Press Room

Veritex Acquires Bank of Las Colinas

Thursday, 27 October 2011 16:29

Veritex Community Bank Acquires Bank of Las Colinas
Deal Adds $50MM in Assets

Veritex Community Bank, a subsidiary of Veritex Holdings, Inc., completed its purchase of Bank of Las Colinas.

The announcement follows the acquisition of Fidelity Bank in March 2011 and marks the third bank acquisition for Veritex within approximately one year of its formation.

Veritex Community Bank—with roughly $425 million in assets—is led by founder and CEO C. Malcolm Holland, a 30-year industry veteran.

The integration of the Bank of Las Colinas branch located at 300 East John Carpenter Freeway in Irving brings the total number of Veritex branches to ten, with existing branches in Dallas, Garland, Lakewood, Park Cities and Plano.

“This is a very strategic acquisition in terms of deposit franchise, branch location and excellent management. Bank of Las Colinas fits perfectly in our long-term plan to be a $1 billion banking franchise in North Texas,” said Holland.

Veritex Bank provides depository and credit services to retail and small- to mid-size businesses, which have been largely neglected by national banks. The name “Veritex” is derived from the Latin word “veritas,” meaning truth, and “Texas.”

Veritex on Fox 4 News

Tuesday, 06 September 2011 15:28

Fox 4 News: Texas Banks Receive Stimulus Money

On Friday, September 2nd, Shaun Rabb interviewed Malcolm Holland on Veritex and the Small Business Lending Fund money Veritex has received. Along with Malcolm, Steve Hatfield, a Veritex customer and small business owner, discussed how beneficial this stimulus money has helped him and his business. Click HERE to see the full story!

Veritex in Dallas Business Journal

Monday, 15 August 2011 14:09

Veritex Bank snaps up Bank of Las Colinas: New deal part of plan to help create billion-dollar institution

Premium content from Dallas Business Journal - by Jeff Bounds , Staff Writer
Date: Friday, August 12, 2011, 5:00am CDT

Dallas-based Veritex Community Bank has agreed to buy Bank of Las Colinas after a previously announced buyout fell through.

Terms haven’t been disclosed of the deal between Veritex and Capitol Bancorp Ltd. (OTCQB: CBCR), which owns Bank of Las Colinas.

Veritex CEO C. Malcolm Holland called Bank of Las Colinas “a very well-run bank.”

“We liked them for their credit quality and loved them for their management,” Holland said. “We think they’ll fit in really, really well into the Veritex family.”

A key part of Holland’s plan is to build Veritex into a billion-dollar community bank through acquisitions of healthy institutions. Bank of Las Colinas fits that rubric, he said.

“We’ll look into other parts of Texas” for deals, Holland said. “But at this point in time, we haven’t found anything that fits.”

Including the Bank of Las Colinas transaction, Holland has led three acquisitions of DFW financial institutions, starting with Professional Bank in September 2010. It later bought Plano’s Fidelity Bank.

The acquisitions of Professional and Fidelity gave Veritex seven branches in North Texas, scattered through Dallas, Garland, Lakewood, the Park Cities and Plano. Veritex plans to open its eighth location on Aug. 15 at 10703 Preston Road in Dallas. The 4,000-square-foot branch, on the southwest corner of Preston Road and Royal Lane, features a drive-through window and safe deposit boxes. Fidelity Bank purchased the facility in July 2010. The building had been vacant since October. Veritex remodeled the building at an undisclosed cost.

With 10 employees and roughly $48.7 million in assets, Bank of Las Colinas will boost Veritex’s asset base to between $430 million and $440 million, Holland said.

Veritex plans to open one more location at an undisclosed spot later this year. Bank of Las Colinas, which has one location, will become the 10th branch of Veritex once the purchase closes, Holland said.

Veritex’s efforts have gotten attention in the banking community.

“I’m impressed with what they’ve accomplished,” said C.K. Lee, managing director at Commerce Street Capital, a Dallas investment bank that specializes in financial institutions. “They have a strong group of bankers.”

Capitol Bancorp, which has dual headquarters in Lansing, Mich., and Phoenix, announced in March that it planned to sell the Bank of Las Colinas to Frisco’s Collin Bank on undisclosed terms.

The deal between Capitol Bancorp and Collin Bank was “terminated by both parties,” said Angela Kimber, director of communications at Capitol Bancorp. She declined to elaborate.

Collin Bank’s CEO, Sam Baughman, could not be reached.

Capitol Bancorp said the deal with Veritex is expected to close later this year, subject to shareholder and regulatory approvals.