Rio Bank

Rio Bank is a locally owned and managed bank headquartered in McAllen, Texas, with 14 Texas locations across the Rio Grande Valley.[1]

History

In February 1985, Rio Bank opened its doors as a retail oriented bank primarily catering to consumers for both deposit and loan business.[1]

In 1995, the bank opened its second banking center in North McAllen, Texas.[1]

In 2002, the bank opened two new banking centers one in San Juan, Texas and the other in Palmview, Texas.[1]

In 2005, the bank opened a new banking center in Brownsville, Texas and in 2009 opened a new banking center in Weslaco, Texas.[1]

In 2018, Rio Bank acquired Elsa State Bank & Trust. The merger increased Rio Bank's current $350 million in assets by an additional $200 million. The merger added locations that Rio Bank previously did not service, such as Starr County, Texas and Cameron County, Texas.[2]

In 2019, the bank is expected to complete their new corporate headquarters building and move their operations by the end of the year.[3]

In April 2023, Rio Bank and the Texas Bankers Association sued the Consumer Financial Protection Bureau and then-director Rohit Chopra over the agency's rule mandating that lenders collect and report demographic information on small business loans.[4]

References
  1. "History". www.riobk.com.
  2. Garcia, Cristina M. (May 17, 2018). "Rio Bank set to acquire Elsa State Bank".
  3. "Rio Bank Topping Event". www.krgv.com.
  4. "Texas bank, trade group sue CFPB over small-business data collection rule". Banking Dive. Retrieved 2023-04-28.
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