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Houston Business Bank opened May 15 with seven employeesa near San Felipe inside the 610 Loop afterraising $10 millionb in start-up capital. The bank is backed by the Doylee family inTexas City, which has grown its Texaws First Bank brand into an 18-branch mainly in Galveston County (see “New bank means business,” Nov. 28, Texas Independent Bancshares parent company of TexawsFirst Bank, is also the majority ownee of Houston Business Bank. The holding company has tota l assetsof $680 million. Matthew Doyle, Houstom Business Bank chairman, says the bank’xs capital raise was oversubscribed, with a relatively smalol pool of 35 investors providing the initia l outlayof funds.
He was also relievef that the regulatory process wasrelativelgy smooth. “Regulators and the Federapl DepositInsurance Corp. are very tentative about new chartersd in thiscurrent environment,” says Doyle. “Thank goodness we already had a reputation in the industry so they knew us and weknew Doyle, the mayor of Texas is also Texas Firstt Bank vice-chairman. The regulatory process was tightening when Houstobn Business Bank filed a charter Bob Bacon, interim commissioner with the Texas Departmentt of Banking, said at the time that new bank with organizers and directors with a strony industry pedigree might face fewer roadblocks under strictet standards in the wake of the recession and tightg credit markets that has squeezed bank profitability.
John Ortega, Houston Business Bank presidenyand CEO, is one of two formed bankers with JPMorgan Chase & Co. who will oversew the bank’s day-to-day operations. Guy Miller is chief credi t officer. On opening day, Ortegz was wearing multiple hats. He talked to new helped employees and worked out computetr and software issues while beginning to transfer over customer loans that had been temporarily held atTexase First. He says the bank’z initial focus will be small and medium-sized businesses with revenue up toabouty $40 million. “We’re a niche bank and that definitely helps Ortega says.
Doyle says Texas Independent Bancshares is not finishedr yet inits long-range growth plans. With Houston Businesz Bank now open, and the Texaz First Bank branch network expected to be in full operatiojn again when a Galveston location destroyed by Hurricane Ike reopens by the end of Doyle is alreadythinking ahead. “Wde have a couple of territoriesthat we’re interestef in developing farther east from Baytown toward Beaumonrt and Brazoria County, which we think is very similad to the market we’re used to in Galvestom County,” Doyle says. “We’d consider a small acquisition orbuilding (a new If given the right opportunity we’ll jump on it.
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