Group plans new bank in Houston
A group in Houston is planning a new bank.
Organizers filed an application with the Federal Deposit Insurance Corp. on Wednesday for Gulf Capital Bank. The bank’s initial office would be in the western part of the city.
The bank will target middle-market businesses with annual revenue of $2 million to $2 billion, the organizers said in their application.
"The bank intends to differentiate itself by taking the time to get to know the needs of each customer and provide them customized bundles and banking services based on their unique needs," the filing said.
Organizers plans to raise $40 million to $60 million, said Ed Jones, who would become the bank's chairman and CEO. The goal is to open in the fourth quarter.
"There's been so much consolidation and there hasn't been a new bank in Houston in more than a decade," Jones said.
"We think there’s a real opportunity for a bunch of old community bank business bankers to do some good here," Jones added. "When you look at our market, Houston is driving the whole nation in terms of C&I growth. … Energy is a big part of it but Houston is also a big center for medical, logistics, warehousing and manufacturing. It's a very large and diverse city."
Jones was recently president of Elk River Resources, a firm that handled the acquisition and development of oil and gas assets. He was also a managing partner at investment bank Torch Partners.
Jones also was chairman and CEO of Texas Commerce Bank — Midland, which was sold in 2000 to JPMorgan Chase.
The proposed bank's board includes David Williams, chairman of Centennial Bank in Lubbock, Texas, and John Kotts, a former chief credit officer for Royal Bank of Canada's New York office.
The Houston market rebounded quickly from the destruction of Hurricane Harvey in August 2017. Several banks in the area have been sold in recent years, including Integrity Bank, First Financial and Bank of River Oaks.