SOUTHLAKE, Texas — Read this story and more North Texas business news from our partners at the Dallas Business Journal
Texas Capital Bank hopes to open its first new branch in six years in the Dallas-Fort Worth Metroplex's wealthiest suburb.
The Dallas-based bank, a subsidiary of Texas Capital Bancshares (Nasdaq: TCBI), aims to open a location in Southlake at 1538 E. Southlake Blvd., according to a Feb. 7 application with the Texas Department of Banking.
If approved, it would be the first new branch for Texas Capital since 2018, when it opened at Trinity Groves in West Dallas.
Bank spokeswoman Julia Monter confirmed the plans for a new branch in an email.
"Texas Capital looks forward to continuing our ability to serve the needs of current and future clients across the metroplex with a new financial center in Southlake, focused on building relationships in the local and surrounding communities," Monter said in a statement. "Additional details will be provided closer to the opening date later this year."
The bank declined an interview request.
The new branch is slated to be located at Southlake Town Square, a 130-acre mixed-use development owned and managed by Indianapolis-based Kite Realty Group Trust. Texas Capital will occupy a 3,282-square-foot space previously filled by TD Ameritrade and located right by a Charles Schwab branch, according to an online retail brochure. Westlake-based Schwab and TD Ameritrade merged in 2020 in a $26 billion deal.
Other tenants in Southlake Town Center include Apple, Trader Joe's, Tesla and Fidelity.
Jason Kasal, vice president and senior leasing director of Kite Realty Group, could not be reached for comment.
It represents a shift in strategy for Texas Capital — the midsize bank, with $28.4 billion in assets as of Dec. 31, operates a branch-light network with a strategy more focused on commercial banking, investment banking and private wealth management. Texas Capital has 10 branches across Dallas-Fort Worth, Austin, Houston and San Antonio, in addition to one location in New York.
Under the leadership of Rob Holmes, who became CEO in 2021, Texas Capital has undergone a massive transformation that included establishing an investment bank and expanding treasury and private wealth services. Holmes has aimed to make Texas Capital a full-service institution less reliant on loan growth.
While Texas Capital does not have a large retail business, opening a branch in Southlake would help the bank continue on its path from the last three years. Southlake's 76092 ZIP code has topped Dallas Business Journal's list of wealthiest ZIPs in DFW for several years, based on the criteria of $240,694 in median household income, and has become a hotbed for small and middle-market businesses that Texas Capital would surely like to serve.
"The fact that they decided to open here is a testament to the strength of our local economy and a reflection of our commitment to fostering a business-friendly environment," Southlake Mayor John Huffman said in a statement. "We are looking forward to the ribbon-cutting later this year."
Southlake, with a population of about 31,000, remains poised to continue growing. Huffman told Dallas Business Journal last year he wants to attract more corporate headquarters. The town’s office inventory totals more than 4.2 million square feet, while its retail footprint clocks in at more than 4.5 million square feet.
Texas Capital is not alone among banks eyeing opportunity in Southlake. Texas Security Bank, Great Plains National Bank and Origin Bank have expanded to the market within the past couple of years.
