| Company type | Private company |
|---|---|
| Industry | Financial services |
| Founded | 1985 |
| Headquarters | , |
Area served | Rio Grande Valley (Texas) |
| Products | Banking services |
| Website | www |
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]
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]