Woodforest National Bank
TypePrivate
IndustryFinancial services
Founded1980
HeadquartersThe Woodlands, Texas, USA
Key people
James Dreibelbis
(Chief Executive Officer)[1]
ProductsBanking
78.5 million (2012)[2]
Total assets$3.7 billion (2012)[2]
Total equity$349.5 million (2012)[2]
Number of employees
4,843[2]
ParentWoodforest Financial Group
Websitewoodforest.com

Woodforest National Bank is a privately held bank headquartered in The Woodlands, Texas. As of March 2020, it had more than 788 branches in 17 different states.[3] Woodforest National Bank is Walmart's largest retail partner, and also provides financial services for Sam's Club members. The bank also has a branch inside the main location of Houston's Gallery Furniture.

In addition to regular accounts, Woodforest National Bank offers "second chance" checking accounts for customers who have not remained in good standing with the check verification service ChexSystems, albeit with higher fees and a much longer probation period compared to traditional banks,[4] along with the same type of account for commercial customers.[5]

Banking offices

In March 2013, Woodforest National Bank and Western Union reached a deal for the latter to provide wire transfer services from Woodforest locations.[3]

Number of banking offices by State[2]
State Banking offices
Alabama 42
Florida 6
Georgia 9
Illinois 53
Indiana 49
Kentucky 28
Louisiana 18
Maryland 11
Mississippi 26
New York 24
North Carolina 89
Ohio 77
Pennsylvania 50
South Carolina 32
Texas 204
Virginia 56
West Virginia 10

Sponsorship

A five-acre facility located in the Woodlands Trade Center was created partly thanks to a $1 million donation from Woodforest National Bank. As of April 2013 it is being renamed "Woodforest Food Bank Center for Montgomery County Food Bank". The food center is campaigning to raise $6.5 million to purchase and renovate a 60,000 square feet (5,600 m2) facility. Contributions were also made by Anadarko Petroleum, Kroger, Walmart, and H-E-B.[6] The Woodforest National Bank is sponsoring its annual 5K Tomball Dash, benefiting the Woodforest Charitable Foundation.[7]

Conroe Independent School District sold naming rights for a 10,000 seat stadium in Shenandoah, Texas, for $1 million to Woodforest National Bank.[8][9]

Fee disputes

Woodforest National Bank and the Office of the Comptroller of the Currency reached a $32 million settlement regarding the bank's continuous overdraft fees, and a 2014 class action settlement put an end to debit card transaction processing in the same order as check processing, potentially resulting in additional overdraft fees.[10][11][12]

References

  1. ↑ Mathews, Chris (Jan 18, 2019). "Woodforest National Bank promotes executive to president, CEO".
  2. 1 2 3 4 5 "FDIC: Woodforest National Bank". BankFind. FDIC. Retrieved 2013-04-19.
  3. 1 2 "IR, Western Union and Woodforest National Bank Sign Multi-Year Agreement". Andrew Silver. March 18, 2013. Retrieved March 18, 2013.
  4. ↑ Ambrose, Eileen (March 5, 2012). "When you can't get a checking account, where do you go?". Baltimore Sun. Retrieved March 29, 2012.
  5. ↑ "Checking". www.woodforest.com. Retrieved 2017-08-17.
  6. ↑ "Montgomery County Food Bank Launches $6.5 Million Capital Campaign". The Paper Magazine. April 19, 2013. Retrieved April 19, 2013.
  7. ↑ Tamra Santana (November 8, 2013). "Woodforest National Bank sponsors Tomball Dash". Impact News. Retrieved November 8, 2013.
  8. ↑ Stauffer, Kimberly (2008-08-17). "CISD is ready to open its new stadium". Houston Chronicle. Retrieved 2013-05-04.
  9. ↑ Lee, Renée C. (2007-02-07). "Conroe school district sells stadium name for $1 million". Houston Chronicle. Retrieved 2013-05-04.
  10. ↑ "OCC, Woodforest National Bank Enter Agreement to Reimburse Consumers". Office of the Comptroller of the Currency. October 8, 2010. Archived from the original on 2013-05-29. Retrieved April 23, 2012.
  11. ↑ Nancy Flake (October 13, 2010). "Woodforest to reimburse customers $32 million". The Courier of Montgomery County. Archived from the original on 2013-05-02. Retrieved April 24, 2012.
  12. ↑ "Lunsford v Woodforest, Case No. 1:12-cv-00103-CAP: Notice". Retrieved March 19, 2014.
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