Rio Bank is an American community bank that is owned and headquartered in McAllen, Texas. The bank has 16 locations in Texas across the Rio Grande Valley.^[1] It serves the communities along the Mexican border in deep South Texas and central Texas with many of the bank's customers being Mexican.^[2]

History

The bank was established in February 1985, with Rio Bank opening 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.^[3]

In 2019, it complete its new corporate headquarters building and moved their operations to the new location.^[4]

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.^[5]

References