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. 1 2 3 4 5 "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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