Texas United Introduces a Bank Factoring Program for Independent Texas Banks
January 14 2005 - 5:01AM
PR Newswire (US)
Texas United Introduces a Bank Factoring Program for Independent
Texas Banks LA GRANGE, Texas, Jan. 14 /PRNewswire-FirstCall/ --
Texas United Bancshares, Inc. (NASDAQ:TXUI) through its banking
subsidiary, State Bank, is pleased to announce the formation of a
participation program to provide independent Texas banks with the
opportunity to expand their commercial loan product lines. This
participation program allows independent Texas banks to provide
working capital credit facilities on a secured basis to their small
and mid-market commercial customers that might not otherwise
qualify for commercial loans. Since its inception in 1996, the
Working Capital Finance Group (WCFG) of State Bank has provided
over $600 million in secured working capital advances to companies
located throughout the state of Texas. WCFG is headquartered in
Austin, and has been managed by a seasoned professional, Cole
Harmonson, Senior Vice President of State Bank, since its
inception. The department is fully-staffed and available to work
with banks that do not yet have the in- house expertise to provide
this specialized type of financing. There are opportunities for
each bank to determine its level of involvement on a
transaction-by-transaction basis. Don Stricklin, President and CEO
of Texas United Bancshares, commented, "Our Working Capital Finance
Group is seasoned, successful and committed to providing the same
high quality of service for customers of independent Texas banks
that we currently provide to our own customers. We pride ourselves
on our flexible approach that will meet the various needs of our
banking colleagues and their smaller commercial borrowers. Whatever
the participation level chosen by each bank, State Bank's service
and performance will surpass what can be provided by a traditional
factor." Added Mr. Harmonson, "Our program supports and respects
each bank's existing relationship with its clients. Furthermore,
WCFG is part of a federally insured and regulated organization. As
a bank, our lower cost-of- funds provides a less expensive option
than that of non-banking organizations. We believe that independent
Texas banks will come to understand that this is a win-win
proposition for them." Texas United Bancshares, Inc. is a
registered financial holding company listed on the Nasdaq National
Market under the symbol "TXUI". Its wholly- owned subsidiaries,
State Bank and GNB Financial, n.a., offer a complete range of
banking services through 27 full-service banking centers. In
addition, State Bank has 18 mortgage loan production offices
located in Houston, San Antonio and Austin through the Bank and its
wholly-owned subsidiary, Community Home Loan. Except for historical
information, certain of the matters discussed in this news release
may constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 that involve risks
and uncertainties, including, but not limited to, the following:
general business and economic conditions in the markets Texas
United serves may be less favorable than expected which could
decrease the demand for loan, deposit and other financial services
and increase loan delinquencies and defaults; changes in the
interest rate environment which could reduce Texas United's net
interest margin; acquisition integration may be more difficult than
anticipated; legislative or regulatory developments including
changes in laws concerning taxes, banking, securities, insurance
and other aspects of the financial securities industry; competitive
factors may increase, including product and pricing pressures among
financial services organizations; and changes in accounting
principles, policies or guidelines. All written or oral
forward-looking statements are expressly qualified in their
entirety by these cautionary statements. Please also read the
additional risks and factors described from time to time in Texas
United's reports and registration statements filed with the
Securities and Exchange Commission. We disclaim any obligation to
update or revise any forward-looking statements contained in this
release. DATASOURCE: Texas United Bancshares, Inc. CONTACT: Cole
Harmonson of Texas United Bancshares, Inc., +1-512-997-2013
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