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Texas Trust opens third Arlington branch


Texas Trust Credit Union continued its expansion in Arlington with the Oct. 25 opening of its third location, at 1300 S. Bowen Road. The new branch is No. 13 for Texas Trust, the largest credit union home mortgage lender in North Texas, and the 21st largest credit union in Texas. Texas Trust recently announced a merger with Security One Federal Credit Union, which will add two more Arlington branches to its network. The merger is expected to be complete by Nov. 1. The 3,760-square-foot, full-service branch on Bowen Road has been renovated and has commercial and regular drive-through lanes and a drive-up ATM. The branch is managed by Whitney McLeod, who has been with Texas Trust for three years, most recently overseeing the Grand Prairie branch on Jefferson Street. The branch is staffed by eight full-time employees, including five new hires. With assets of $764 million, Texas Trust operates in Dallas, Tarrant and Henderson counties as well as parts of Ellis and Johnson counties. It has branches in Arlington, Athens, Cedar Hill, DeSoto, Grand Prairie, Hurst and Mansfield.

Prosperity reports earnings Prosperity Bancshares Inc., the parent company of Prosperity Bank, reported net income for the quarter that ended Sept. 30 of $55.278 million or 91 cents per diluted common share, an increase from the same period last year of $9.102 million or 19.7 percent. Diluted earnings per share rose 11 percent, up from 82 cents for the same period in 2012. “During the last year, our bank has experienced significant growth, with total assets increasing $2.342 billion, or 17.1 percent, compared with the same quarter last year,” said David Zalman, Prosperity’s chairman and chief executive officer. During the past quarter, Prosperity signed merger agreements with FVNB Corp. and its wholly owned subsidiary, First Victoria National Bank headquartered in Victoria, Texas, and with F&M Bancorporation Inc. and its wholly owned subsidiary, The F&M Bank & Trust Co. headquartered in Tulsa, Okla. Combined, these banks have $4.943 billion in total assets as of Sept. 30. Zalman said the company also increased its annual dividend this year by 11.6 percent to 96 cents annually. “We have increased our dividend every year since 1999,” he said. “We are also pleased with our organic loan growth of 2.5 percent (10 percent annualized) on a linked-quarter basis. We continue to see that customers are investing more in their businesses by taking out more loans and using their deposits on hand to grow their business.” During the third quarter, deposits increased $1.501 billion or 13.7 percent compared with the third quarter 2012. Loans increased $1.103 billion or 21.7 percent compared with the same period last year.

Think Finance now ‘as seen on TV’ Fort Worth-based Think Finance started its first national ad campaign to promote RISE, a new installment loan offering. Titled “Comeback,” the campaign kicked off Oct. 28 with a television commercial featuring the running scene from the 1979 film Rocky II, ending with Rocky Balboa’s triumphant climb up the 72 steps of the Philadelphia Museum of Art. “We felt that the comeback story of Rocky II perfectly captured the financial comeback we want to help people achieve with RISE,” said Ken Rees, CEO of Think Finance. The campaign also includes a series of commercials illustrating everyday Americans starting their financial comebacks. Set in black and white to the recognizable “Gonna Fly Now” music, the ads continue the theme of perseverance and long-term reward with the featured characters jogging toward their goals in a real-life, practical setting.

Viewpoint reports ViewPoint Financial Group Inc., the holding company for ViewPoint Bank N.A., reported net income of $8.2 million for the quarter that ended Sept. 30, a decrease of $3.1 million, or 27.4 percent, from the same period a year ago. Compared with the second quarter of 2013, net income increased by $38,000, or 0.5 percent. Basic earnings per share for the quarter increased one penny on a linked quarter basis to 22 cents, while basic earnings per share declined by 8 cents compared with third quarter 2012. Diluted earnings per share for the quarter were 21 cents. Despite the decline in net income, the company’s commercial loan portfolio continues to grow. The commercial loan portfolio, consisting of commercial real estate and commercial and industrial loans, totaled $1.4 billion at Sept. 30, up $392.2 million, or 37.5 percent from last year, and up $121.4 million, or 9.2 percent from June 30. Interest income on the commercial loan portfolio increased $2.3 million, or 15.1 percent, from the same time last year, with commercial loans generating 51.8 percent of the company’s interest income, compared with 41.2 percent of interest income earned during the same quarter in 2012. The company reported strong growth in its energy lending portfolio. In May the company formed its Energy Finance group, which provides loans to oil and gas companies throughout the United States. Oil and gas loans, which are included in the commercial and industrial loan portfolio, totaled $114.2 million at Sept. 30, up from $57.5 million at June 30. “I continue to be pleased with the results of our commercial banking strategy,” said President and CEO Kevin Hanigan. “I’m also encouraged by the strong performance of our new Energy Finance group.”

First American’s new option Merchants can now receive their funds in half the time of traditional processing timelines thanks to Next Day Merchant Funding, a new option offered by First American Payment Systems LP. With the option, credit and debit funds can be received as quickly as the next business day, according to Neil Randel, CEO of First American Payment Systems. The Fort Worth-based company provides electronic transaction processing services for more than 140,000 merchants throughout the United States and Canada in addition to credit, debit and EBT card processing, and a line of proprietary products and services.

Texas Capital’s quarter Texas Capital Bancshares Inc., the parent company of Texas Capital Bank, reported total revenue of $125.6 million in the quarter ended Sept. 30, down 11.5 percent year over year, with operating earnings of 75 cents per share, lagging the year-ago earnings of 80 cents. Higher expenses and an elevated level of provision for credit losses contributed to the earnings miss. However, the Dallas-based company reported improvement in net interest income along with elevated loans and deposits. Texas Capital’s net interest income for the third quarter was $108.8 million, up 12.3 percent from the year-ago quarter. Total loans increased 11.8 percent to $10.4 billion, while deposits rose 34.3 percent to $9 billion from the prior-year period. “Our quality growth, both in loans held for investment and in deposits, continues,” said CEO George Jones. Net income available to common shareholders came in at $31.0 million compared with $32.5 million in the prior-year quarter.

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Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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