Regulators grant preliminary OK to Houston de novo

The Federal Deposit Insurance Corp. and the Texas Department of Banking have preliminarily approved an application for a new bank in Houston.

Gulf Capital Bank is set to open late in the fourth quarter or early in the first quarter of next year, its organizers said in a Monday press release. The FDIC, in its conditional order, instructed them to raise at least $40 million in capital. The group, which filed its application in May, has previously said it plans to raise $40 million to $60 million.

“We see great opportunity within the Houston market to provide commercial banking to middle-market companies, their owners and employees, and their families and friends,” said Ed Jones, who would be the bank's chairman and CEO. Gulf Capital "intends to differentiate itself by offering more personalized, customized products tailored to individual needs of Houston’s premier businesses.”

Gulf Capital plans to target businesses with annual revenue up to $2 billion.

During the past 12 months, 33 groups have filed applications with the FDIC for deposit insurance. Eighteen were approved, five were withdrawn and 10 are still pending.