, contaminant, pesticide,
radioactive substance, or other toxic material, or other material or substance regulated under any
applicable Environmental Law.

     3.15 Reserves for Losses.

     All reserves or other allowances for possible losses reflected in BN’s financial statements
referred to in Section 3.6 as of and for the year ended December 31, 2004 and the quarter ended

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September 30, 2005, complied with all Laws in all material respects and are adequate under GAAP.
BN has not been notified by the FDIC, the NFID or BN’s independent auditor, in writing or
otherwise, that such reserves are inadequate or that the practices and policies of BN in
establishing its reserves for the year ended December 31, 2004 and the quarter ended September 30,
2005, and in accounting for delinquent and classified assets generally fail to comply with
applicable accounting or regulatory requirements, or that the FDIC, the NFID or BN’s independent
auditor believes such reserves to be inadequate or inconsistent with the historical loss experience
of BN. BN has previously furnished Western with a complete list of all extensions of credit that
have been classified by any bank examiner (regulatory or internal) as other loans specially
mentioned, special mention, substandard, doubtful, loss, classified or criticized, credit risk
assets, concerned loans or words of similar import. BN has no other real estate owned.

     3.16 Properties and Assets.

          Section 3.16 of the BN Disclosure Schedule lists (i) all real property owned by BN, (ii) each
real property lease, sublease or installment purchase arrangement to which BN is a party, (iii) a
description of each contract for the purchase, sale, or development of real estate to which BN is a
party, and (iv) all items of BN’s tangible personal property and equipment with a book value of
$25,000 or more or having any annual lease payment of $10,000 or more. Except for (a) items
reflected in BN’s financial statements as of December 31, 2004, referred to in Section 3.6, (b)
exceptions to title that do not interfere materially with BN’s use and enjoyment of owned or (to
the Knowledge of BN) leased real property, (c) to the Knowledge of BN, liens for current real
estate taxes not yet delinquent, or being contested in good faith, properly reserved against (and
reflected on the financial statements referred to in Section 3.6), and (d) items listed in Section
3.16 of the BN Disclosure Schedule, BN has good and, as to owned real property, marketable and
insurable title to all their properties and assets, free and clear of all liens, claims, charges
and other encumbrances. BN, as lessee, has the right under valid and subsisting leases to occupy,
use and possess all property leased by them, and BN has never experienced any material uninsured
damage or destruction with respect to such properties since December 31, 2004. All properties and
assets used by BN are in good operating condition and repair suitable for the purposes for which
they are currently utilized and comply in all material respects with all Laws relating thereto now
in effect. BN enjoys peaceful and undisturbed possession under all leases for the use of all
property under which it is lessee, and all leases to which BN is a party are valid and binding
obligations of BN in accordance with the terms thereof, except as enforcement thereof may be
limited by general principles of equity whether applied in a court of law or a court of equity and
by bankruptcy, insolvency, moratorium or other similar laws affecting creditors’ rights and
remedies generally, and except as may be limited by the exercise of judicial discretion in applying
principles of equity. BN is not in material default with respect to any such lease, and there has
occurred no material default by BN or event which with the lapse of time or the giving of notice,
or both, would constitute a material default by BN under any such lease. To the Knowledge of BN,
there are no Laws, conditions of record, or other impediments which materially interfere with the
intended use by BN of any of the property owned, leased, or occupied by it.

     3.17 Insurance.

          Section 3.17 of the BN Disclosure Schedule contains a true, correct and complete list of all
insurance policies and bonds maintained by BN, including the name of the insurer, the policy
number, the type of policy and any applicable deductibles, and all such insurance policies and
bonds are in full force and effect and have been in full force and effect since their respective
dates of inception. Except as set forth in Section 3.17 of the BN Disclosure Schedule, as of the
date hereof, BN has never received any notice of cancellation or amendment of any such policy or
bond or is in default under any such policy or bond, no coverage thereunder is being disputed and
all material claims thereunder have been filed in a timely fashion. The existing insurance carried
by BN is, in respect of the nature of the risks insured

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against and the amount of coverage
provided, sufficient for compliance by BN with all requirements of Laws and agreements to which BN
is subject or is party, and is, to BN’s Knowledge, substantially similar in kind and amount to that
customarily carried by parties similarly situated who own properties and engage in businesses
substantially similar to that of BN. True, correct and complete copies of all such policies and
bonds reflected at Section 3.17 of the BN Disclosure Schedule, as in effect on the date hereof,
have been delivered to Western.

     3.18 Compliance with Applicable Laws; Licenses.

          (a) Except as set forth in Section 3.18(a) of the BN Disclosure Schedule, BN has complied in
all material respects with all Laws applicable to it or to the operation of its business. BN has
never received any notice of any material alleged or threatened claim, violation, or liability
under any such Laws that has not heretofore been cured and for which there is no remaining
liability.

          (b) Each of BN and its employees hold all material permits, licenses, variances,
authorizations, exemptions, orders, registrations and approvals of all Governmental Entities that
are required for the operation of the business of BN as presently conducted.

          (c) Bank of Nevada is “well capitalized” and “well managed” under applicable regulatory
definitions, and its most recent examination rating under the Community Reinvestment Act of 1977 is
“satisfactory.”

          (d) Since January 1, 2001, BN has timely filed all regulatory reports, schedules, forms,
registrations and other documents, together with any amendments required to be made with respect
thereto, that it was required to file with any Governmental Entity (the “BN Documents”), and has
timely paid all fees and assessments due and payable in connection therewith. There is no material
unresolved violation or exception by any of such Governmental Entities with respect to any report
or statement relating to any examinations of BN. BN has delivered or made available to Western a
true and complete copy of each material BN Document requested by Western.

          (e) Except as set forth in Section 3.18(e) of the BN Disclosure Schedule, neither BN nor any
of its directors, officers or employees has been the subject of any disciplinary proceedings or
orders of any Governmental Entity arising under applicable Laws and applicable to the banking
business conducted by BN, and to the Knowledge of BN, no such disciplinary proceeding or order is
pending or threatened.

          (f) Since January 1, 2001, neither BN, nor to the Knowledge of BN any other Person acting on
behalf of BN that qualifies as a “financial institution” under the U.S. Anti-Money Laundering Laws
has knowingly acted, by itself or in conjunction with another, in any act in connection with the
concealment of any currency, securities, other proprietary interest that is the result of a felony
as defined in the U.S. Anti-Money Laundering Laws (“Unlawful Gains”), nor knowingly accepted,
transported, stored, dealt in or brokered any sale, purchase or any transaction of other nature for
Unlawful Gains. BN has, during the past three years, implemented such anti-money laundry
mechanisms and kept and filed all material reports and other necessary material documents as
required by, and otherwise complied in all material respects with, the U.S. Anti-Money Laundering
Laws and the rules and regulations issued thereunder.

     3.19 Loans.

     As of the date hereof:

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          (a) All loans owned by BN, or in which BN has an interest, have been made or acquired in
accordance with currently effective policies and procedures approved by the Board of Directors of
BN, copies of which have been provided by BN to Western, and comply in all material
respects with all Laws, including, but not limited to, applicable usury statutes, underwriting and
recordkeeping requirements and the Truth in Lending Act, the Equal Credit Opportunity Act, and the
Real Estate Settlement Procedures Act, and other applicable consumer protection statutes and the
regulations thereunder;

          (b) All loans owned by BN, or in which BN has an interest, are, to the Knowledge of BN,
collectable, except to the extent reserves have been made against such loans in BN’s financial
statements at September 30, 2005 referred to in Section 3.6, and, with respect to loans owned by BN
as of the Closing Date, reserves made against such loans by BN in good faith and in amounts
consistent with past practice. BN holds mortgages contained in its loan portfolio for its own
benefit to the extent of its interest shown therein; such mortgages evidence liens having the
priority indicated by the terms of such mortgages, including the associated loan documents, and, to
the Knowledge of BN, were subject, as of the date of recordation or filing of applicable security
instruments, only to such exceptions as are discussed in attorneys’ opinions regarding title or in
title insurance policies in the mortgage files relating to the loans secured by real property or are not material as to the collectability of such loans; and all loans
owned by BN are with full recourse to the borrowers (except as set forth at Section 3.19(b) of the
BN Disclosure Schedule) subject to limitations imposed by applicable Laws, and BN has taken no
action which would result in a waiver or negation of any rights or remedies available against the
borrower or guarantor, if any, on any loan. All applicable remedies against all borrowers and
guarantors are enforceable except as may be limited by bankruptcy, insolvency, moratorium or other
similar laws affecting creditors’ rights and except as may be limited by the exercise of judicial
discretion in applying principles of equity. Except as set forth at Section 3.19(b) of the BN
Disclosure Schedule, all loans purchased or originated by BN and subsequently sold by BN have been
sold without recourse to BN and without any liability under any yield maintenance or similar
obligation. True, correct and complete copies of loan delinquency reports as of September 30, 2005
prepared by BN, which reports include all loans delinquent or otherwise in default, have been
furnished to Western. True, correct and complete copies of the currently effective lending
policies and practices of BN also have been furnished to Western;

          (c) Except as set forth at Section 3.19(c) of the BN Disclosure Schedule each outstanding loan
participation sold by BN was sold with the risk of non-payment of all or any portion of that
underlying loan to be shared by each participant (including BN) proportionately to the share of
such loan represented by such participation without any recourse of such other lender or
participant to BN for payment or repurchase of the amount of such loan represented by the
participation or liability under any yield maintenance or similar obligation. BN has properly
fulfilled in all material respects its contractual responsibilities and duties in any loan in which
it acts as the lead lender or servicer and has complied in all material respects with its duties as
required under applicable regulatory requirements;

          (d) BN has properly perfected or caused to be properly perfected all security interests,
liens, or other interests in any collateral securing any loans made by it; and

          (e) Section 3.19(e) of the BN Disclosure Schedule sets forth a list of all loans or other
extensions of credit to all directors, officers and employees, or any other Person covered by
Regulation O of the Board of Governors of the Federal Reserve System.

     3.20 Affiliates.

     Each director, executive officer and 5% or greater shareholder of BN is listed at Section 3.20
of the BN Disclosure Schedule.

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     3.21 Fairness Opinion.

          BN has received an opinion from Sandler O’Neil & Partners L.P. to the effect that, in its
opinion, the consideration to be paid to the stockholders of BN hereunder is fair to such
stockholders from a financial point of view (the “Fairness Opinion”), and Sandler O’Neil & Partners
L.P. has consented to the inclusion of the Fairness Opinion in the Proxy Materials.

     3.22 BN Information.

          The information relating to BN provided by BN herein and to be included by BN for inclusion in
the Proxy Materials does not and will not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements herein or therein, in light of the
circumstances in which they are made, not misleading.

     3.23 Labor and Employment Matters.

          To BN’s Knowledge, and except as set forth in Section 3.23 of the BN Disclosure, (a) there are
no labor or collective bargaining agreements to which BN is a party, (b) there is no labor
organization or union that is certified or recognized as the collective bargaining representative
for any employees of BN, (c) no unfair labor practice charges or representation petitions have been
filed with the National Labor Relations Board against, or with respect to, employees of BN, and BN
has never received any notice or communication reflecting an intention or a threat to file any such
complaint or petition, (d) there are not, and in the preceding twelve (12) months have not been,
any strikes or concerted refusals to work or any threats thereof by any employee of BN, and (e) no
claim has been asserted with respect to BN asserting a violation of present Laws relating to
employee relations that, if adversely determined, would reasonably be expected to have a Material
Adverse Effect.

     3.24 Intellectual Property.

          Section 3.24 of the BN Disclosure Schedule lists all (i) material trademarks and tradenames
owned by BN, indicating for each whether or not it is registered or is the subject of a pending
application with the U.S. Patent and Trademark Office, (ii) software owned or licensed by BN that
is material to the operation of the business of BN, (iii) patents and patent applications owned or
filed by or on behalf of BN, and (iv) material licenses and other agreements relating to the
foregoing (whether as licensor or licensee) (the “Scheduled IP”). Except as set forth at Section
3.24 of the BN Disclosure Schedule, to BN’s Knowledge, no claims are currently being asserted by
any Person challenging or questioning BN’s right to use any Scheduled IP or challenging or
questioning the validity or effectiveness of any Scheduled IP.

     3.25 Accounting Records.

          None of BN’s records, systems, controls, data or information are recorded, stored, maintained,
operated or otherwise wholly or partly dependent on or held by any means (including any electronic,
mechanical or photographic process, whether computerized or not) which (including all means of
access thereto and therefrom) are not under the exclusive ownership and direct control of it or its
accountants except as would not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect on BN. BN maintains accounting records which fairly and accurately
reflect, in all material respects, its transactions, and BN has devised and maintains accounting
controls sufficient to provide reasonable assurances that such transactions are (i) executed in
accordance with its management’s general or specific authorization, and (ii) recorded as necessary
to permit the preparation of financial statements in accordance with GAAP.

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     3.26 Antitakeover Provisions Inapplicable.

          The Board of Directors of BN have taken all action required to be taken by it in order to
exempt the Merger, this Agreement and the transactions contemplated hereby from, and the Merger,
this Agreement and the transactions contemplated hereby are exempt from, the requirements of any
“moratorium,” “control share,” “fair price,” “supermajority,” “affiliate transactions,” “business
combination” or other state antitakeover laws and regulations.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF WESTERN

     Western hereby makes the following representations and warranties to BN, as set forth in this
Article IV, each of which is being relied upon by BN as a material inducement to enter into and
perform this Agreement.

     4.1 Corporate Organization.

          (a) Western is a corporation duly organized, validly existing and in good standing under the
laws of the State of Nevada. Western has the corporate power and authority to own or lease all of
its properties and assets and to carry on its business as it is now being conducted, and is duly
licensed or qualified to do business in each jurisdiction in which the nature of the business
conducted by it or the character or location of the properties or assets owned or leased by it
makes such licensing or qualification necessary. Western is duly registered as a bank holding
company with the FRS. The articles of incorporation and bylaws of Western, copies of which have
previously been made available to BN, are true, correct and complete copies of such documents as in
effect as of the date of this Agreement.

          (b) Following its formation, Interim Bank will be a corporation duly organized, validly
existing and in good standing under the laws of the State of Nevada.

     4.2 Authority; No Violation.

          (a) Western has full corporate power and authority to execute and deliver this Agreement and,
subject to receipt of the required regulatory approvals specified herein, to consummate the
transactions contemplated hereby. The execution and delivery of this Agreement, and the
consummation of the transactions contemplated hereby have been duly and validly approved by the
Board of Directors of Western. No other corporate proceedings on the part of Western are necessary
to approve this Agreement or to consummate the transactions contemplated hereby. This Agreement
has been duly and validly executed and delivered by Western and (assuming due authorization,
execution and delivery by BN) constitutes the valid and binding obligation of Western, enforceable
against Western in accordance with its terms, except as enforcement may be limited by general
principles of equity whether applied in a court of law or a court of equity and by bankruptcy,
insolvency and similar law affecting creditors’ rights and remedies generally.

          (b) Immediately prior to the Effective Time, Interim Bank will have full corporate power and
authority to execute and deliver the Bank Merger Agreement and, subject to receipt of the required
regulatory approvals specified herein, to consummate the transactions contemplated thereby.
Immediately prior to the Effective Time, the execution and delivery of the Bank Merger Agreement
and the consummation of the transactions contemplated thereby will have been duly and validly
approved by the Board of Directors of Interim Bank and by Western as the sole stockholder of
Interim Bank. Immediately prior to the Effective Time, all corporate proceedings on the part of
Interim Bank necessary to approve the Bank Merger Agreement and to consummate the transactions
contemplated thereby will have been taken. The Bank Merger Agreement, upon execution and delivery
by Interim

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Bank, will be duly and validly executed and delivered by Interim Bank and will (assuming
due authorization, execution and delivery by BN) constitute a valid and binding obligation of
Interim Bank, enforceable against Interim Bank in accordance with its terms, except as enforcement
may be limited by general principles of equity whether applied in a court of law or a court of
equity and by bankruptcy, insolvency and similar laws affecting creditors’ rights and remedies
generally.

          (c) Neither the execution and delivery of this Agreement by Western or the Bank Merger
Agreement by Interim Bank, nor the consummation by Western or Interim Bank of the transactions
contemplated hereby or thereby, nor compliance by Western or Interim Bank with any of the terms or
provisions hereof or thereof, will (i) violate any provision of the articles of incorporation or
bylaws of Western or the charter or bylaws of Interim Bank, as the case may be, or (ii) assuming
that the consents and approvals referred to in Section 4.3 are duly obtained, (x) violate any Laws
applicable to Western, Interim Bank or any of their respective properties or assets, or (y)
violate, conflict with, result in a breach of any provision of or the loss of any benefit under,
constitute a default (or an event which, with notice or lapse of time, or both, would constitute a
default) under, result in the termination of or a right of termination or cancellation under,
accelerate the performance required by, or result in the creation of any lien, pledge, security interest, charge or other encumbrance upon any of the
respective properties or assets of Western or Interim Bank under any of the terms, conditions or
provisions of any note, bond, mortgage, indenture, deed of trust, license, lease, agreement or
other instrument or obligation to which Western or Interim Bank is a party, or by which they or any
of their respective properties or assets may be bound or affected.

     4.3 Regulatory Approvals.

          (a) Except for (i) the filing of applications, notices, or requests for waivers thereof, as
applicable with regard to the establishment of the Interim Bank, and the receipt of approvals,
consents to, or waivers of the foregoing, (ii) as to the Merger, the filing of applications,
notices or requests for waivers thereof, as applicable, with (x) the FDIC under the Bank Merger
Act and FDIC regulations, (y) the FRS under the BHC Act and FRS regulations, and (z) the NFID under
Nevada banking laws or regulations, and the receipt of approvals, consents to, or waivers of the
foregoing, and (iii) the approval of this Agreement by the requisite vote of the stockholders of
BN, no consents or approvals of or filings or registrations with any Governmental Entity or with
any third party are necessary in connection with (1) the execution and delivery by Western of this
Agreement, (2) the execution and delivery by Interim Bank of the Bank Merger Agreement, (3) the
consummation by Western of the transactions contemplated by this Agreement, and (4) the
consummation by Interim Bank of the transactions contemplated by the Bank Merger Agreement.

          (b) Western has no Knowledge of any reason why approval or effectiveness of any of the
consents, approvals, authorizations, applications, notices or filings referred to in Section 4.3(a)
cannot be obtained or granted on a timely basis.

     4.4 Legal Proceedings.

          (a) Neither Western nor any of its Subsidiaries is a party to any, and there are no pending
or, to Western’s Knowledge, threatened, legal, administrative, arbitration or other proceedings,
claims, actions or governmental or regulatory investigations of any nature against Western or any
of its Subsidiaries which challenge the validity or propriety of the transactions contemplated by
this Agreement or the Bank Merger Agreement.

          (b) There is no injunction, order, judgment, decree or regulatory restriction imposed upon
Western, any of its Subsidiaries or the assets of Western or any of its Subsidiaries or the assets
of

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Western or any of its Subsidiaries which challenge the validity or propriety of the transactions
contemplated by this Agreement or the Bank Merger Agreement.

     4.5 Absence of Certain Changes or Events.

          (a) Except as set forth in Western’s quarterly report on Form 10-Q for the period ended
September 30, 2005 or in any other filing made by Western with the SEC since September 30, 2005, or
on Schedule 4.5 hereto, since September 30, 2005, (i) neither Western nor any of its Subsidiaries
has incurred any material liability, except as contemplated by this Agreement or in the ordinary
course of their business consistent with their past practices, or in connection with the execution
of definitive agreements with respect to the possible acquisition by Western of other banks or
financial services companies or the consummation of such an acquisition and (ii) no event has
occurred which has had, or is likely to have, individually or in the aggregate, a Material Adverse
Effect on Western.

          (b) Since September 30, 2005, Western and its Subsidiaries have carried on their respective
businesses in the ordinary and usual course consistent with their past practices.

     4.6 Agreements with Governmental Entities.

          Neither Western nor any of its affiliates is subject to any cease-and-desist or other order
issued by, or is a party to any written agreement, consent agreement or memorandum of understanding
with, or has adopted any board resolutions at the request of any Governmental Entity that restricts
the conduct of its business or that in any manner relates to its capital adequacy, its credit
policies, its management or its business, nor has Western or any of its affiliates been advised by
any Governmental Entity that it is considering issuing or requesting any Regulatory Agreement.

     4.7 Financial Statements, SEC Filings, Books and Records.

          Western has previously delivered to BN true, correct and complete copies of the consolidated
statements of condition of Western and its Subsidiaries as of December 31 for the fiscal years 2003
and 2004 and the related consolidated statements of income, stockholders’ equity and cash flows for
the fiscal years 2002 through 2004, inclusive, as included in Western’s Registration Statement on
Form S-1 filed with the SEC, in each case accompanied by the audit report of McGladrey & Pullen,
LLP, independent public accountants with respect to Western, and the interim financial statements
of Western as of and for the nine months ended September 30, 2005 and 2004, as included in the
Western quarterly report on Form 10-Q for the period ended September 30, 2005 as filed with the
SEC. The financial statements referred to in this Section 4.7 (including the related notes, where
applicable) fairly present the results of the consolidated operations and consolidated financial
condition of Western and its Subsidiaries for the respective fiscal periods or as of the respective
dates therein set forth; each of such statements (including the related notes, where applicable)
comply with applicable accounting requirements and with the published rules and regulations of the
SEC with respect thereto and each of such statements (including the related notes, where
applicable) has been prepared in accordance with GAAP, except in each case as indicated in such
statements or in the notes thereto or, in the case of unaudited statements, as permitted by Form
10-Q. Western’s quarterly report on Form 10-Q for the quarter ended September 30, 2005 and all
reports filed with the SEC since September 30, 2005 comply in all material respects with the
appropriate accounting requirements for such reports under rules and regulations of the SEC with
respect thereto, and Western has previously delivered or made available to BN true, correct and
complete copies of such reports. All reports filed by Western with the SEC under Sections 13(a),
13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), comply
in all material respects with the appropriate requirements for such reports under the Exchange Act,
and

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Western has previously made available to BN true, correct and complete copies of such reports.
The books and records of Western have been, and are being, maintained in all material respects in
accordance with GAAP and any other applicable legal and accounting requirements.

     4.8 Western Information.

          The information relating to Western provided by Western herein or to be provided by Western
and to be included by BN in the Proxy Materials will not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements herein or therein, in light
of the circumstances in which they are made, not misleading.

     4.9 Financing.

          As of the Effective Time, Western will have sufficient liquid assets available to deposit
sufficient cash with the Exchange Agent to allow payments of the Merger Consideration and the
Option Merger Consideration pursuant to Section 2.1.

ARTICLE V

COVENANTS RELATING TO CONDUCT OF BUSINESS

     5.1 Covenants of BN.

     During the period from the date of this Agreement and continuing until the Effective Time,
except as expressly contemplated or permitted by this Agreement and the Bank Merger Agreement or
with the prior written consent of Western, which consent shall not be unreasonably withheld, BN
shall carry on its business in the ordinary course consistent with past practices and consistent
with prudent banking practices. BN will use its reasonable best efforts to (x) preserve its
business organization intact, (y) keep available to itself and Western the present services of the
employees of BN and (z) preserve for itself and Western the goodwill of the customers of BN and
others with whom business relationships exist. Without limiting the generality of the foregoing,
and except as set forth in Section 5.1 of the BN Disclosure Schedule or as otherwise expressly
provided in this Agreement or consented to by Western in writing, which consent shall not be
unreasonably withheld, BN shall not:

          (a) declare or pay any dividends on, or make other distributions in respect of, any of its
capital stock;

          (b) (i) split, combine or reclassify any shares of its capital stock or issue, authorize or
propose the issuance of any other securities in respect of, in lieu of or in substitution for
shares of its capital stock except upon the exercise or fulfillment of rights or options issued or
existing pursuant to the Option Plans in accordance with their present terms, all to the extent
outstanding and in existence on the date of this Agreement or (ii) repurchase, redeem or otherwise
acquire, any shares of the capital stock of BN, or any securities convertible into or exercisable
for any shares of the capital stock of BN;

          (c) issue, deliver or sell, or authorize or propose the issuance, delivery or sale of, any
shares of its capital stock or any securities convertible into or exercisable for, or any rights,
warrants or options to acquire, any such shares, or enter into any agreement with respect to any of
the foregoing, other than the issuance of BN Common Stock pursuant to stock options or similar
rights to acquire BN Common Stock granted pursuant to the Option Plans and outstanding prior to the
date of this Agreement, in each case in accordance with their present terms;

          (d) amend its articles of incorporation, bylaws or other similar governing document;

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          (e) directly or indirectly, and will instruct its officers, directors, employees, accountants,
consultants, legal counsel, investment bankers, advisors, agents and other representatives
(collectively, “Representatives”), not to, directly or indirectly, continue or otherwise maintain,
initiate, solicit or encourage (including by way of furnishing information or assistance), or take
any other action to facilitate, any inquiries or the making of any proposal that constitutes, or
reasonably may be expected to lead to, any Competing Proposal, or enter into or maintain
discussions or negotiate with any Person in furtherance of or relating to such inquiries or to
obtain a Competing Proposal, or agree to or endorse any Competing Proposal, or authorize or permit
any Representative of BN to take any such action, and BN shall use its reasonable best efforts to
cause the Representatives of BN not to take any such action, and BN shall promptly notify Western
if any such inquiries or proposals are made regarding a Competing Proposal, and BN shall keep
Western informed, on a current basis, of the status and terms of any such proposals; provided,
however, that prior to such time as the stockholders of BN shall have adopted and approved this
Agreement in accordance with Nevada law, nothing contained in this Section 5.1(e) shall prohibit
the Board of Directors of BN from (i), in connection with a Superior Competing Transaction,
furnishing information to, or entering into discussions or negotiations with, any Person that makes
an unsolicited bona fide proposal to acquire BN pursuant to a merger, consolidation, share
exchange, business combination or other similar transaction if, and only to the extent that, (A)
the Board of Directors of BN, after consultation with and based upon the written advice of independent legal
counsel, determines in good faith that such action is reasonably required for the Board of
Directors of BN to comply with its fiduciary duties to stockholders imposed by Nevada law, (B)
prior to furnishing such information to, or entering into discussions or negotiations with, such
Person, BN provides written notice to Western to the effect that it is furnishing information to,
or entering into discussions or negotiations with, such Person, (C) prior to furnishing such
information to such Person, BN receives from such Person an executed confidentiality agreement with
terms no less favorable to BN than those contained in the Confidentiality Agreement by and between
Western and BN, dated as of September 29, 2005 (the “Confidentiality Agreement”), and (D) BN keeps
Western informed, on a current basis, of the status and details of any such discussions or
negotiations or (ii) complying with Rule 14e-2 promulgated under the Exchange Act;

          (f) make capital expenditures aggregating in excess of $25,000;

          (g) enter into any new line of business;

          (h) acquire or agree to acquire, by merging or consolidating with, or by purchasing an equity
interest in or the assets of, or by any other manner, any business or any corporation, partnership,
association or other business organization or division thereof or otherwise acquire any assets,
other than in connection with foreclosures, settlements in lieu of foreclosure or troubled loan or
debt restructurings, or in the ordinary course of business consistent with prudent banking
practices;

          (i) take any action that is intended or may reasonably be expected to result in any of its
representations and warranties set forth in this Agreement being or becoming untrue or in any of
the conditions to the Merger set forth in Article VII not being satisfied, or in a violation of any
provision of this Agreement or the Bank Merger Agreement, except, in every case, as may be required
by applicable Laws;

          (j) change its methods of accounting in effect at December 31, 2004 except as required by
changes in GAAP or regulatory accounting principles;

          (k) (i) except as required by applicable Laws or this Agreement or to maintain qualification
pursuant to the Code, adopt, amend, renew or terminate any Plan or any agreement, arrangement, plan
or policy between BN and one or more of its current or former directors or officers,

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(ii) increase in any manner the compensation of any director, executive officer or other employee who is a party
to a contract relating to employment or severance referenced in Section 3.12, or pay any benefit
not required by any plan or agreement as in effect as of the date hereof (including, without
limitation, the granting of stock options, stock appreciation rights, restricted stock, restricted
stock units or performance units or shares), (iii) enter into, modify or renew any contract,
agreement, commitment or arrangement providing for the payment to any director, executive officer
or employee who is a party to a contract relating to employment or severance referenced in Section
3.12 of compensation or benefits, (iv) enter into, modify or renew any contract, agreement,
commitment or arrangement providing for the payment to any employee who is not a director or
executive officer or who is not a party to a contract relating to employment or severance
referenced in Section 3.12 of compensation or benefits, other than normal annual cash increases in
pay, in the ordinary course of business, and consistent with past practice and not exceeding 5% of
such employee’s base salary or wage, (v) hire any new employee at an annual compensation in excess
of $70,000, (v) except in the ordinary course of business and consistent with past practice, pay
expenses of any employees or directors for attending conventions or similar meetings which
conventions or meetings are held after the date hereof, or (vi) promote to a rank of vice president
or more senior any employee;

               (l) except for short-term borrowings with a maturity of six months or less or borrowings under
BN’s existing lines of credit, in each case in the ordinary course of business consistent
with past practices, incur any indebtedness for borrowed money (other than deposit liabilities),
assume, guarantee, endorse or otherwise as an accommodation become responsible for the obligations
of any other individual, corporation or other entity, except for accepting, negotiating and paying
checks and payment orders in the ordinary course of its banking business;

               (m) sell, purchase, enter into a lease, relocate, open or close any banking or other office,
or file an application pertaining to such action with any Governmental Entity;

               (n) make any equity investment or commitment to make such an investment in real estate or in
any real estate development project, other than in connection with foreclosure, settlements in lieu
of foreclosure, or troubled loan or debt restructuring, in the ordinary course of business
consistent with past banking practices;

               (o) make any new loans to, modify the terms of any existing loan to, or engage in any other
transactions (other than routine banking transactions) with, any Affiliated Person of BN;

               (p) incur deposit liabilities, other than in the ordinary course of business consistent with
past practices, including deposit pricing policies, and which would not change the risk profile of
BN based on its existing deposit and lending policies;

               (q) purchase any loans or sell, purchase or lease any real property, except for the sale of
real estate that is the subject of a casualty loss or condemnation;

               (r) originate (i) any loans except in accordance with existing BN lending policies and
practices, (ii) residential mortgage loans in excess of $1,000,000, (iii) 30 year residential
mortgage loans whose interest rate, terms, appraisal, and underwriting do not make them immediately
available for sale in the secondary market, (iv) unsecured consumer loans in excess of $200,000,
(v) commercial business loans in excess of $1,000,000 as to any loan or $1,000,000 in the aggregate
as to related loans or loans to related Persons, (vi) commercial real estate first mortgage loans
in excess of $1,000,000 as to any loans or $1,000,000 in the aggregate as to related loans or loans
to related borrowers, or (vii) modifications and/or extensions of any commercial business or
commercial real estate loans in the amounts set forth in the preceding clauses (v) and (vi) other
than in the ordinary course of business consistent with past practice (consent shall be deemed
granted if

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within two Business Days of written notice, together with a copy of the applicable loan write-up
report and any other relevant documents, delivered to BankWest’s Chief Credit Officer, written
notice of objection is not received by BN);

          (s) make any investments other than in overnight federal funds and U.S. Treasuries that have a
maturity date that does not exceed three months (consent shall be deemed granted if within two
Business Days of written notice together with all relevant documents delivered to BankWest’s Chief
Financial Officer, written notice of objection is not received by BN);

          (t) sell or purchase any mortgage loan servicing rights;

          (u) agree or commit to do any of the actions set forth in the preceding clauses (a) through (t).

The consent of Western to any action by BN that is not permitted by any of the preceding clauses
(a) through (u) shall be evidenced by a writing signed by the President or any Executive Vice
President of Western.

     5.2 Merger Covenants.

     Notwithstanding that BN believes that it has established all reserves and taken all provisions
for possible loan losses required by GAAP and applicable Laws, BN recognizes that Western may have
different loan, accrual and reserve policies (including loan classifications and levels of reserves
for possible loan losses). In that regard, and in general, from and after the date of this
Agreement to the Effective Time, BN and Western shall consult and cooperate with each other in
order to formulate the plan of integration for the Merger, including, among other things, with
respect to conforming, based upon such consultation, BN’s loan, accrual and reserve policies to
those policies of Western to the extent appropriate.

     5.3 Western and Interim Bank Conduct Pending Effective Time.

     Between the date hereof and the Effective Time, Western shall not take any action that is
intended or may reasonably be expected to result in any of its representations and warranties set
forth in this Agreement being or becoming untrue or in any of the conditions to the Merger set
forth in Article VII not being satisfied, or in a violation of any provision of this Agreement or
the Bank Merger Agreement, except, in every case, as may be required by applicable Laws.

ARTICLE VI

ADDITIONAL AGREEMENTS

     6.1 Regulatory Matters.

          (a) Western and BN will prepare and file all necessary documentation, to effect all
applications, notices, petitions and filings, and to obtain as promptly as practicable all permits,
consents, approvals and authorizations or waivers thereof of all third parties and Governmental
Entities which are necessary or advisable to consummate the transactions contemplated by this
Agreement (including without limitation the Merger). Western and BN shall cooperate with each
other to effect the foregoing. BN and Western shall have the right to review in advance, and to
the extent practicable each will consult the other on, in each case subject to applicable Laws
relating to the exchange of information, all the information relating to BN or Western, as the case
may be, which appears in any filing made with, or written materials submitted to, any third party
or any

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Governmental Entity in connection with the transactions contemplated by this Agreement; provided,
however, that nothing contained herein shall be deemed to provide either party with a right to
review any information provided to any Governmental Entity on a confidential basis in connection
with the transactions contemplated hereby. In exercising the foregoing right, each of the parties
hereto shall act reasonably and as promptly as practicable. The parties hereto agree that they
will consult with each other with respect to the obtaining of all permits, consents, approvals and
authorizations of all third parties and Governmental Entities necessary or advisable to consummate
the transactions contemplated by this Agreement and each party will keep the other apprised of the
status of matters relating to contemplation of the transactions contemplated herein.

          (b) Western and BN shall promptly advise each other upon receiving any communication from any
Governmental Entity whose consent or approval is required for consummation of the transactions
contemplated by this Agreement which causes such party to believe that there is a reasonable
likelihood that any Requisite Regulatory Approval) will not be obtained or that the receipt of any
such approval will be materially delayed.

     6.2 Access to Information.

          (a) Upon reasonable notice and subject to applicable Laws relating to the exchange of
information, BN shall accord to the officers, employees, accountants, counsel and other
representatives of Western, access, during normal business hours during the period prior to the
Effective Time, to all its properties, books, contracts, commitments and records and, during such
period, BN shall make available to Western (i) a copy of each report, schedule, and other document
filed or received by it during such period pursuant to the requirements of federal securities laws
or federal or state banking laws and (ii) all other information concerning its business, properties
and personnel as Western may reasonably request. Such access shall be accorded in cooperation with
the officers of BN and in such a manner as to minimize any disruption of, or interference with, the
normal business operations of BN. Western shall receive notice of all meetings of the BN Board of
Directors and any committees thereof, and of any management committees (in all cases, at least as
timely as all BN representatives to such meetings are provided notice). A representative of
Western shall be permitted to attend all meetings of the Board of Directors (except for the portion
of such meetings which relate to the Merger or a Superior Competing Transaction or as may be
necessary or appropriate in order to preserve attorney client privilege) and such meetings of
committees of the Board of Directors and management of BN which Western desires. Western will hold
all such information in confidence to the extent required by, and in accordance with, the
provisions of the Confidentiality Agreement.

          (b) No investigation by either of the parties or their respective representatives shall
relieve any other party from any breach or violation of this Agreement and shall not have any
effect for the purposes of determining the satisfaction of the conditions set forth in Article VII
or compliance by BN with the covenants set forth in Section 5.1.

          (c) BN shall provide Western with true, correct and complete copies of all financial and other
information provided to directors of BN in connection with meetings of their Boards of Directors or
committees thereof.

     6.3 Stockholder Meeting.

     BN shall take all reasonable steps necessary and use its reasonable best efforts to duly call,
give notice of, convene and hold a meeting of its stockholders within 60 days after the date of
execution of this Agreement to approve the Agreement and the transactions contemplated hereby (the
“Special Meeting”); provided, however, in no event shall the Special meeting be held more than 90
days after the date of execution of this Agreement. The Board of Directors of BN shall recommend
to BN’s

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stockholders approval of this Agreement, including the Merger, and the transactions contemplated
hereby, together with any matters incident thereto, and shall oppose any third party proposal or
other action that is inconsistent with this Agreement or the consummation of the transactions
contemplated hereby; provided, however, that BN shall not be obligated to so recommend or oppose,
as the case may be, if the Board of Directors of BN determines in accordance with the terms of this
Agreement to enter into a Superior Competing Transaction; provided further, however, that
notwithstanding anything to the contrary in the foregoing, BN shall hold the Special Meeting in
accordance with the time period specified in the first sentence of this Section 6.3.

     6.4 Legal Conditions to Merger.

     Each of Western and BN shall use their reasonable best efforts (a) to take, or cause to be
taken, all actions necessary, proper or advisable to comply promptly with all legal requirements
which may be imposed on such party with respect to the Merger and, subject to the conditions set
forth in Article VII hereof, to consummate the transactions contemplated by this Agreement and (b)
to obtain (and to cooperate with the other party to obtain) any consent, authorization, order or
approval of, or any exemption by, any Governmental Entity and any other third party, or any waiver
thereof, which is required to be obtained by BN or Western in connection with the Merger and the
other transactions contemplated by this Agreement.

     6.5 Employees.

          (a) All employees of BN who are employed by Western or any of its Subsidiaries at the
Effective Time shall be referred to as “Continuing Employees.” For a period of one year following
the Effective Time, Western or one its Subsidiaries shall provide the Continuing Employees with
compensation, promotion potential and other employee benefits (including retirement plan benefits)
that are, with respect to each individual Continuing Employee, comparable in the aggregate to the
compensation, promotion potential and other benefits provided by Western and its Subsidiaries to
similarly situated employees of Western and its Subsidiaries. For a period of six months after the
Effective Time, Western or one its Subsidiaries shall provide a severance benefit equal to three
months’ base salary (subject to applicable tax withholding) to each Continuing Employee (other than
any such employee who is a party to a written agreement which provides for severance, each of which
employees is listed on Schedule 6.5(a)) whose employment is terminated by Western or one of its
Subsidiaries without Cause during such six month period. For the purposes of this Section 6.5(e),
“Cause” means the employee’s poor job performance, personal dishonesty, willful misconduct, breach
of fiduciary duty involving personal profit, failure to perform stated duties, violation of any
law, rule or regulation(other than traffic violations or similar offenses) or final
cease-and-desist order. Notwithstanding the foregoing, nothing in this Agreement will be deemed to
be a guaranty of employment for any specified period and nothing herein will confer on any employee
of BN, Western or any of its Subsidiaries any right of employment or right under any specific
benefit plan, program, policy or arrangement.

          (b) If required by Western in writing and delivered to BN not less than five Business Days
before the Closing Date, BN shall, on or before the day immediately preceding the Closing Date,
terminate the BN 401(k) Profit Sharing Plan and any other Plan that includes a qualified cash or
deferred arrangement within the meaning of Code Section 401(k) (collectively, the “401(k) Plans”)
and no further contributions shall be made to any 401(k) Plan after such termination (other than
contributions which relate to compensation earned prior to or on the termination date). BN shall
provide to Western (i) certified copies of resolutions adopted by the Board of Directors of BN (or
other such party as may be authorized, under the terms of the Plan, to amend and terminate the
Plan), as applicable, authorizing such termination of the 401(k) Plans and (ii) an executed
amendment to each 401(k) Plan in form and substance reasonably satisfactory to Western to conform
the plan document for

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such Plan with all applicable requirements of the Code, and regulations thereunder, with regard to
termination of the 401(k) Plans, or otherwise relating to the tax-qualified status of such 401(k)
Plans.

          (c) After the Effective Time, except to the extent that Western or its Subsidiaries continues
Plans in effect or as otherwise expressly provided in this Agreement, employees of BN who become
employed by Western or any of the Western Subsidiaries will be eligible for employee benefits that
Western or such Western Subsidiary, as the case may be, provides to its newly-hired employees
generally and, except as otherwise required by this Agreement, on substantially the same basis as
is applicable to such newly-hired employees, provided that nothing in this Agreement shall require
any duplication of benefits. To the extent permitted under applicable Laws and Western’s group
health, life insurance and disability plans, Western or one of the Western Subsidiaries will give
credit to employees of BN, with respect to the satisfaction of the limitations as to pre-existing
condition exclusions, evidence of insurability requirements and waiting periods for participation
and coverage that are applicable under such plans of Western or its Subsidiary, equal to the credit
that any such employee had received as of the Effective Time towards the satisfaction of any such
limitations and waiting periods under the comparable plans of BN and waive preexisting condition
limitations to the same extent waived under the corresponding Plan. Continuing Employees shall
receive credit for vacation and sick time accrued under the BN vacation plan and the BN sick time
policy, respectively, as of the Effective Time.

          (d) After the Merger, Western and each relevant Western Subsidiary will honor and perform the
obligations of BN under the contracts, plans and arrangements listed in Section 6.5(d) of the BN
Disclosure Schedule.

     6.6 Indemnification.

          (a) In the event of any threatened or actual claim, action, suit, proceeding or investigation,
whether civil, criminal or administrative, in which any Person who is now, or has been at any time
prior to the date of this Agreement, or who becomes prior to the Effective Time, a director or
officer or employee of BN (the “Indemnified Parties”) is, or is threatened to be, made a party
based in whole or in part on, or arising in whole or in part out of, or pertaining to (i) the fact
that he is or was a director, officer or employee of BN or (ii) this Agreement or any of the
transactions contemplated hereby, whether in any case asserted or arising before or after the
Effective Time, the parties hereto agree to cooperate and defend against and respond thereto to the
extent permitted by applicable Laws and the articles of incorporation and bylaws of BN as in effect
on the date hereof. It is understood and agreed that after the Effective Time, Western shall
indemnify and hold harmless, as and to the fullest extent permitted by applicable Laws and the
articles of incorporation and bylaws of Western as in effect on the date hereof (subject to change
as required by law), each such Indemnified Party against any losses, claims, damages, liabilities,
costs, expenses (including reasonable attorney’s fees and expenses in advance of the final
disposition of any claim, suit, proceeding or investigation to each Indemnified Party to the
fullest extent permitted by law upon receipt of any undertaking required by applicable Laws),
judgments, fines and amounts paid in settlement in connection with any such threatened or actual
claim, action, suit, proceeding or investigation, and in the event of any such threatened or actual
claim, action, suit, proceeding or investigation (whether asserted or arising before or after the
Effective Time), the Indemnified Parties may retain counsel reasonably satisfactory to Western;
provided, however, that (1) Western shall have the right to assume the defense thereof and upon
such assumption Western shall not be liable to any Indemnified Party for any legal expenses of
other counsel or any other expenses subsequently incurred by any Indemnified Party in connection
with the defense thereof, except that if Western elects not to assume such defense or counsel for
the Indemnified Parties reasonably advises the Indemnified Parties that there are issues which
raise conflicts of interest between Western and the Indemnified Parties, the Indemnified Parties
may retain counsel reasonably satisfactory to Western, and Western shall pay the reasonable fees
and expenses of such counsel for the Indemnified Parties, (2) Western shall be obligated pursuant
to this Section 6.6(a) to pay for only one firm of counsel for each

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Indemnified Party, (3) Western shall not be liable for any settlement effected without its prior
written consent (which consent shall not be unreasonably withheld or delayed), and (4) Western
shall not be obligated pursuant to this Section 6.6(a) to the extent that a final judgment
determines that any such losses, claims, damages, liabilities, costs, expenses, judgments, fines
and amounts paid in settlement are as a result of the intentional misconduct, fraud, or knowing
violation of law of the Indemnified Party. Western shall have no obligation to advance expenses
incurred in connection with a threatened or pending action, suit or preceding in advance of final
disposition of such action, suit or proceeding, unless (i) Western would be permitted to advance
such expenses pursuant to Nevada law and Western’s articles of incorporation or bylaws, and (ii)
Western receives an undertaking by the Indemnified Party to repay such amount if it is determined
that such party is not entitled to be indemnified by Western pursuant to Nevada law and Western’s
articles of incorporation or bylaws. Any Indemnified Party wishing to claim indemnification under
this Section 6.6, upon learning of any such claim, action, suit, proceeding or investigation, shall
notify Western thereof; provided, however, that the failure to so notify shall not affect the
obligations of Western under this Section 6.6 except to the extent such failure to notify
materially prejudices Western. Western’s obligations under this Section 6.6 continue in full force
and effect for a period of six years from the Effective Time; provided, however, that all rights to
indemnification in respect of any claim asserted or made within such period shall continue until
the final disposition of such claim. Western shall require any successor to expressly assume its
obligations under this Section 6.6(a).

          (b) Western shall purchase for the benefit of the persons serving as officers and directors of
BN immediately prior to the Effective Time and who are, as of the date of this Agreement,
individually covered by a directors’ and officers’ liability insurance policy, a similar directors’
and officers’ liability insurance coverage for at least six years after the Effective Time, under
either BN’s policy in existence on the date hereof, or under a policy of similar coverage and
amounts containing terms and conditions which are generally not less advantageous than Western’s
current policy, and in either case, with respect to acts or omissions occurring prior to the
Effective Time which were committed by such officers and directors in their capacity as such;
provided however, that in no event shall Western be required to expend pursuant to this Section
6.6(b) more than an amount equal to 135% of the current annual amount expended by BN to maintain or
procure insurance coverage pursuant hereto. In connection with the foregoing, BN agrees to provide
such insurer or substitute insurer with such representations as such insurer may reasonably request
with respect to the reporting of any prior claims.

     6.7 Subsequent Interim and Annual Financial Statements.

     BN will deliver to Western copies of monthly and quarterly financial statements or other
reports of the results of operations prepared by the management of BN for each month, quarter or
year, as the case may be, during the period from the date of this Agreement through the Closing
Date, as soon as the same become available.

     6.8 Additional Agreements.

     In case at any time after the Effective Time any further action is necessary or desirable to
carry out the purposes of this Agreement, or to vest the Surviving Bank with full title to all
properties, assets, rights, approvals, immunities and franchises of any of the parties to the
Merger, or the constituent banks to the Bank Merger, as the case may be, the proper officers and
directors of each party to this Agreement and Western’s Subsidiaries shall take all such necessary
action as may be reasonably requested by Western.

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     6.9 Advice of Changes.

     Western and BN shall promptly advise the other party of any change or event that, individually
or in the aggregate, has or would be reasonably likely to have a Material Adverse Effect on it or
to cause or constitute a material breach of any of its respective representations, warranties or
covenants contained herein. From time to time prior to the Effective Time, BN will promptly
supplement or amend its disclosure schedule delivered in connection with the execution of this
Agreement to reflect any matter which, if existing, occurring or known at the date of this
Agreement, would have been required to be set forth or described in such disclosure schedule or
which is necessary to correct any information in such disclosure schedule which has been rendered
inaccurate thereby. No supplement or amendment to such disclosure schedule shall have any effect
for the purpose of determining satisfaction of the conditions set forth in Sections 7.2(a) or
7.3(a), as the case may be, or the compliance by BN with the covenants set forth in Section 5.1.

     6.10 Current Information.

     During the period from the date of this Agreement to the Effective Time, BN will cause one or
more of its designated representatives to confer on a regular and frequent basis (not less than
monthly) with representatives of Western and to report the general status of the ongoing operations
of BN. BN will promptly notify Western of any material change in the normal course of business or
in the operation of the properties of BN and, subject to applicable Laws, of any complaints,
investigations or hearings (or communications indicating that the same may be contemplated) of any
Governmental Entity, or the institution or the threat of litigation involving BN, and will keep
Western fully informed of such events.

     6.11 Execution and Authorization of Bank Merger Agreement.

     Prior to the Effective Time, BN shall execute and deliver and Western shall cause Interim Bank
to execute and deliver the Bank Merger Agreement.

     6.12 Transaction Expenses of BN.

          (a) BN has provided at Section 6.12(a) of the BN Disclosure Schedule its estimated budget of
transaction-related expenses reasonably anticipated to be payable by BN in connection with this
transaction, including the fees and expenses of counsel, accountants, investment bankers and other
professionals.

          (b) Promptly after the execution of this Agreement, BN shall ask all of its attorneys and
other professionals to render current and correct invoices for all unbilled time and disbursements.
BN shall accrue and/or pay all of such amounts which are actually due and owing as soon as
possible.

          (c) BN shall advise Western monthly of all out-of-pocket expenses which BN has incurred in
connection with this transaction.

          (d) BN, in reasonable consultation with Western, shall make all arrangements with respect to
the printing and mailing of the Proxy Materials.

     6.13 Additional Directors and Officer.

     Western shall take all necessary action following the BankWest Merger to cause Mr. John S.
Gaynor and Peter Becker to be appointed as members of BankWest’s board of directors and cause Mr.
Gaynor to be appointed to serve as Vice Chairman of BankWest.

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     6.14 List of Extension of Credit and Real Estate Owned.

     BN agrees to update the list of all extensions of credit and real estate owned as referenced
in Section 3.15 no less frequently than monthly after the date of this Agreement until the earlier
of the Closing Date or the date that this Agreement is terminated in accordance with Section 8.1.

     6.15 Indemnification Agreements.

     BN shall take all necessary action to terminate all of the indemnification agreements between
BN and each of its directors and officers (collectively, the “Indemnification Agreements”).

ARTICLE VII

CONDITIONS PRECEDENT

     7.1 Conditions to Each Party’s Obligation To Effect the Merger.

     The respective obligation of each party to effect the Merger shall be subject to the
satisfaction at or prior to the Effective Time of the following conditions:

          (a) Stockholder Approval.

          This Agreement and the Merger shall have been approved and adopted by the affirmative vote of
the holders of at least a majority of the outstanding shares of BN Common Stock.

          (b) Other Approvals.

          All regulatory approvals and consents or waivers thereof required to consummate the
transactions contemplated hereby (including those set forth in Sections 3.4(a) and 4.3(a)) shall
have been obtained and shall remain in full force and effect and all statutory waiting periods in
respect thereof shall have expired (all such approvals and consents or waivers thereof and the
expiration of all such waiting periods being referred to herein as the “Requisite Regulatory
Approvals”). No Requisite Regulatory Approval shall contain a non-customary condition that
materially alters the benefits for which Western bargained in this Agreement.

          (c) No Injunctions or Restraints; Illegality.

          No order, injunction or decree issued by any court or agency of competent jurisdiction or
other legal restraint or prohibition preventing the consummation of the Merger or any of the other
transactions (an “Injunction”) contemplated by this Agreement shall be in effect. No statute,
rule, regulation, order, injunction or decree shall have been enacted, entered, promulgated or
enforced by any Governmental Entity which prohibits, restricts or makes illegal consummation of the
Merger.

     7.2 Conditions to Obligations of Western.

     The obligation of Western to effect the Merger is also subject to the satisfaction or waiver
by Western at or prior to the Effective Time of the following conditions:

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          (a) Representations and Warranties.

          The representations and warranties of BN set forth in this Agreement shall be true and correct
in all material respects as of the date of this Agreement and (except to the extent such
representations and warranties speak as of an earlier date) as of the Closing Date as though made
on and as of the Closing Date. Western shall have received a certificate signed on behalf of BN by
each of the President and Chief Executive Officer and the Chief Financial Officer of BN to the
foregoing effect.

          (b) Performance of Covenants and Agreements of BN

          BN shall have performed in all material respects all covenants and agreements required to be
performed by it under this Agreement at or prior to the Closing Date. Western shall have received
a certificate signed on behalf of BN by each of the President and Chief Executive Officer and the
Chief Financial Officer of BN to such effect.

          (c) Consents under Agreements.

          The consent, approval or waiver of each Person (other than the Requisite Regulatory Approvals
referred to in Section 7.1(b)) whose consent or approval shall be required in order to permit the
succession by the Surviving Bank pursuant to the Bank Merger to any obligation, right or interest
of BN under any loan or credit agreement, note, mortgage, indenture, lease, license or other
agreement or instrument shall have been obtained.

          (d) No Material Adverse Effect.

          There shall have been no changes, other than changes contemplated by this Agreement, in the
business, operations, condition (financial or otherwise), assets or liabilities of BN (regardless
of whether or not such events or changes are inconsistent with the representations and warranties
given herein) that individually or in the aggregate has had or would reasonably be expected to have
a Material Adverse Effect on BN.

          (d) Termination of Indemnification Agreements.

     The Indemnification Agreements shall have been terminated.
7.3 Conditions to Obligations of BN

     The obligation of BN to effect the Merger is also subject to the satisfaction or waiver by BN
at or prior to the Effective Time of the following conditions:

          (a) Representations and Warranties.

          The representations and warranties of Western set forth in this Agreement shall be true and
correct in all material respects as of the date of this Agreement and (except to the extent such
representations and warranties speak as of an earlier date) as of the Closing Date as though made
on and as of the Closing Date. BN shall have received a certificate signed on behalf of Western by
each of (i) the President and Chief Executive Officer and (ii) the Chief Financial Officer of
Western to the foregoing effect.

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          (b) Performance of Covenants and Agreements of Western.

          Western shall have performed in all material respects all covenants and agreements required to
be performed by it under this Agreement at or prior to the Closing Date. BN shall have received a
certificate signed on behalf of Western by each of (i) the President and Chief Executive Officer
and (ii) the Chief Financial Officer of Western to such effect.

          (c) Consents under Agreements.

          The consent, approval or waiver of each Person (other than the Requisite Regulatory Approvals
referred to in Section 7.1(b)) whose consent or approval shall be required in connection with the
transactions contemplated hereby under any loan or credit agreement, note, mortgage, indenture,
lease, license or other agreement or instrument to which Interim Bank is a party or is otherwise
bound shall have been obtained.

ARTICLE VIII

TERMINATION AND AMENDMENT

     8.1 Termination.

     This Agreement may be terminated at any time prior to the Effective Time, whether before or
after approval of the matters presented in connection with the Merger by the stockholders of BN:

          (a) by mutual consent of Western and BN in a written instrument, if the Board of Directors of
each so determines by a vote of a majority of the members of its entire Board;

          (b) by either Western or BN upon written notice to the other party (i) 30 days after the date
on which any request or application for a Regulatory Approval shall have been denied or withdrawn
at the request or recommendation of the Governmental Entity which must grant such Regulatory
Approval, unless within the 30-day period following such denial or withdrawal the parties agree to
file, and have filed with the applicable Governmental Entity, a petition for rehearing or an
amended application, provided, however, that no party shall have the right to terminate this
Agreement pursuant to this Section 8.1(b) if such denial or request or recommendation for
withdrawal shall be due to the failure of the party seeking to terminate this Agreement to perform
or observe the covenants and agreements of such party set forth herein;

          (c) by either Western or BN if the Merger shall not have been consummated on or before
September 30, 2006, unless the failure of the Closing to occur by such date shall be due to the
failure of the party seeking to terminate this Agreement to perform or observe the covenants and
agreements of such party set forth herein;

          (d) by either Western or BN (provided that BN is not in breach of its obligations under
Section 6.3) if the approval of the stockholders of BN hereto required for the consummation of the
Merger shall not have been obtained by reason of the failure to obtain the required vote at a duly
held meeting of stockholders or at any adjournment or postponement thereof;

          (e) by either Western or BN (provided that the terminating party is not then in breach of any
representation, warranty, covenant or other agreement contained herein that, individually or in the
aggregate, would give the other party the right to terminate this Agreement) if there shall have
been a breach of any of the representations or warranties set forth in this Agreement on the part
of the other party, if such breach, individually or in the aggregate, has had or is likely to
 

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have a Material Adverse Effect on the breaching party, and such breach is not curable or shall not
have been cured within 30 days following receipt by the breaching party of written notice of such
breach from the other party hereto or such breach, by its nature, cannot be cured prior to the
Closing;

          (f) by either Western or BN (provided that the terminating party is not then in breach of any
representation, warranty, covenant or other agreement contained herein that, individually or in the
aggregate, would give the other party the right to terminate this Agreement) if there shall have
been a material breach of any of the covenants or agreements set forth in this Agreement on the
part of the other party, and such breach is not curable or shall not have been cured within 30 days
following receipt by the breaching party of written notice of such breach from the other party
hereto or such breach, by its nature, cannot be cured prior to the Closing;

          (g) by Western, if the management of BN or its Board of Directors, for any reason, (i) fails
to call and hold within 90 days of the execution of this Agreement the Special Meeting, (ii) fails
to recommend to stockholders the approval of this Agreement and the transactions contemplated
hereby, (iii) fails to oppose any third party proposal that is inconsistent with the transactions
contemplated by this Agreement or (iv) violates Section 5.1(e) or Section 6.3; and

          (h) by either Western or BN, if BN has complied with Section 5.1(e), and BN has given written
notice to Western that BN desires to enter into a Superior Competing Transaction subject to
termination of this Agreement in accordance with its terms, or that the Board of Directors has
determined to change its recommendation in favor of the transactions contemplated hereby; provided,
however, that such termination under this Section 8.1(h) shall not be effective unless and until BN
shall have complied with the expense and breakup fee provisions of Section 9.3.

          (i) by Western or BN, if Western shall have entered into a Western Transaction.

     8.2 Effect of Termination.

     In the event of termination of this Agreement by either Western or BN as provided in Section
8.1, this Agreement shall forthwith become void and have no effect except (i) the last sentence of
Section 6.2(a) and Sections 8.2, 9.2 and 9.3 shall survive any termination of this Agreement, and
(ii) notwithstanding anything to the contrary contained in this Agreement, no party shall be
relieved or released from any liabilities or damages arising out of its willful or intentional
breach of any provision of this Agreement.

     8.3 Amendment.

     Subject to compliance with applicable Laws, this Agreement may be amended by the parties
hereto, by action taken or authorized by their respective Board of Directors, at any time before or
after approval of the matters presented in connection with the Merger by the stockholders of BN;
provided, however, that after any approval of the transactions contemplated by this Agreement by
BN’s stockholders, there may not be, without further approval of such stockholders, any amendment
of this Agreement which reduces the amount or changes the form of the consideration to be delivered
to BN stockholders hereunder. This Agreement may not be amended except by an instrument in writing
signed on behalf of each of the parties hereto.

     8.4 Extension; Waiver.

     At any time prior to the Effective Time, the parties hereto, by action taken or authorized by
their respective Boards of Directors, may, to the extent legally allowed, (a) extend the time for
the performance of any of the obligations or other acts of the other parties hereto, (b) waive any
inaccuracies

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in the representations and warranties contained herein or in any document delivered pursuant
hereto, and (c) waive compliance with any of the agreements or conditions contained herein. Any
agreement on the part of a party hereto to any such extension or waiver shall be valid only if set
forth in a written instrument signed on behalf of such party, but such extension or waiver or
failure to insist on strict compliance with an obligation, covenant, agreement or condition shall
not operate as a waiver of, or estoppel with respect to, any subsequent or other failure.

ARTICLE IX

GENERAL PROVISIONS

     9.1 Closing.

     Subject to the terms and conditions of this Agreement, the closing of the Merger (the
“Closing”) will take place at 10:00 a.m., Las Vegas, Nevada time, at the offices of Hogan & Hartson
L.L.P. at 1999 Avenue of the Stars, Suite 1400, Los Angeles, CA 90067, counsel to Western, on a
date specified by the Parties, which shall be no later than five Business Days after receipt of
both the Requisite Regulatory Approvals and the approval of the stockholders of BN, or on such
other date, place and time as the parties may agree in writing (the “Closing Date”).

     9.2 Nonsurvival of Representations, Warranties and Agreements.

     None of the representations, warranties, covenants and agreements in this Agreement or in any
instrument delivered pursuant to this Agreement shall survive the Effective Time, except for those
covenants and agreements contained herein and therein which by their terms apply in whole or in
part after the Effective Time.

     9.3 Expenses; Breakup Fee.

     All costs and expenses incurred in connection with this Agreement and the transactions
contemplated hereby shall be paid by the party incurring such expense. Except as set forth herein,
in the event that this Agreement is terminated by either Western or BN by reason of a material
breach pursuant to Sections 8.1(e) or (f) or by Western pursuant to Sections 8.1(g) or (h), Western
or BN, as applicable, shall pay all documented, reasonable costs and expenses up to $500,000
incurred by the terminating party in connection with this Agreement and the transactions
contemplated hereby. In the event that this Agreement is terminated by Western (i) under Section
8.1(d) by reason of BN stockholders not having given any required approval and both (x) after the
date of this Agreement there shall have been prior to the Special Meeting a Third Party Public
Event and (y) within 12 months following such Special Meeting, BN enters into an agreement for an
Acquisition Transaction or an Acquisition Transaction otherwise occurs, (ii) pursuant to Sections
8.1(e) or (f) by reason of a willful material breach by BN, or (iii) pursuant to Sections 8.1(g) or
(h), BN shall pay all documented, reasonable costs and expenses up to $500,000 incurred by Western
in connection with this Agreement and the transactions contemplated hereby, plus a breakup fee of
$3.5 million. In the event that this Agreement is terminated by BN under Section 8.1(e) or (f) by
reason of a willful material breach by Western, or by either BN or Western under Section 8.1(i),
Western shall pay all documented, reasonable costs and expenses up to $500,000 incurred by BN in
connection with this Agreement and the transactions contemplated hereby, plus a breakup fee of $3.5
million.

     9.4 Notices.

     All notices and other communications hereunder shall be in writing and shall be deemed given
if delivered personally, mailed by registered or certified mail (return receipt requested) or
delivered by

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an express courier (with confirmation) to the parties at the following addresses (or at such other
address for a party as shall be specified by like notice):

	 	 	 	 	 
	 

	 	(a)
	 	if to Western, to:
	 

	 	 	 	Western Alliance Bancorporation
	 

	 	 	 	2700 West Sahara Avenue
	 

	 	 	 	Las Vegas, NV 89102
	 

	 	 	 	Attn.: President and Chief Executive Officer
	 
	 	 	 	 
	 

	 	 	 	with a copy (which shall not constitute notice) to:
	 
	 	 	 	 
	 

	 	 	 	Hogan & Hartson L.L.P.
	 

	 	 	 	Columbia Square
	 

	 	 	 	555 Thirteenth Street, N.W.
	 

	 	 	 	Washington, DC 20004-1109
	 

	 	 	 	Attn.: Stuart G. Stein, Esq.
	 

	 	and	 	 
	 
	 	 	 	 
	 

	 	(b)
	 	if to Bank of Nevada, to:
	 

	 	 	 	Bank of Nevada
	 

	 	 	 	8275 West Flamingo Road
	 

	 	 	 	Las Vegas, NV 89147
	 

	 	 	 	Attn.: President and Chief Executive Officer
	 
	 	 	 	 
	 

	 	 	 	with a copy (which shall not constitute notice) to:
	 
	 	 	 	 
	 

	 	 	 	Nixon Peabody
	 

	 	 	 	Two Embarcadero Center
	 

	 	 	 	San Francisco, CA 94111
	 

	 	 	 	Attn.: Steven M. Plevin, Esq.

     9.5 Interpretation.

     When a reference is made in this Agreement to Sections, Exhibits or Schedules, such reference
shall be to a Section of or an Exhibit or Schedule to this Agreement unless otherwise indicated.
The table of contents and headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words
“include”, “includes” or “including” are used in this Agreement, they shall be deemed to be
followed by the words “without limitation”.

     9.6 Counterparts.

     This Agreement may be executed in counterparts, all of which shall be considered one and the
same agreement and shall become effective when counterparts have been signed by each of the parties
and delivered to the other parties, it being understood that all parties need not sign the same
counterpart.

     9.7 Entire Agreement.

     This Agreement (including the disclosure schedules, documents and the instruments referred to
herein) constitutes the entire agreement and supersedes all prior agreements and understandings,
both

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written and oral, among the parties with respect to the subject matter hereof, other than the
Confidentiality Agreement and that certain support agreement dated as of even date herewith between
Western and the directors and executive officers of BN named therein (the “Support Agreement”).

     9.8 Governing Law.

     This Agreement shall be governed and construed in accordance with the laws of the State of
Nevada, without regard to any applicable conflicts of law rules.

     9.9 Enforcement of Agreement.

     The parties hereto agree that irreparable damage would occur in the event that the provisions
of this Agreement were not performed in accordance with its specific terms or were otherwise
breached. It is accordingly agreed that the parties shall be entitled to an injunction or
injunctions to prevent breaches of this Agreement and to enforce specifically the terms and
provisions thereof in any court of the United States or any state having jurisdiction, this being
in addition to any other remedy to which they are entitled at law or in equity.

     9.10 Severability.

     Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction
shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability
without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or
affecting the validity or enforceability of any of the terms or provisions of this Agreement in any
other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the
provision shall be interpreted to be only so broad as is enforceable.

     9.11 Publicity.

     Except as otherwise required by law or the rules of the New York Stock Exchange (or such other
exchange on which the Western Common Stock may become listed), so long as this Agreement is in
effect, neither Western nor BN shall, or shall permit any of Western’s Subsidiaries to, issue or
cause the publication of any press release or other public announcement with respect to, or
otherwise make any public statement concerning, the transactions contemplated by this Agreement, or
the BN Stockholder Agreements without the consent of the other party, which consent shall not be
unreasonably withheld. Western and BN shall cooperate to prepare a joint press release announcing
the signing of this Agreement and the transactions contemplated hereunder.

     9.12 Assignment; Limitation of Benefits.

     Neither this Agreement nor any of the rights, interests or obligations hereunder shall be
assigned by any of the parties hereto (whether by operation of law or otherwise) without the prior
written consent of the other parties. Subject to the preceding sentence, this Agreement will be
binding upon, inure to the benefit of and be enforceable by the parties and their respective
successors and assigns. Except as otherwise specifically provided in Section 1.4 with respect to
the payment of the Merger Consideration, Section 1.5 with respect to the treatment of stock options
under the Option Plan, Section 6.5 and Section 6.6, this Agreement (including the documents and
instruments referred to herein) is not intended to confer upon any Person other than the parties
hereto any rights or remedies hereunder, and the covenants, undertakings and agreements set out
herein shall be solely for the benefit of, and shall be enforceable only by, the parties hereto and
their permitted assigns.

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     9.13 Additional Definitions.

     In addition to any other definitions contained in this Agreement, the following words, terms
and phrases shall have the following meanings when used in this Agreement.

     “401(k) Plans” has the meaning set forth in Section 6.5(b).

     “Acquisition Transaction” means (a) a merger, acquisition, consolidation or other
business combination involving BN, (b) a purchase, lease or other acquisition of all or
substantially all of the assets of BN or (c) a purchase or other acquisition (including by way of
merger, consolidation, share exchange or otherwise) of beneficial ownership (as the term
“beneficial ownership” is defined in Regulation 13d-3(a) of the Exchange Act of securities
representing 20.0% or more of the voting power of BN.

     “Affiliated Person” means any director, officer or 5% or greater stockholder, spouse
or other Person living in the same household of such director, officer or stockholder, or any
company, partnership or trust in which any of the foregoing Persons is an officer, 5% or greater
stockholder, general partner or 5% or greater trust beneficiary.

     “Agreement” has the meaning set forth in the preamble hereto.

     “Bank Merger Agreement” has the meaning set forth in the recitals hereto.

     “BankWest” has the meaning set forth in the recitals hereto.

     “BankWest Merger” has the meaning set forth in the recitals hereto.

     “BN” has the meaning set forth in the preamble hereto.

     “BN Common Stock” has the meaning set forth in Section 1.4(a).

     “BN Contract” has the meaning set forth in Section 3.12(a).

     “BN Disclosure Schedule” has the meaning set forth in Article III.

     “BN Documents” has the meaning set forth in Section 3.18(d).

     “BN Stock Certificates” means certificates for shares of BN Common Stock.

     “BHC Act” has the meaning set forth in Section 3.4(a).

     “Business Day” means Monday through Friday of each week, except a legal holiday
recognized as such by the U.S. Government or any day on which banking institutions in the State of
Nevada are authorized or obligated to close.

     “Closing” has the meaning set forth in Section 9.1.

     “Closing Date” has the meaning set forth in Section 9.1.

     “Code” means the Internal Revenue Code of 1986, as amended.

     “Competing Proposal” means any of the following involving BN: any inquiry, proposal or
offer from any Person relating to any direct or indirect acquisition or purchase by such Person of
BN, or

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any business line of BN that constitutes 15% or more of the net revenues, net income or assets of
BN and its subsidiaries, taken as a whole, or 15% or more of any class of equity securities of BN,
any tender offer or exchange offer that if consummated would result in any Person beneficially
owning 15% or more of any class of equity securities of BN, any merger, consolidation, business
combination, recapitalization, liquidation, dissolution or similar transaction involving BN, other
than the transactions contemplated by this Agreement.

     “Confidentiality Agreement” has the meaning set forth in Section 5.1(e).

     “Dissenters’ Shares” has the meaning set forth in Section 2.2(a).

     “Effective Time” means the close of business on the Closing Date when the Merger is
effective in accordance with the terms of this Agreement and the Bank Merger Agreement.

     “Environmental Laws” has the meaning set forth in Section 3.14(a).

     “ERISA” has the meaning set forth in Section 3.11(a).

     “Exchange Act” has the meaning set forth in Section 4.7.

     “Exchange Agent” has the meaning set forth in Section 2.1(a).

     “Exchange Fund” has the meaning set forth in Section 2.1(g).

     “Fairness Opinion” has the meaning set forth in Section 3.21.

     “FDIC” has the meaning set forth in Section 3.1(b).

     “FRS” has the meaning set forth in Section 3.4(a).

     “GAAP” has the meaning set forth in Section 3.6.

     “Governmental Entity” has the meaning set forth in Section 3.4(a).

     “Hazardous Materials” has the meaning set forth in Section 3.14(e).

     “Indemnification Agreements” has the meaning set forth in Section 6.15.

     “Indemnified Parties” has the meaning set forth in Section 6.6.

     “Injunction” has the meaning set forth in Section 7.1(c).

     “Interim Bank” has the meaning set forth in the preamble hereto.

     “Knowledge” with respect to any entity, refers to the actual knowledge of such
entity’s directors and officers in the ordinary course of their duties in such positions.

     “Laws” means any and all statutes, laws, ordinances, rules, regulations, orders,
permits, judgments, injunctions, decrees, case law and other rules of law enacted, promulgated or
issued by any Governmental Entity.

     “Letter of Transmittal” shall have the meaning set forth in Section 2.1(b).

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     “Material Adverse Effect” means, with respect to BN or Western, as the case may be, a
condition, event, change or occurrence that is reasonably likely to have a material adverse effect
upon the financial condition, results of operations, loans, securities, deposit accounts, business
or properties of BN or Western; provided, however, that in determining whether a Material Adverse
Effect has occurred there shall be excluded any effect, to the extent attributable to or resulting
from, (a) any changes in the laws, regulations or interpretations of laws or regulations generally
affecting the banking business, but not uniquely relating to BN or Western, as the case may be; (b)
any changes in generally accepted accounting principles or regulatory accounting requirements
generally affecting the banking or bank holding company businesses, but not uniquely relating to BN
or Western, as the case may be; (c) events conditions or trends in economic, business or financial
conditions generally or affecting the banking business specifically (including changes in interest
rates and changes in the markets for securities), except to the extent any such events, conditions
or trends in economic, business or financial conditions have a materially disproportionate adverse
effect upon BN or Western, as the case may be, and as the context may dictate; (d) changes in
national or international political or social conditions including the engagement by the United
States in hostilities, whether or not pursuant to the declaration of a national emergency or war or
the occurrence of any military or terrorist attack upon or within the United States, or any of its
territories, possessions or diplomatic or consular offices or upon any military installation,
equipment or personnel of the United States; (e) actions or omissions of BN or Western, as the case
may be, taken with the prior written consent of the other party in contemplation of the
transactions contemplated hereby and (f) any change, effect, event or occurrence arising out of the
announcement or performance of the transactions contemplated hereby.

     “Merger” has the meaning set forth in the recitals hereto.

     “Merger Consideration” has the meaning set forth in Section 1.4(a).

     “NFID” has the meaning set forth in Section 3.4(a).

     “NRS” has the meaning set forth in Section 1.1.

     “Option” has the meaning set forth in Section 1.5.

     “Option Merger Consideration” has the meaning set forth in Section 1.5.

     “Option Plans” has the meaning set forth in Section 1.5.

     “Person” means an individual, corporation, partnership, limited liability company,
joint venture, association, trust, unincorporated organization or other entity.

     “Plans” has the meaning set forth in Section 3.11(a).

     “Proxy Materials” means the proxy statement to be used in soliciting the approval of
BN’s stockholders at the Special Meeting.

     “Regulatory Agencies” has the meaning set forth in Section 3.5(b).

     “Regulatory Agreement” has the meaning set forth in Section 3.13.

     “Representatives” has the meaning set forth in Section 5.1(e).

     “Scheduled IP” has the meaning set forth in Section 3.24.

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     “SEC” means the Securities and Exchange Commission.

     “Securities Act” has the meaning set forth in Section 3.20.

     “Special Meeting” shall have the meaning set forth in Section 6.3.

     “State Regulator” has the meaning set forth in Section 3.5(b).

     “Subsidiary” means, with respect to any party, any corporation, partnership or other
organization, whether incorporated or unincorporated, which is consolidated with such party for
financial reporting purposes.

     “Superior Competing Transaction” means any of the following involving BN: any
proposal made by a third party to acquire, directly or indirectly, including pursuant to a tender
offer, exchange offer, merger, consolidation, business combination, recapitalization, liquidation,
dissolution or similar transaction, for consideration consisting of cash and/or securities, more
than 50% of the combined voting power of the shares of BN Common Stock then outstanding or all or
substantially all the assets of BN, and otherwise on terms which the Board of Directors of BN,
determines in its good faith judgment (based on the opinion of Sandler O’Neill Partners L.P., or
another financial advisor of nationally recognized reputation) to be more favorable to its
stockholders than the Merger and for which financing, to the extent required, is then committed or
which if not committed is, in the good faith judgment of its Board of Directors, reasonably capable
of being obtained by such third party.

     “Support Agreement” has the meaning set forth in Section 9.7.

     “Surviving Bank” has the meaning set forth in Section 1.1.

     “Tax” has the meaning set forth in Section 3.10(b).

     “Tax Return” has the meaning set forth in Section 3.10(b).

     “Taxing Authority” has the meaning set forth in Section 3.10(b).

     “Third Party Public Event” means any of the following events: (a) any person (as
defined at Sections 3(a)(9) and 13(d)(3) of the Exchange Act and the rules and regulations
thereunder), other than Western or any Subsidiary of Western, shall have made a bona fide proposal
to BN or, by a public announcement or written communication, to BN’s stockholders to engage in an
Acquisition Transaction (including, without limitation, any situation in which any person other
than Western or any Subsidiary of Western shall have commenced (as such term is defined in Rule
14d-2 under the Exchange Act), or shall have filed a registration statement under the Securities
Act of 1933, as amended, with respect to a tender offer or exchange offer to purchase any shares of
BN Common Stock such that, upon consummation of such offer, such person would have beneficial
ownership of 20.0% or more of the then outstanding shares of BN Common Stock); or (b) any director,
officer, 5% or greater stockholder or affiliate of BN shall have, by any means which becomes the
subject of public disclosure, communicated opposition to this Agreement, the Merger or other
transactions contemplated hereby, or otherwise takes action to influence the vote of BN
stockholders against this Agreement, the Merger and the transactions contemplated hereby.

     “Transaction Consideration” has the meaning set forth in Section 1.4(e).

     “Unlawful Gains” has the meaning set forth in Section 3.18(f).

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     “U.S. Anti-Money Laundering Laws” means the Bank Secrecy Act (12 U.S.C. §§ 5311
through 5332, inclusive, as amended), 12 U.S.C. §§ 5340 through 5342, inclusive, as amended, the
International Money Laundering Abatement and Anti-Terrorism Financing Act of 2001 (Title III of
Pub. L. No. 107-56 (effective October 26, 2001), as amended), and the rules and regulations of the
U.S. Department of the Treasury or any other Governmental Authority thereunder.

     “Western” has the meaning set forth in the preamble hereto.

     “Western Common Stock” has the meaning set forth in Section 1.4(c).

     “Western Transaction” means any definitive agreement with respect to a (a) merger,
acquisition, consolidation or other business combination involving Western, (b) sale or other
disposition of all or substantially all of the assets of Western, or (c) sale or other disposition
(including by way of merger, consolidation, share exchange or otherwise) of beneficial ownership
(as the term “beneficial ownership” is defined in Regulation 13d-3(a) of the Exchange Act) of
securities representing 20.0% or more of the voting power of Western, entered into by Western in
between the date hereof and the earlier of the Effective Time and the termination of this Agreement
in accordance with the terms hereof, that requires, as a condition precedent to the consummation of
such transaction, that Western terminate this Agreement.

[SIGNATURE PAGE FOLLOWS]

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     IN WITNESS WHEREOF, Western Alliance Bancorporation and Bank of Nevada have caused this
Agreement to be executed and delivered by their respective officers thereunto duly authorized as of
the date first above written.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	WESTERN ALLIANCE BANCORPORATION
	ATTEST:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 
	 

	 	 
	 	 	 	 	 	 
	Name:

	 	Dale Gibbons
	 	 	 	 	 	Name: Robert Sarver
	Title:

	 	Executive Vice President and
Chief Financial Officer
	 	 	 	 	 	Title: President and Chief Executive Officer

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	BANK OF NEVADA
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	ATTEST:
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	Patricia Kirkwood
	 	 	 	 	 	Name:
	 	John S. Gaynor
	 

	 	Title:
	 	Executive Vice President
and Chief Financial Officer
	 	 	 	 	 	Title:
	 	Vice Chairman, President
and Chief Financial Officer

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