Gulf Coast Bank expands into Texas

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New Orleans-based Gulf Coast Bank and Trust Company plans to open a new branch in June in Dallas – the first time the bank will operate a full service branch outside of Louisiana.

According to the Office of Financial Institutions’ website, the Texas branch would be located at 5949 Sherry Lane, Suite 785.

Guy Williams, president and CEO of the bank, on Wednesday confirmed the bank’s intentions to expand into Texas.

Williams said the branch will be the bank’s new small business lending headquarters. It will have some limited deposits but will not be a traditional consumer branch. About 15 employees will be hired but none will be transferred from New Orleans, he said.

“One of the nice things is that you can branch anywhere in the country,” he said. “You can go wherever you see loan demand and Dallas is a good market.”

He said it’s a chance to expand in an “area that makes sense.”

He commended Dallas’ diversity, growth potential and lower taxes.

Currently the bank has 19 branch locations across southeast Louisiana: two branches in Baton Rouge, five on the North Shore, seven on the East Bank, three on the West Bank and two in St. Bernard Parish.

“Gulf Coast Bank has been successful in Louisiana, and we’re looking at this as an opportunity to expand our footprint across the Southwest,” he said.

Looking forward, Williams said they anticipate opening a branch in Orlando, Florida.

In February, the bank announced its third consecutive year of record earnings. Gulf Coast had record pre-taxed earnings of $28.48 million. The bank’s total assets increased by 12.5 percent, ending the year at $1.372 billion in total assets.

In December, Gulf Coast announced the opening of its 19th branch location in Hammond, as well as an acquisition of AmeriFactors Financial Group, LLC in Florida.

Gulf Coast has two locations for mortgage business in Destin and St. Petersburg, Florida.

Gulf Coast Bank was originally founded as American Savings in 1883. In 1990, Williams and a group of local investors took over the community bank.

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