Bank Texas
Encyclopedia
BankTexas is a community-based financial institution
located in the East Texas
town of Quitman
. As of September 2008 it had asset
s of $208.0 million and total loans of $103.8 million.
in 1905 and then to a national-chartered bank in 1914 (taking the name The First National Bank of Quitman.). BankTexas took on its present name on January 1, 2005.
In 2006, seven members of the bank's board of directors raised approximately $13 million from local investors to form BT Holdings, which purchased BankTexas from its then non-local owners. The transaction allowed BankTexas to once again become a locally-owned financial institution.
Financial institution
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...
located in the East Texas
East Texas
East Texas is a distinct geographic and ecological area in the U.S. state of Texas.According to the Handbook of Texas, the East Texas area "may be separated from the rest of Texas roughly by a line extending from the Red River in north central Lamar County southwestward to east central Limestone...
town of Quitman
Quitman, Texas
Quitman is a city in Wood County, Texas, United States. The population was 2,030 at the 2000 census. It is the county seat of Wood County. It is most notable for being the birthplace of American Academy Award winning actress Sissy Spacek. The city's slogan is "Come grow with us." It was...
. As of September 2008 it had asset
Asset
In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...
s of $208.0 million and total loans of $103.8 million.
History
BankTexas was formed in the 1890s, converted to a state-chartered bankState bank
A state bank is generally a financial institution that is chartered by a state. It differs from a reserve bank in that it does not necessarily control monetary policy , but instead usually offers only retail and commercial services.A state bank that has been in operation for five years or less is...
in 1905 and then to a national-chartered bank in 1914 (taking the name The First National Bank of Quitman.). BankTexas took on its present name on January 1, 2005.
In 2006, seven members of the bank's board of directors raised approximately $13 million from local investors to form BT Holdings, which purchased BankTexas from its then non-local owners. The transaction allowed BankTexas to once again become a locally-owned financial institution.