The proposed Alba Bank in Houston would aim to be a minority depository institution.
Organizers also plan to raise $30 million to $40 million in initial capital, according to their application to the Federal Deposit Insurance Corp.
Alba’s founding philosophy centers on “local ownership, local management, and local decision-making,” the application said, intending to deliver sophisticated financial products paired with highly personalized customer service. The primary target market is small and midsize businesses and professionals in the Houston area, with a particular concentration in the western part of Harris County.
The bank’s five organizers will also serve as its initial board. George Martinez would serve as co-chairman, along with Bill Woodby, who would also serve as president and CEO. Martinez and Woodby are expected to be the only directors involved in the bank’s day-to-day operations.
The other directors would be Richard Figueroa, Gregg Reyes, and Thomas Reiser.
While the public version of the application failed to provide background information on the directors, Woodby was recently an executive vice president at Stellar Bank. He was vice chairman of Allegiance Bank before the merger that created Stellar.
Organizers are planning a private placement of common stock to raise up to $40 million in capital. After covering organizational expenses, the bank intends to retain at least of $28 million in capital to support its initial operations. No single shareholder is expected to own more than 5% of the bank’s common stock.
The bank’s organizers have diverse cultural backgrounds and have expressed a particular commitment to serving Houston’s Hispanic community, which the application describes as having been “long underserved” by existing financial institutions. The bank intends to engage in targeted marketing efforts aimed at underserved minority communities within its market area.
The bank’s main office will be located on Katy Freeway in Houston, though organizers expect to establish loan production offices over time. A second branch is planned within the Houston area during the second year.