42 posts categorized "Banking"

03/20/2014

Texas Capital Bank moving its downtown Fort Worth branch to One City Place

Dallas-based Texas Capital Bank this summer will move its downtown Fort Worth operations a couple blocks to the north, to One City Place at 300 Throckmorton St., becoming the first tenant in the recently renovated office building.

The bank has signed a 10-year lease for 20,000 square feet of office space, which includes a banking center on the first floor and commercial offices on the second floor. The 19-story building is part of the former Tandy Center and was last used by RadioShack for its headquarters. RadioShack sold the property in 2005.

The bank’s downtown operation has 30 employees and is currently located in The Tower, at 570 Throckmorton St. 

“One City Place is the perfect location for the Best Business Bank in Texas and we are looking forward to a bright future there alongside our clients and employees” said Jeff Moten, Texas Capital Bank’s Fort Worth regional president in a statement.

In February, PCCP, a real estate finance and investment management firm, said it was loaning $41.5 million to Spire Realty for tenant finish-out work in the 313,953-square-foot building.

Spire Realty bought the property in 2011, part of the 1.2 million-square-foot, three building City Place development. 

Terry Quinn, Eddie Tillman and Parker Handlin with Avison Young represented Texas Capital Bank. Matt Carthey and Geoff Shelton with Holt Lunsford Commercial represented the landlord, Spire Realty Group in Dallas.

_ Sandra Baker

03/14/2014

TPG lending unit files to go public

TPG Specialty Lending, which says it provides financing to mid-size companies, said in a regulatory filing that it intends to go public next week. The company was formed in July 2010 and is part of TPG Capital, the big private equity firm founded by former Robert M. Bass advisors that include David Bonderman and James Coulter.  TPG  Specialty Lending says it has co-chief executive officers: Michael Fishman and Joshua Easterly, and lists its headquarters in Fort Worth. In its filing with the Securities and Exchange Commission, TPG Specialty Lending said it expects to issue 7 million shares at between $16 and $17 a share, or up to $136.9 million before expenses.

According the company's filing, it had just over $1 billion in outstanding investments at year's end to what it describes as highly leveraged companies. It reported $90.4 million in interest income on those investments in 27 portfolio companies, and said its average yield on those investments as of Dec. 31 was 10.4 percent at fair market value. It also holds some equity securities in eligible portfolio companies.

TPG Specialty Lending does business as a Business Development Co., which can be either publicly held or private, but in any event is regulated by the SEC. They distribute most of their earnings as dividends to shareholders. According to its SEC filing, TPG Specialty Lending last year declared a stock dividend of $1.56 a share.

-- Jim Fuquay

 

03/10/2014

Bank of America to cut 156 jobs in North Texas

Bank of America plans to lay off 156 workers in North Texas, including 36 at an office on Amon Carter Boulevard in Fort Worth, it told the state in four WARN notices today. The Fort Worth layoff and two others, one in Addison and one in Plano, are effective April 13, while a fourth, in Richardson, is effective April 23. A bank representative wasn't immediately available to elaborate on which operations are affected. Bank of America has previously announced cuts in its mortgage operation and in technology.

-- Jim Fuquay

12/19/2013

BNSF Chairman Matt Rose appointed to Dallas Fed

Matt Rose, who has headed Fort Worth-based Burlington Northern Santa Fe since 2000, was appointed to a three-year term on the board of the Federal Reserve Bank of Dallas. His term starts Jan. 1. Rose is set to become BNSF's executive chairman that day as well. In a prepared release, Dallas Fed President Richard Fisher called Rose "one of the most respected businessmen in the nation.  We are honored to have him serve on our board." The Dallas Fed said that as a board member, "Rose will provide input into regional and national economic conditions as part of the Federal Reserve’s monetary policy functions." Each of the nation's 12 regional Federal Reserve Banks has a  a nine-member board of directors.

-- Jim Fuquay

 

 



BNSF is one of North America’s leading freight transportation companies, operating on 32,500 route miles of track in 28 states and two Canadian provinces. The company is one of the top transporters of consumer goods, grain and agricultural products, low-sulfur coal, and industrial goods such as petroleum, chemicals, housing materials, food and beverages.

Prior to his time at BNSF, Rose held several other positions for companies in the transportation industry, including vice president of Triple Crown Services, a Norfolk Southern subsidiary. He began his career as a corporate management trainee with Missouri Pacific in 1981.

He is a member of the board of directors for AT&T Inc. and the U.S. Chamber of Commerce. He is also a member of the Business Roundtable.

Rose holds a bachelor’s degree from the University of Missouri. 

 

10/25/2013

OmniAmerican loans up, earnings down

Fort Worth-based OmniAmerican Bank said third-quarter earnings dipped 4 percent from a year, to $2.2 million, or 21 cents a share. Its net loans rose 17 percent to $1.45 billion.

The bank on Oct. 9 announced that it trimmed its staff 8 percent, but severance costs related to the cuts won’t appear until its fourth-quarter results. It also said at the time that it plans to exit the indirect auto lending business, in which it buys vehicle loans from dealers.

The bank's increase in loans for the quarter, which amounted to $127 million, came in its commercial loan portfolio, said CEO Tim Carter. “We believe these steps are a critical part of our evolution towards a greater focus on commercial lending, residential real estate lending and retail banking, as part of our plan for success as a full-service, relationship-focused community bank,” Carter said in a prepared release.

-- Jim Fuquay

10/17/2013

Park Cities Bank to change hands as holding company files for bankruptcy

Dallas-based Park Cities Bank, which has a branch on Camp Bowie Boulevard in Fort Worth, is being recapitalized and sold to an investment group led by Darwin Deason, a wealthy Dallas resident who founded and sold Affiliated Computer Services. In an unusual wrinkle, its debt-laden holding company, North Texas Bancshares, is filing a Chapter 11 bankruptcy petition in Delaware. John Dienes, CEO of Park Cities Bank, said the holding company had about $34 million in debt and the bank needed more capital to meet regulatory requirements. He said "the Deasons can ensure the initial capital injection" to satisfy regulators, and also have the resources to provide additional capital for future growth and even acquisitions. Forbes magazine last month estimated Deason's net worth at $1.1 billion. Deason, 73, sold ACS to Xerox in 2010 for $6.4 billion.

Dienes called the deal "a great event for the employees and customers and the community" because it allows the bank to move forward. "That debt needs to be eliminated to make the bank attractive," he said. He said the bank began losing money  after the 2008 financial crisis, which hurt the value of its real estate loan portfolio. Last year Park Cities Bank lost $7.7 million, according to the Federal Deposit Insurance Corp., and it has lost $4.6 million in the first nine months this year, Dienes said. He said he doesn't anticipate  any impact on the bank's personnel from the sale, expected to close by year's end.

-- Jim Fuquay

08/29/2013

Security One credit union members OK merger with Texas Trust

Members of Security One Federal Credit Union on Wednesday night backed the institution's merger into Texas Trust Credit Union, the companies said this morning. They said the deal, announced July 10, has been approved by the National Credit Union Administration and is expected to be approved by the Texas Credit Union Department. The combined credit union will have more than $815 million in assets, more than 65,000 members and 13 branches. Security One's two branches, both in Arlington, will be rebranded as Texas Trust and should be consolidated into Texas Trust by the end of the year.

-- Jim Fuquay

08/15/2013

Frost Bank chief expects Yellen to get nod as next Fed chair

Dick Evans, the longtime CEO of San Antonio-based Cullen/Frost Bankers, told a Fort Worth audience that he thinks Janet Yellen will be tapped ahead of Larry Summers as the next chairman of the Federal Reserve Board. Evans, who spoke to at a luncheon for the bank's local customers, is more than a distant observer: He just finished a two-year term as a member of Federal Advisory Council to the Fed's board of governors and knows both Yellen and Summers, considered the two most likely candidates to succeed Ben Bernanke, whose second four-year term expires Jan. 31. For the record, Summers is Evans' personal pick of the two, but both are highly qualified and likely to continue recent policies at the nation's central bank, he said. Yellen, currently No. 2 at the Fed, would become the first woman to lead the central bank.

Evans has headed what is the largest bank based in the state since 1997. It's the only one of the top 10 banks that didn't change hands during Texas' energy and real estate bust in the late 1980s, and is widely considered one of the best-run institutions in the state. He's not a fan of the federal Dodd-Frank legislation implemented in the wake of the financial crisis, saying it threatens even small banks with "mountains of red tape," but there is at least one regulatory step he'd like to see the feds take. That's a return to the separation of investment banking and commercial banking, a Depression-era firewall that was breached in 1998 when Congress repealed the Glass-Steagall Act of 1933. Bills are pending in Congress to do just that, but Evans said he doesn't expect one to pass.

-- Jim Fuquay

07/10/2013

Security One, Texas Trust credit unions to merge

Texas Trust Credit Union of Mansfield will become the state's 18th-largest credit union when it merges with Arlington-based Security One Federal Credit Union, the institutions announced Wednesday. Pending regulatory and membership approvals, the combined credit union will have 12 branches, more than $815 million in assets and more than 65,000 members, they said. Security One's 25 employees will stay on, according to the announcement, including Security One CEO Pamela Stephens, who will become a senior executive at Texas Trust.

"In order to remain competitve and continue to deliver low rates for our members, we determined the best solution for our members was to merge with another credit union," Stephens said in a prepared release. Security One members will vote on the merger following regulatory approvals, which are expected to take 30 to 60 days.

-- Jim Fuquay

02/28/2013

OmniAmerican Bank earnings flat, loans up

Fort Worth-based OmniAmerican Bank said it earned nearly $1.2 million in the fourth quarter, largely unchanged from a year earlier, but earnings per share slipped a penny to 11 cents from 12 cents a year earlier. Outstanding loans rose 7.6 percent for the year to $735 million. The former credit union said improving credit quality was evident in two positive moves: its net charge-offs of bad loans fell by $1.8 million, down 82 percent from a year earlier, and it made no addition to its loan-loss reserve, which a year ago was a $1.7 million expense.

For the year, OmniAmerican earned $5.7 million, up 44 percent from 2011. It finished the year with $1.26 billion in total assets, down 6 percent from 2011. The decline was mainly from a $146 million decrease in securities held for sale. Non-performing assets were down $3.5 million as of Dec. 31, to $13 million. CEO Tim Carter said "2012 was a great year for OmniAmerican." He said the institution built experienced staff and expanded its online and mobile banking options.

-- Jim Fuquay

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