Move over big banks, a new bank is coming to town! With the downturn of the economy, many people have pulled their money from larger banks and deposited their funds into smaller, community banks. One such bank, Broadway Bank, based in San Antonio, is expanding into Austin.
Bank officials stated on Monday, that Broadway Bank will be establishing its Austin headquarters at Midtown Medical Tower, which is under construction at 38th Street and Lamar Boulevard, and should be completed by spring. This location will employ 15-20 people, and will provide a full suite of banking services. “It’s going to truly be a full-service hub location for us,” said Harvey Hartensine, the new president of the Austin branch. The bank eventually plans to open four to six locations throughout Austin, employing fifty people and investing approximately $20 million.
Broadway Bank was founded in 1941 and has 39 location in Texas, with more than $2.6 billion in total assets. It is one of the largest independently owned Texas banks. The bank has been gradually expanding north of San Antonio along the Interstate 35 corridor, acquiring Balcones Bank and its four branches in San Marcos, Wimberly, Kyle and Buda. In 2009, it then added locations in Dripping Springs and Bee Cave. The Austin expansion is one of the largest the bank has undertaken, but according to Jim Goudge, chairman and CEO of Broadway, makes perfect sense and is a milestone in the strategic growth and development plan of the bank.
Hartensine, who has been with the bank for twenty years, said, “It was the proximity to San Antonio, but also listen to all the buzz that you hear about Austin – how it’s growing and all the different kinds of businesses that are there. We just feel like we can complement that, being a community bank.” In the past, smaller banks like Broadway couldn’t compete with big chains like Bank of America or Chase, but in 2012, according to Hartesine, “customers are flocking in, in droves.” At Broadway, “you’re not just a number; we have that community spirit we offer to our clients … and we have all the products and bells and whistles of a large bank.”