Independence Bank Opens New Location in Houston's Memorial City
Independence Bank, a Houston-based community bank focused on meeting the banking needs of the region's diverse business economy, is opening its third branch location in Memorial City at 650 W. Bough Lane, Suite 140 and is expected to officially open on November 19, 2012 with a full day grand opening scheduled on December 6th, 2012.
“Memorial will be our first new branch in six years, and its opening marks the start of an aggressive growth strategy as we consider another new location in the Sugar Land / Fort Bend area,” said Okan I. Akin, President and Chief Executive Officer of Independence Bank. “We have targeted our Memorial location to reach $30 million in assets within the next 30 months, an achievable goal due to the area's strong economic growth and the exceptionally talented executive team we have in place to guide Memorial's performance.”
Heading the deposit production of the Memorial office is Senior Vice President Sheila Manning, who recently joined Independence Bank after jump starting the deposit growth at her previous bank's Memorial location in reaching $150 million in assets during its first five years. Working with Ms. Manning in the Memorial office will be Nancy Colmenares. Both executives have strong customer relationships in the affluent and expanding Memorial area to help ensure Independence Bank's growth. On the lending side, Executive Vice President Mark D. Owen brings over 30 years of banking experience and served as a SVP in charge of Commercial Lending at his prior employment with a large community Bank in Houston. Mr. Owen and his team will help businesses in the area and provide financing for commercial real estate, SBA and industry with an additional focus in the medical arena.
“Independence Bank is able to undertake this growth initiative because of our solid financial and management foundation,” Akin continued. “We have never needed government assistance during the time of banking turmoil. With more than $200 million in assets and strong improvement in our asset quality ratios during the past three years, our bank has a strong management team with well over 50 years of combined experience in the Houston market, a supportive and skilled board of directors, and positive relationships with banking regulators. With these advantages we expect our new Memorial location to significantly increase our core deposit base and lower our overall cost of funds, therefore enhancing Independence Bank's profitability.”
Independence Bank has three full-service locations in the Houston area and was founded in 2002 with the goal of becoming Houston's premier business bank serving business owners, professionals, executives, and middle market companies. A member of the FDIC and a Small Business Administration Lender, Independence Bank has more than $200 million in total assets and a strong and experienced senior management team. www.independencebank.com.
For Independence Bank
Suzy Ginsburg, 713-721-4774