Moody National Bank
From Wikipedia, the free encyclopedia
| Moody National Bank | |
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| Type | Private |
| Founded | 1907 |
| Headquarters | Galveston, Texas |
| Key people | Robert L. Moody, Chairman Victor Pierson, President & CEO Craig Barker, Executive Vice President |
| Industry | Finance and Insurance |
| Products | Banking |
| Employees | 261 |
| Website | www.moodybank.com |
Moody National Bank (MNB) is a nationally chartered bank, founded in 1907, that is based in Galveston, Texas, USA.
With assets of nearly $1 billion dollars [as of December 2006] Moody Bank is one of the largest privately owned Texas-based banks. Its trust department, established in 1927, administers over $12 billion dollars in assets, one of the largest in the state. The company offers a full range of commercial and consumer banking products, as well as trust and investment banking services to customers throughout Southeast Texas, including the Greater Houston area. [1]
The bank is unique in that through its trust department, it has defacto control of the American National Insurance Company (ANICO), one of the largest life and property/casualty companies in the U.S. The bank's trust department administers the Moody Foundation and the Libbie Shearn Moody Trust, which together own the majority of ANICO's shares.[2][3]
Moody National Bank is a wholly-owned subsidiary of Moody Bancshares, Inc., a financial holding company, also based in Galveston. Moody Bancshares also maintains a controlling interest in Galveston-based Hometown Bank N.A.[4]
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[edit] History
In 1907, prominent Galveston businessman William Lewis Moody, Jr, founded City National Bank in the Trust Building at 2228 Post Office Street in downtown Galveston. The new bank quickly grew and by 1920 a new building was constructed a block away at 2219 Market Street.
During its early years the City National Bank merged with the Galveston National Bank and continued to steadily grow in size and assetts. In 1953 the board of directors decided to honor the bank's founder by changing the name to Moody National Bank. However, in 1954 Mr. Moody died and his daughter, Mary Moody Northen assumed control of the bank and ANICO.
By 1962 the bank found itself having outgrown the stately old quarters on Market Street, and a new building was constructed a block away at 2302 Post Office Street. The old building, after sitting vacant for several years, was donated in 1972 by Ms. Northen to Galveston County for use as a historical museum dedicated to the memory of her father. [5]
With the legalization of branch banking in Texas, in 1988 Moody National Bank merged with sister bank, South Shore National Bank in League City, Texas. South Shore National Bank had been established by the Moody Family to provide financial services to the South Shore Harbor subdivision, which was being developed by their family controlled insurance company, the American National Insurance Company.
By the early 2000s MNB began to spread out from its traditional base of Galveston County and now has offices in the surrounding counties of Brazoria, Fort Bend, and Harris.
[edit] Banking center locations
Moody National Bank operates 24 financial centers across Southeast Texas in the following counties:
- Brazoria (6)
- Fort Bend (3)
- Galveston County (10)
- Harris (5)
In January of 2008 the bank announced its plans for expansion into the Austin, Texas market.[6]
