DALLAS--(BUSINESS WIRE)--Dallas-based Hilltop Holdings Inc. (NYSE: HTH) today announced Co-Chief Executive Officer and Vice Chairman Alan B. White is retiring, effective April 1, 2019. White will step down from Hilltop Holdings’ board of directors and his other leadership roles with Hilltop and PlainsCapital Bank to begin the next chapter of his life.
White founded Hilltop’s banking subsidiary, PlainsCapital Bank (the “Bank”), in 1988 and has served as Co-CEO of Hilltop Holdings with President Jeremy B. Ford since September 2016. Ford will continue in his role as president and serve as the company’s sole CEO following White’s retirement. Jerry L. Schaffner will continue to lead PlainsCapital Bank as president and CEO. There are no additional leadership changes associated with White’s retirement.
“It has been my privilege to lead PlainsCapital Bank for more than three decades as the organization grew from one branch in Lubbock to the fifth largest Texas-based bank with locations across the state,” White said. “My decision to retire was difficult, but it was made easier knowing that Hilltop’s leadership will carry on the powerful culture and legacy of success we have built over the past 31 years. Our company’s financial strength has us well-positioned for future growth, and I’m excited about the opportunities that lie ahead for Hilltop.”
“Alan White has been instrumental in building Hilltop Holdings into the organization that it is today,” Jeremy Ford said. “He has been a mentor and a friend to me, along with countless other people throughout our family of companies and in the communities we serve. While we are sad to see him leave his role with the company, we are proud to carry on his legacy and remain forever grateful for the leadership he has provided for so many years.”
During White’s tenure, PlainsCapital Bank has grown from $160 million in assets to approximately $10 billion as of December 31, 2018. White oversaw PlainsCapital’s expansion into major markets throughout Texas, as well as the Bank’s acquisition of national mortgage originator PrimeLending and national broker-dealer First Southwest Company—now HilltopSecurities. He was also instrumental in PlainsCapital Corporation’s 2012 sale to Hilltop Holdings, which laid the foundation for the current Hilltop franchise and led to Alan joining the company’s board as vice chairman.
“I have known Alan as a friend and business partner for decades, and it has been an honor to work with him as we’ve grown PlainsCapital and the entire Hilltop organization. I wish him well in his much-deserved retirement,” said Hilltop Holdings Chairman Gerald J. Ford. “Alan is leaving Hilltop in a strong position with solid leadership and I look forward to this new chapter in the company’s history.”
About Hilltop Holdings Inc.
Hilltop Holdings is a Dallas-based financial holding company. Its primary line of business is to provide business and consumer banking services from offices located throughout Texas through PlainsCapital Bank. PlainsCapital Bank’s wholly owned subsidiary, PrimeLending, provides residential mortgage lending throughout the United States. Hilltop Holdings’ broker-dealer subsidiaries, Hilltop Securities Inc. and Hilltop Securities Independent Network Inc., provide a full complement of securities brokerage, institutional and investment banking services in addition to clearing services and retail financial advisory. Through Hilltop Holdings’ other wholly owned subsidiary, National Lloyds Corporation, it provides property and casualty insurance through two insurance companies, National Lloyds Insurance Company and American Summit Insurance Company. At December 31, 2018, Hilltop employed approximately 5,200 people and operated approximately 450 locations in 44 states. Hilltop Holdings’ common stock is listed on the New York Stock Exchange under the symbol "HTH." Find more information at Hilltop-Holdings.com, PlainsCapital.com, PrimeLending.com, Nationallloydsinsurance.com and Hilltopsecurities.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements anticipated in such statements. Forward-looking statements speak only as of the date they are made and, except as required by law, we do not assume any duty to update forward-looking statements. Such forward-looking statements include, but are not limited to, statements concerning such things as our plans, objectives, strategies, expectations, intentions, growth, strategic direction and other statements that are not statements of historical fact, and may be identified by words such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “might,” “plan,” “probable,” “projects,” “seeks,” “should,” “target,” “view” or “would” or the negative of these words and phrases or similar words or phrases. For a discussion of certain factors that could cause our actual results to differ materially from those described in the forward-looking statements, please see the risk factors discussed in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other reports that are filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement.