Business leaders from throughout Tarrant County gained insights into community banking, Taylor Sheridan’s television, and the Texas Stock Exchange during Northeast Leadership Forum’s Heart of North Texas conference Wednesday at the Hurst Conference Center.
As a past chairman of Northeast Leadership Frum, I remain impressed by the caliber of speakers this event attracts and the enthusiasm with which the business community supports it.
I enjoyed the fireside chats, which featured retired banker Randy McCauley interviewing Chris Furlow, President and CEO of the Texas Bankers Association; Hillwood President Mike Berry interviewing David Glasser, CEO of 101 Studios; and Furlow interviewing Jeff Karcher, Global Managing Director of the Texas Stock Exchange.
Furlow detailed the role that community banks play in their markets:
- Texas banking is more relationship-based than the transactional approach found in some other states. Community bankers support small businesses, families, nonprofits, schools, scholarships, and local civic initiatives.
- Texas has the nation’s largest number of community banks and is one of only four states with more than 300 community bank charters.
- Cryptocurrencies such as bitcoin and stablecoins could eventually draw deposits away from banks, which could reduce the money available for community lending.
- Texas has captured the attention of international financial markets, which recognize the state’s competitive advantages.
- Artificial intelligence presents both opportunities and risks. Banks can use AI to improve efficiency and customer service. Still, businesses should ask technology vendors how their systems use AI and develop response plans, which, if needed, should include procedures for shutting down systems.
Berry interviewed Glasser about how 101 Studios is affecting the Fort Worth area through its production of Sheridan’s television series, including Yellowstone, 1883, 1923, The Madison, Lioness, Landman, Mayor of Kingstown, Tulsa King, and the newest show, Frisco King.
Glasser recounted the origins of 101 Studios and his efforts to bring Yellowstone to television. After film studios including Amazon, Netflix and HBO turned him down, he pitched the show to what was then Spike TV, the only interested party.
He and Sheridan closed the deal, and Yellowstone became a resounding success, bringing renewed attention to Kevin Costner’s career. Glasser said Sheridan’s productions have also created prominent roles for established stars such as Harrison Ford, Helen Mirren, Billy Bob Thornton and Michelle Pfeiffer, many of whom saw their careers rebooted with these high-profile productions.
Glasser captivated the audience by explaining how Sheridan departs from the traditional practice of approaching a major actor through an agent with a script. Instead, Sheridan identifies the performer he considers ideal for a role and writes the part with that person in mind.
Glasser added that he, Sheridan and Dan Schreier have formed a new company, SGS, with interests in hospitality, real estate and studios. They purchased Cattleman’s Steak House in the Stockyards and the Isis Theater across the street, which they plan to convert into a 1920s-style Texas supper club.
They also plan to build a hotel at the top of Exchange Street. A second Cattleman’s is under construction in Weatherford, and they are developing a new dining concept for the Walsh Ranch development.
Berry shared figures illustrating 101 Studios’ economic impact in North Texas over the past five years:
- $659.7 million in production spending, primarily in North Texas
- $294.1 million in payroll for Texas residents
- $365.2 million in spending with Texas vendors
- 28,151 reported production jobs, including 8,650 Texas crew positions and 19,501 Texas cast and extra positions
- 251,889 hotel room nights and 822 shooting days in Texas
Glasser added that demand for cast and crew positions has led to a partnership with Tarrant County College, opening doors to positions in the skills and trades professions.
Following lunch, Furlow interviewed Karcher about the new Texas Stock Exchange.
Karcher told the audience that the opportunity to establish an exchange in Texas aligned with the state’s pro-business environment and willingness to challenge established practices. He described a market dominated by the New York Stock Exchange and Nasdaq.
He likened the Texas Stock Exchange to David taking on a two-headed Goliath. The platform aims to make a primary listing in Texas a viable alternative, attracting companies, industry participants, jobs, and broader attention to North Texas.
Karcher reinforced the state’s economic influence by highlighting its concentration of Fortune 500 headquarters and comparing its growth with changes in New York’s corporate presence. Texas is home to 57 Fortune 500 companies, dwarfing New York’s 44 and reflecting its dramatic decline from 140 in 1970.
He identified Charles Schwab, Citadel and BlackRock as initial backers of the Texas Stock Exchange, followed by JPMorgan, Goldman Sachs, Bank of America, Vanguard and State Street. The exchange offers companies another listing option alongside the two dominant exchanges, the NYSE and Nasdaq.
The Texas Stock Exchange began a phased rollout of trading on July 6 and reached full production trading on July 31. This month, it began trading securities of Energy Transfer, Texas Capital Bancshares and Origin Bancorp.
Karcher also reported growing interest from companies and government delegations in other countries. He said foreign companies considering a U.S. plant, distribution center or research facility often look first to Texas and may then consider aligning their financial presence and stock listing with their operations.
The conference concluded with the announcement that next year’s annual event will take place Wednesday, October 27.
The Tarrant County area is fortunate to showcase such powerful assets as Hillwood, Taylor Sheridan/101 Studios, and the Texas Stock Exchange in our backyard. Our community’s impact will continue its robust trend well into the future, and events such as the Heart of North Texas confirm we are definitely on the right path.