FDIC gives conditional approval for proposed Houston Bank and Trust

The Federal Deposit Insurance Corp. has approved its first new bank in 2025.

The agency gave conditional approval to organizers of the proposed Houston Bank and Trust. The group must raise at least $35 million before opening the bank.

The group first applied with the FDIC in February 2022 to form Houston Bank of Commerce & Trust, reapplying in May 2023. In March 2024, the group shortened the proposed de novo’s name.

“The organizers have significantly reconstituted their group by adding five new directors … and replacing some members of the prior proposed directors and executive team who have elected to step aside,” the last year’s application said.

Julie Cripe was identified as the proposed bank’s CEO, and Mark Jacobs was named as president. Cripe was division president of government guaranteed lending at Bank OZK; Jacobs was Houston area president of Regions Bank.

Jacobs was originally set to serve as president and CEO.