Broadway Bank in San Antonio is continuing its growth northward with plans to open several branches around Austin, Texas.
The $2.6 billion-asset bank will spend roughly $20 million to open four to six branches in Austin over the next three to five years, Broadway said Monday. It will also hire 50 employees. Broadway began expanding north with its 2005 purchase of Balcones Bank and a 2009 branch initiative.
"This move makes perfect sense for us and is a milestone in our strategic growth and development plan for presence north along the IH35 corridor, and into Austin," Jim Goudge, Broadway's chairman and chief executive, said in a press release.
Broadway has a loan production office in Austin that offers real estate, residential, personal and commercial loans and cash management services, including business lines of credit and private banking. The bank expects to open its first full-service Austin branch with a staff of 20 in April. The branch will provide private, commercial and personal banking services.