Group applies to form new bank in Dallas

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A group in Dallas is planning a bank.

Organizers of TYME Bank applied with the Federal Deposit Insurance Corp. on Dec. 26 for deposit insurance. The bank would be based in Farmers Branch, a suburb north of Dallas.

Several members of the group, including proposed CEO Joseph Hansen, have ties to Valkyrie Equities. Ken Judd, Valkyrie’s CEO, and Danny Brady, one of the brokerage firm’s directors, are also TYME organizers.

Hansen said the proposed de novo will have no connection to the brokerage firm.

“We’ve made it very clear to the regulators that TYME is not an extension of Valkyrie,” he said, adding that “70% of the control is different folks with a different agenda.”

Mani Jacob, founder of Beam Real Estate, Mortgage and Insurance, would be the proposed bank’s chairman. Hansen will be the vice chairman.

Other organizers include Patti McKee, a former chief financial officer at ViewPoint Bank, and Tom Yenne, a former executive vice president at Green Bancorp in Houston.

ViewPoint and LegacyTexas Group merged in 2014 to create LegacyTexas Financial, which agreed last year to be sold to Prosperity Bancshares. Green was sold in 2019 to Veritex Holdings.

Consolidation is a big reason the group wants to form a new bank.

In the past decade the number of banks operating in the Dallas area has fallen by 13% to 163, while deposits in the market have increased by 87% to nearly $300 billion, based on FDIC data.

“We believe the consolidation that’s happening in the industry has disrupted numerous small to medium business customers, creating a beautiful opportunity for a bank to enter the market,” Hansen said.

“We don’t close loans — we open relationships,” Hansen added. “We think that’s going to make a difference.”

TYME’s organizers are looking to raise $32 million to $36 million in initial capital, with a goal of opening in the third quarter.

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