Public offering for new bank raises $16.8 million

December 1, 2004
By Eric Watt

A public stock offering to raise money for a new Dallas bank has raised $16.8 million -- the maximum amount organizers could accept.

That money now will fuel the opening of T Bank N.A., a new independent bank starting out with two offices in North Dallas.

Bank organizers aimed to raise $11 million to $14 million for the venture by offering shares publicly. Startup banks typically raise cash in a private manner from small groups of wealthy individiuals.

T Bank organizers began raising funds April 30 with the goal of opening by August.

Instead of opening then, the bank continued raising funds, taking shareholder investments between $2,500 and $250,000. First Metroplex Capital Inc., the bank's holding company starts out with 600 shareholders.

The bank and its holding company are led by industry veterans, starting with President Patrick Adams.

Adams was president of Eagle National Bank when it sold to Houston's Sterling Bank in September 2002.

In a written statement, Adams notes that the banks' key executives all have at least 20 years experience in the banking business.

T Bank's main office is in North Dallas near the Dallas North Tollway and Keller Springs Road. Its first branch is about 10 miles north on the tollway near State Highway 121.

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