Harmony Bank, Texas Brand Bank close merger

Harmony Bank, Texas Brand Bank close merger

2023-05-25T08:39:03-04:00May 25th, 2023|Banking & Finance, Dallas-Fort Worth, Economy|

2 min read May 2023 — As merger and acquisitions continue to change the landscape of the banking sector in markets across the country, the Metroplex has had its fair share of activity. Harmony Bank has joined those ranks, as they recently announced the closure of their merger with Texas Brand Bank. 

The new Harmony Bank has more than $700 million in assets with 11 banking centers in North Texas. The entity will now operate as a Texas state-chartered bank, and there will also be continuity in leadership. William E. Lowe, president and CEO of Texas Brand Bank will continue in that role for Harmony Bank.

When the merger was first announced in Sept. 2022, Lowe commented on the growth potential in bringing the two banks together. “The combination of our two financial institutions will allow us to double our lending limit and acquire additional digital banking options, giving us the ability to provide greater service to current and future customers,” he stated.

Dallas-based Texas Brand Bank was created to provide banking services to “Dallas-area small businesses and residents.” It grew to over $340 million in assets since its founding in 2005 with five locations in Dallas and Garland, including banks in Uptown Dallas, Deep Ellum, The Cedars, and Oak Cliff’s Bishop Arts District. Harmony Bank began as a local financial institution, founded by a group of farmers, ranchers, and businesspeople in 1901 in Kemp, which is 45 miles southeast of downtown Dallas.

Although the merger for Harmony Bank and Texas Brand Bank began long before the crash of Silicon Valley Bank and the domino effect that followed, banking leaders across the Metroplex have maintained that communication and education are the most important factors in servicing their client base moving forward.

“It’s important that regional banks effectively and regularly communicate with our clients about how we run our business, how we manage interest rate and liquidity risks, and how we prudently leverage diversification in our revenue and balance sheet management strategies,” Mandy Austin, Dallas market president of Bank of Texas told Invest:. “Communication is key when it comes to ensuring our clients understand how healthy we are as an organization and an industry.”

According to Lowe, the business plan and model for Harmony Bank remained the same despite the number of failing financial institutions that have come to light in the past few months. The key is to have a substantial amount of liquidity. Lowe also added that Harmony has not experienced a loss of customers due to fear and worry about the current economic climate.

John Carona, chairman of Harmony Bank NA of Kemp, echoed those sentiments. “Harmony Bank is committed to our new employees and customers and the communities where they live and work, and we happily welcome them to our banking family. With the current landscape of the banking industry, it’s more important now than ever for communities to be able to put their trust and faith in community banks.”