Houston is home to several community banks that play a crucial role in supporting local businesses and communities. These institutions are committed to reinvesting their assets back into the neighborhoods they serve, fostering economic growth and development. In this article, we’ll explore the top community banks in Houston, their offerings, rankings, and community investments.
Houston’s Top Community Banks
Central Bank
Established in 1956, Central Bank is a well-respected community bank in Houston, known for its strong ties to the local community. With over $1 billion in total assets and $1.03 billion in total deposits (as of June 2023), Central Bank has a significant presence in the Houston area.
One of Central Bank’s standout features is its community-focused approach. According to the 2021 rankings, an impressive 87% of its assets are invested back into the community, and 100% of its money is based in Houston. This commitment to local reinvestment has earned Central Bank a reputation as a pillar of support for small businesses and community development initiatives.
Lone Star Bank
Lone Star Bank is another prominent community bank in Houston, boasting an impressive 82% of its assets invested into the local community. With 91% of its money based in Houston, Lone Star Bank is deeply rooted in the city’s financial landscape.
READ ALSO: Reviewing Debt Relief and Credit Repair Services in Houston: A Comprehensive Guide
Golden Bank, NA
Golden Bank, NA stands out as an Asian American-owned and -led Community Development Financial Institution (CDFI). As of 2021, 82% of its assets were invested into the community, and 59% of its money was based in Houston. Golden Bank’s unique position as a CDFI allows it to prioritize underserved communities, fostering economic growth and empowerment.
Allegiance Bank
Allegiance Bank has consistently ranked among Houston’s top community banks, with 81% of its assets invested into the community and 73% of its money based in Houston (as of 2021). This bank’s commitment to local reinvestment has made it a valuable partner for small businesses and community organizations.
Bank of Houston
Rounding out the top five is Bank of Houston, which invested 76% of its assets into the community and had 86% of its money based in Houston (as of 2021). This level of local focus has allowed Bank of Houston to tailor its services and products to meet the unique needs of Houston’s diverse communities.
2023 Largest Houston-area Community Banks Ranking According to the Houston Business Journal’s 2023 rankings, Stellar Bank emerged as the largest Houston-area community bank, with total assets of $10.77 billion and total deposits of $8.78 billion. Texas First Bank and Golden Bank NA followed in second and third place, respectively, showcasing the strength and diversity of Houston’s community banking sector.
Conclusion
Houston’s community banks play a vital role in supporting local businesses, fostering economic growth, and reinvesting in the communities they serve. With their deep roots in the city and a commitment to community development, these institutions have become key drivers of Houston’s economic landscape.
From Central Bank’s impressive 87% community investment to Golden Bank’s unique position as an Asian American-owned and -led CDFI, Houston’s top community banks are leading the way in prioritizing local needs and empowering underserved communities.
As the rankings and offerings of these banks continue to evolve, one thing remains constant: their dedication to serving the people and businesses of Houston. By choosing to bank with a community institution, Houstonians can contribute to the city’s growth while benefiting from personalized services and a deep understanding of their local market.
FAQs
Q: What is a community bank?
A: A community bank is a locally owned and operated financial institution that focuses on serving the needs of its local community. These banks typically have a more personalized approach and a deep understanding of the local economy and businesses.
Q: Why are community banks important?
A: Community banks play a vital role in supporting small businesses, fostering local economic growth, and reinvesting in their communities. They prioritize building strong relationships with their customers and understand the unique challenges and opportunities within their local markets.
Q: How do community banks differ from larger, national banks?
A: Community banks generally have a more localized focus and a deeper commitment to their communities compared to larger, national banks. They often have a more personalized approach to banking services and are more responsive to the specific needs of their local customers.
Q: What are some of the benefits of banking with a community bank?
A: Benefits of banking with a community bank include personalized service, local decision-making, a better understanding of the local economy, and a commitment to reinvesting in the community. Community banks also tend to have a more flexible approach to lending, which can be advantageous for small businesses and individuals.
Q: How can I determine if a bank is a community bank?
A: Community banks are typically designated as such by the Federal Deposit Insurance Corporation (FDIC). You can also check a bank’s website or speak with a representative to inquire about their community bank status and local focus.
In another related article, Upcoming Personal Finance Workshops in Houston
