Rio Bank
| Company type | Private |
|---|---|
| Industry | Banking, Financial services |
| Founded | February 1985 |
| Headquarters | McAllen , United States |
Area served | Rio Grande Valley, South and Central Texas |
| Products | Retail banking, consumer deposit accounts, lending services |
Rio Bank is a community-oriented financial institution based in McAllen, Texas, with 16 branches serving the Rio Grande Valley (Texas). Its operations focus on the South and Central Texas regions along the Mexican border, catering largely to a customer demographic that includes many Mexican clients.
History
Established in February 1985, Rio Bank initially focused on retail banking, addressing consumer deposit accounts and lending services.
The bank experienced gradual growth over the years, inaugurating a second branch in North McAllen, Texas in 1995, followed by additional offices in San Juan, Texas and Palmview, Texas in 2002. Further expansion included branches in Brownsville, Texas in 2005 and Weslaco, Texas in 2009.
A significant development occurred in 2018 when Rio Bank acquired Elsa State Bank & Trust. This acquisition boosted its assets by $200 million, bringing the total to around $550 million, and extended its presence into new territories such as Starr County, Texas and Cameron County, Texas.
In 2019, the bank completed construction of a new corporate headquarters building and subsequently relocated its main office there.
In April 2023, Rio Bank partnered with the Texas Bankers Association to file a lawsuit against the Consumer Financial Protection Bureau and its then-director Rohit Chopra, challenging a regulation that mandates lenders to gather and report demographic information related to small business loans.