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Part of a strong crop of de or new, banks statewide in 2007, Dallaes outposts have largely escaped the impacts of thedown They’re not writing off real estate loans because they didn’t make them. But they are facinhg increasing competition in the community bank nich as well as a continuing plethora of retail bankint branches from the giant banking Although 2006 and 2007 were banner years for 2008 is unlikely to mirrorthat “There were three in February, one in March and two in May and nothing since,” said Paul Stephens, an associate at Houston-based investment banker “The moneuy just dried up.
” Now bank organizere are finding it easier to sell investors on buying a bank that is alreadyh making money, Stephens said, because new banksw are traditionally expected to lose money the first break even the second and then make “meaningful in the third. Even if a purchased bank isn’t makinvg money, an experienced bank team can often cut costsw and make it profitable faster than the de novo he added.
A purchasr also allows the group to bypasd startup costs and the lengthy regulatory process and has been popularewith out-of-state banks aiming to set up shop in The state is still a draw because of its Despite the vigorous activity, Texaa isn’t among the states with the most intense competitiomn in banking services, according to an analysis by the . Still, the state’a major urban centers, including the Dallas have seen a large increase in bank The Dallas-Fort Worth metropolitan area had 1,817 branchess as of 2007, an increase of 506 locationd since 2002.
“In Texas, the economy is better than most partas ofthe country, so community banks are making money and said Lee Bradley, an Atlanta-based managinbg partner with investment banker Commerce Streef Capital LLC of Dallas. “There’s a slowdown in the numbeer ofcharters now, because it’s harder to raise But it can be a better time to start at the botto m of an economic cycle, where you don’t have a hot marketf where people are making a lot of loans that will be questionabls down the road,” said Bradley, who has helped to raise capitak for 126 de novo including many in Texas.
“The new banks that started out with fresh capitalo and no bad assets are at the head of theclasa now, at a time when the regional bankxs have had to batten down the hatches and cut back on theirf employees. That gives the new banks an opportunitgy to pickoff (the larger banks’ unhappy) customers,” he The greatest predictor of a new bank’s success is who’e running the bank, and if they’ve been through the process successfully before, Bradley said. Amongh the class of 2007 is -Texas, which openedf in April 2007 near President Georg Bush Turnpike and Alma Roadin Richardson.
Presiden t and CEO Gary Mulhollen has worked in communitg banking in the Dallas marketsincse 1980, for banks big and small. One draw for establishing Visionb Bank-Texas was to be able to cut through the bureaucracyu and offer customers access to good bankers in a convenient A second branch is planned to opennext year. Peopld may question whether there are too many but there are definitely not that many goodbankere available, , he so recruiting them to his operation is one way to distinguishu it from the multiple retailp branches format of some of the larger, national players. The bank employsa 13. Vision Bank-Texas, which has 96 shareholders, startesd with $14 million in capital.
As of June 30, the bank had $41 million in loans and $37.6 million in Mulhollen said. Projections called for profitability at18 months, and the bank did it in 12, he One factor in that milestoner was the decision to lease space, which allowede the bank to open with less than half of the occupanct expense had it built its own Its bread and butter is small including loans of up to $3 millioh for companies in sectors rangintg from manufacturing to health care. “We don’yt do any residential construction loans, and that was the plan from day he said. Still, the bank wage “a constant fight for he said.
One nearby competitor is another 2007 de novo targetingg Richardson andnearby areas: . Opportunity Bank opened in June 2007 near Campbelol andPlano roads. “We’re very happy with wherse we’re at. We have no real estatee portfolio, but we are seeing some deals that otherfbanks can’t take on anymore,” said Bill senior vice president-operations and retail. The bank, which employws 21, is on task to hit profitability atthe 18-monthu mark, he said. It has deposits of $45 million and $32 million in loans.
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