DALLAS--(BUSINESS WIRE)--Dallas-based PlainsCapital Bank today announced it will close 11 branches in the Rio Grande Valley. These branch locations will remain open and operate business as usual until January 30, 2015. The remaining 14 branches in this market will remain open to continue providing banking services to its customers.
The decision to close these branches comes more than a year after PlainsCapital Bank’s purchase and assumption transaction with the FDIC involving the former First National Bank of Edinburg and after much consideration of market growth and future sound business practices in this region. The 11 branches affected by this transition are located in Alamo, Edinburg, Elsa, Hidalgo, La Joya, McAllen, Mercedes, Pharr and Rio Grande City.
“PlainsCapital Bank entered this market in September 2013, and we are committed and plan to be here for the long term,” said PlainsCapital Bank President and CEO Jerry Schaffner. “In an effort to continue making positive strides in the Rio Grande Valley market, we are rightsizing our business to become more efficient.”
Overseeing the Bank’s transition in the Rio Grande Valley is Region Chairman Robert C. Norman who will provide strategic direction of all core banking, lending and business practices in this market. Having spent his entire life in the Rio Grande Valley, he has an extensive knowledge of this market and surrounding areas. With more than 30 years of experience in banking, Norman has proven expertise in lending, business development, profit and loss responsibility, labor relations, and community and customer relations.
“PlainsCapital Bank has a 26-year history of strong and stable banking throughout the state of Texas and has seen growth in every major market across the state,” said Schaffner. “We are now, and will continue to be, a relationship-based and customer-focused bank and are 100 percent committed to providing the highest level of care and service to both employees and customers during this time of change. The Bank firmly believes in being a valuable asset in the communities we serve and will continue to be a strong and trusted financial services provider in the Rio Grande Valley market.”
In the coming months, the Bank plans to build a new permanent banking facility in Weslaco and will install a new ATM kiosk in the city of Alamo.
About PlainsCapital Bank
Dallas-based PlainsCapital Bank, the fifth largest Texas-headquartered bank by deposit market share1, operates more than 80 Texas branches and has more than 1,300 employees providing highly personalized relationship banking through a single point of contact. Offering commercial lending, treasury management, small business banking, private banking, and trust and wealth management services, PlainsCapital Bank empowers responsive, local decision making in each of its major markets: Austin, Corpus Christi, Dallas, El Paso, Fort Worth, Houston, Laredo, Lubbock, the Rio Grande Valley and San Antonio. PlainsCapital Bank is part of the PlainsCapital Corporation family of companies. PlainsCapital Corporation is a wholly owned subsidiary of Hilltop Holdings (NYSE:HTH). Find more information at PlainsCapital.com.
Source: 12013 Summary of Deposits survey by the FDIC adjusted for any bank acquisitions