ServisFirst Bancshares is expanding its service into Texas, making it the latest in a long line of banks that have stampeded into the Lone Star State.
The $18 billion-asset lender, based in Birmingham, Alabama, announced on Monday that it's opening a new office in Houston — its first in the state. The regional bank, which focuses on commercial lending, also has offices in Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee and Virginia.
ServisFirst said its Texas operations will be led by Christopher Dvorachek, the bank's new regional CEO and executive vice president.
"We are thrilled to officially launch ServisFirst Bank in Texas under Chris's leadership," ServisFirst CEO Tom Broughton said in a prepared statement. "His deep experience, strong business acumen, and proven ability to build successful markets make him the ideal person to establish our footprint in Texas."
Dvorachek has been working at ServisFirst since November. He was previously an executive vice president for close to nine years at Woodforest National Bank in The Woodlands, Texas, near Houston.
"It is an honor to lead ServisFirst Bank's Texas expansion," Dvorachek said in a statement. "Texas has a remarkable economy with exceptional opportunity."
By extending its reach into Texas, ServisFirst joins a large group of banks that have recently entered the state or vastly expanded their operations there, lured by Texas' fast-growing economy and business-friendly regulations and tax policies.
In 2024, Ohio's Huntington Bancshares started doing business in Dallas, and this year it reached deals to acquire both
On Monday, ServisFirst said it has long been laying the groundwork for its Texas expansion, first by starting correspondent banking services there two years ago, and more recently by building a team of executives to hit the ground running. According to Monday's announcement, that roster includes three new commercial banking officers, two portfolio managers, a sales officer and a commercial account manager.
"We have assembled a highly talented team of commercial bankers, portfolio managers, and treasury professionals who are dedicated to delivering the efficiency, responsiveness, and client-centric approach that ServisFirst Bank is known for," Dvorachek said.
Stephen Scouten, an analyst for Piper Sandler, saw the new Houston office as encouraging news for the bank.
"We view this as a very positive development given the [bank's] track record with expansions and team lift-outs into new [areas]," Scouten said, adding that it "should be viewed favorably by investors as well."
As of the close of business on Tuesday, ServisFirst's stock price was up more than 1%.
Going forward, Scouten said he hopes to see the bank's Texas footprint grow even further.
"Houston now represents another growth metro for this branch-light, commercially-focused bank," he said. "We like the Texas expansion … and believe we could see additional Texas-based [areas] targeted in the future, as several other markets fit with the bank's commercial lending strategy."
