The San Antonio Broadway Bank is planning to expand to Dallas

Nine years after Broadway Bank widened Interstate 35 to Austin, the San Antonio Bank puts its sights even further north.

Broadway is considering expanding into the Dallas market, the bank confirmed Thursday.

The bank reported assets of $ 5.2 billion at the end of last year, about the same time as it promoted Steve York to head of integration in the new market. It will lead efforts to “establish the presence of Broadway Bank” beyond its current markets, the statement said.

Broadway has 36 branches, including 21 in San Antonio, where the bank began 81 years ago. It also operates in the counties of Comel, Gillespie, Guadeloupe, Hayes, Kendall, Kerr, Medina and Travis. The last opening of its branch took place in April 2013 on West 38th Street in Austin, according to the Federal Deposit Insurance Corp. website.

As part of its current expansion plans, Broadway announced Monday the addition of three board members – including the grandson of the bank’s founders.

On Tuesday, in a filing with the Securities and Exchange Commission, the Broadway holding company revealed that it had issued $ 50 million of subordinated debt in a private placement.

“Over the past year, due to the successful offering of relationship services in San Antonio, Austin and the surrounding markets, Broadway has increased assets by 9.5 percent,” Broadway President David Bohan said in an email.

“As we continue to execute our strategy and grow, we will use the proceeds from this subordinated debt deposit to support the Bank’s overall operations and capital management services in our home markets and our recent entry into the Dallas market,” he said.

One measure of the bank’s financial strength shows that it has capitalized well at the end of 2021.

Nearly three years ago, San Antonio-based Vantage Bank Texas – with assets of about $ 3.1 billion – expanded to Fort Worth. It now has two branches there, according to the FDIC website.

Curtis Carpenter, Austin’s senior executive at Hovde Group, the banking industry’s mergers and acquisitions advisory group, liked Vantage’s expansion move back then, and is now bullish on Broadway’s prospects in the north of the country.

“There’s so much economic growth in the Dallas-Fort Worth area that it makes sense to put some locations and staff to catch it,” he said.

Broadway is ranked as the 34th largest bank operating in the state based on assets, the Texas Department of Banking reported.

At the end of last year, the bank had about 600 employees.

Broadway had nearly $ 2.5 billion in loans and nearly $ 4.7 billion in deposits by the end of 2021. Like many banks, it has been facing an increase in deposits over the past few years.

The bank earned $ 52.6 million on revenue of $ 176.4 million last year. By comparison, it generated a net profit of $ 37.7 million compared to revenue of $ 167.6 million in 2020.

On Monday, Broadway said Rick Timmons became chairman of its board of directors. He is chairman of the Austin Central Texas Angel Network investment firm and has served on Broadway’s board since 2017. He replaced David Ladson, who remains a director.

Charles “Charlie” Chiber III – Grandson of Broadway Founders, Colonel Charles E. Chieber and his wife, Elizabeth “Betty” Chieber – was one of three people who recently joined the bank’s board of directors. He is a Managing Partner and Co-Investor of Corsair Partners in New York.

Also added to the board were Hitesh “Hi” Leva, Chief Revenue Officer at Educational Technology Company Enflux of San Antonio, and Julia R. Rinehart, Chief Human Resources Officer at San Antonio’s Valero Energy Corp.

pdanner@express-news.net

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