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State Bank of Texas

History:

In 1987, the U.S. economy was in recession. The Savings & Loan industry had all but collapsed and the banking industry was also suffering heavily. Businesses overall were not doing well. Asian Indians attempting to start new businesses or expand present businesses were having trouble in trying to get credit from banks. While the Indian community was forced to ride the downward economic spiral in Dallas and the U.S. with the rest of the county, one group of Indians decided to oppose the trends. This group believed that the Indian community needed an Indian-owned bank, whose owners knew the able-businesspeople of the Indian community and who were familiar with many businesses that Indians have historically and successfully operated.

In 1987, in an awful economy, the Indian community needed a banking solution. Although the group had no banking experience, with Chan Patel as their leader, they set out to create that solution. Chan diligently looked for ways to raise the necessary capital. He even held town hall meetings in the Asian community to offer Indians the opportunity to invest in the proposed bank at $10 per share of stock. Few in the community were willing to invest in the venture. It was then that he turned to a few highly respected friends and relatives and instilled the need and the dream into this small group. The venture raised the needed capital, a community-based Board of Directors was installed, and professional bankers were employed. State Bank of Texas was born!

Today, the Bank has more than $500 million in assets and its stock has a book value of more than $175 per share. Some seventeen years later the Bank has made more than 75% of its loans in the minority communities. These are the people the Board of Directors had envisioned serving back in 1987.

These past years, the Bank has operated in the culturally diverse markets of the Metroplex, embracing all cultures. Over the years, the bank has enabled many to establish their own businesses, which in turn has fostered wealth generation among minorities in the Metroplex. One of the Bank's customers was able to develop a multimillion dollar business empire from a $30,000 loan he obtained from State Bank of Texas. This success story speaks greatly of the Bank's commitment to the Indian community and the Bank's ability to make wise lending decisions, and, of course, the ability of our customers.

State Bank of Texas' Board of Directors and management are proud to be selected by the DFW Airport as an approved depository. Every dollar of deposit and every loan request is critical to the Bank's continued success and development of our minority community.

Just this past year, to further the Bank's mission to serve the community, the Board of Directors established several very aggressive goals for the Bank's growth. These goals will cause the lending of more than $85 million, most in the minority communities.

The State Bank of Texas mission is to be a financial cornerstone and a model for the Asian Indian community. With God's blessing and the support of each community member, the mission and the success of State Bank of Texas can mean the success of all.

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