Community Banking: Gulf Capital Bank Announces Formation of De Novo Bank

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Gulf Capital Bank just announced the formation of the first de novo bank in Houston, Texas in more than a decade.

The formation of Gulf capital is also the largest de novo raise in Texas state history. The firm raised $93 million.

Gulf Capital has said they intend the personal relationship touches of a traditional community bank combined with the ease of state-of-the-art banking technology and global connections provided by a group of Houston’s business and civic leaders. The bank is located on the first floor at One Riverway, at the corner of Woodway and South Post Oak Lane.

Gulf Capital Bank and Texas Deals

A raise this size may mean we finally start seeing local investors around the United States become willing to put up the capital to form new banks.

The pace of de novo formation ground to a halt after the credit crisis and has remained at very low levels for over a decade.

“We are proud that our management team personally completed the capital raise in a record time of five months,” said Ed Jones, Chairman and CEO of Gulf Capital, in a statement.  “This signifies strong trust and belief in what we are offering the community. Building on the momentum of this milestone, the bank is beginning the process of onboarding new customers starting with our nearly 300 local individual investors.”

The President of Houston’s newest bank, Jonathan Homeyer, also commented on the news.

“With the opening of Houston’s first de novo bank in more than a decade, Gulf Capital Bank will be able to do banking the way it was always meant to be done: with personal relationships at the center of everything we do and our customers’ goals at the top of our mind,” Homeyer said. “We are able to bring Houston companies big-bank products and services, in a more personal platform. We’re building a seasoned team of the most capable and relationship-oriented bankers in the Houston market.”

Jones and Homeyer previously worked at JPMorgan Chase (NYSE: JPM). and Wells Fargo (NYSE: WFC), respectively. The two have more than 50 years of combined banking experience.

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