North Dallas Bank & Trust is in wait-and-see mode after its largest shareholders death.
Bert Fields Jr., son of North Dallas Banks founding chairman,
Fields, 75, owned about 70% of the bank, Sam Renshaws North Dallas Banks vice chairman and chief financial officer, said in an interview Monday. Though he was never an officer of the bank, Fields worked closely with management for more than 50 years, Renshaw said.
The fate of Fields ownership stake and who will control the shares is unclear. Hopefully well know in a couple of weeks when they probate the will, Renshaw said. Directors and officers own a good portion of the bank, though we do have some outside investors.
The bank has a respectable stake in a market that is still desirable to potential acquirers despite declining energy prices. It had six branches and roughly $1 billion in deposits around Dallas at June 30, or 0.5% market share, according to the Federal Deposit Insurance Corp.
North Dallas Bank has very little exposure to the oil and gas industry, Renshaw said. Were not an energy lender, though [lower prices] could trickle down through the real estate portfolio, he said.
Fields, whose family has a sizeable oil holdings, had discouraged the banks management from chasing credits in the energy industry. His philosophy was to not get into a business if you didnt have the people for it, Renshaw said. We never really hired anyone in that area.
North Dallas Bank recently announced that its 2014 earnings rose 1.5% from a year earlier, to $5.7 million, though its fourth-quarter profit fell 19%, to $1.4 million.