Loans Flourish in the Lone Star State

Colonial BancGroup has zeroed in on growth in Texas, focusing on Dallas-Fort Worth, the fastest-growing large urban area in America, and Austin, the fifth-fastest-growing metropolitan area in the nation. The population of Dallas-Fort Worth grew 29.3 percent from 1990–2000 while Austin-San Marcos’ population grew 47.7 percent.

Colonial Texas took advantage of this growth in 2002 both through acquisition and by building exceptionally strong customer relationships – loans outstanding tripled to more than $800 million, deposits doubled to $463 million and earnings doubled to nearly $18 million. Colonial added five new branches in Texas through acquisition and one through new construction.

Dallas is a highly competitive market for banks, but Colonial is up to the challenge. “When there is a real estate transaction to be done in this city, we want the name Colonial Bank to come to mind,” says Texas CEO Roy Salley.

The bank successfully merged cultures following the acquisition of First Mercantile Bank and is aggressively targeting commercial customers. “Our biggest product opportunity is cash management, and we offer our business customers very competitive products to manage their cash,” Salley says.

But what distinguishes Colonial the most? “The only thing, with the exception of location, that really distinguishes people in banking is the service,” Salley says. “We’ll pick up the phone and we’ll call you. We’ll provide that extra bit of service, and that’s what sets us apart.”

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