PlainsCapital Bank, a subsidiary of PlainsCapital Corporation, is one of the largest independent banks in Texas with approximately $6.3 billion in assets. PlainsCapital operates 34 branches in Arlington, Austin, Dallas, Fort Worth, Lubbock, San Antonio and Weatherford. The bank, which is led by CEO Jerry Schaffner, employs about 1400 people.
In Arlington, Austin, Dallas, Fort Worth and San Antonio, PlainsCapital Bank operates as a commercial bank and targets middle market companies and high-net-worth individuals. In Lubbock and Weatherford, the bank operates as a retail bank.
History
In 1988, PlainsCapital Corporation, led by current chairman and CEO Alan B. White, acquired Plains National Bank in Lubbock, Texas. Over the next 10 years, Plains National's service offerings grew and it became the largest bank in Lubbock with approximately $878 million in deposits. In 1999, Plains National Bank expanded to Dallas and opened its first branch on Turtle Creek Blvd. In 2003, Plains National changed its name to PlainsCapital Bank.
Timeline
- 1988 PlainsCapital Corporation acquires Plains National Bank in Lubbock with $198.8 million in assets.
- 1999 PlainsCapital Bank grows to $878 million in assets and expands outside West Texas by opening its first Dallas branch.
- 2000 PlainsCapital Bank enters the Austin market. PlainsCapital Bank reaches $1 billion in assets.
- 2003 PlainsCapital Bank undergoes name change to PlainsCapital Bank. PlainsCapital Bank enters the Fort Worth market. PlainsCapital Bank reaches $2 billion in assets.
- 2004 PlainsCapital Bank enters the San Antonio market.
- 2005 PlainsCapital Bank reaches $2.5 billion in assets.
- 2006 PlainsCapital Bank enters the Weatherford market.
- 2007 PlainsCapital Bank reaches $3 billion in assets.
- 2008 PlainsCapital Bank enters the Arlington market. PlainsCapital Bank reaches $3.5 billion in assets.
- 2009 PlainsCapital Bank reaches $4.5 billion in assets.
- 2010 PlainsCapital Bank reaches $5 billion in assets.
Markets
Lubbock
PlainsCapital Bank was founded in Lubbock in 1988. Today, Lubbock is the bank's largest retail market, operating 13 branches and 26 ATMs in the area. The Lubbock market is led by one of the bank's founders, John Owens, Region Chairman.
Dallas
In 1999, PlainsCapital Bank opened the doors to its first Dallas branch located on Turtle Creek Boulevard. Soon branches in North Dallas, Frisco, Carrollton, Preston Center, and most recently, Victory Park were opened. Today, PlainsCapital Bank operates eight branches in the Dallas area, including ATMs at the American Airlines Center in Victory Park.
Austin
PlainsCapital Bank entered the Austin market in 2001 with the opening of its downtown location. Today, the Austin market has grown to and operates five branches and seven ATMs in Austin and Round Rock, Texas.
Fort Worth
PlainsCapital Bank entered the Fort Worth market in 2003 with the opening of its Western Place office. To kick-off PlainsCapital's entry into Fort Worth, the bank sponsored the PlainsCapital Fort Worth Bowl (now called the Bell Helicopter Armed Forces Bowl) in 2003 and 2004. Today, the bank operates three Fort Worth branches and one in Arlington.
San Antonio
In May 2004, PlainsCapital entered the San Antonio market with the opening of its Renaissance Plaza location. Two more San Antonio locations soon followed, including Stone Oak and Fountainhead.
Weatherford
PlainsCapital entered the Weatherford market in 2006 with the opening of its branch on Santa Fe Drive. Today, Weatherford is the bank's second largest retail market.
In the news
PlainsCapital Bank drew media coverage due to a lawsuit with Plano-based Hillary Machinery, Inc. regarding fraud. While PlainsCapital aided in recouping much of the funds, according to the suit, the bank sought to avoid refunding Hillary Machinery the remaining $205,000 that was taken from their account by overseas hackers using valid credentials. Romanian hackers transferred large sums of cash to an overseas checking account without adequate security measures. While the transfers were initiated using valid log-in credentials, the customer alleges there were details that should have stopped the transfers. According to the Hillary Machinery, the money was being transferred to foreign destinations. Transfers were made in a two- or three-day period, many of them involving sums that were outside the normal range of transfers initiated by the customers. Some of the transfers involved sums in excess of $100,000, while others were as small as $2,500. Each of the transfers was also made to a different account, which was unusual. The lawsuit was later settled. The details of the settlement were not disclosed.
Acquisition of assets of failed bank
In September 2013, First National Bank of Edinburg was closed by its regulators, and PlainsCapital Bank acquired most of the failed bank's assets and branches.
Locations
PlainsCapital Bank operates 80 bank branches.
References
External links
- Official website
Interesting Informations
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