Founded by Chan Patel, who is the founding chairman of the Indo-American Chamber of Commerce, SBT has US$1B in assets
Independent Community Bankers of America (ICBA) has ranked State Bank of Texas (SBT), the largest Indian American-owned bank in the United States as the top-performing community bank for 2023.
Founded in 1987 by Indian immigrant and hotelier Chan Patel, SBT continues to be owned and operated by the Patel family. Chan Patel (father) serves as CEO, Sushil Patel (son) as president, and Rajan Patel (son) as chief lending officer and EVP.
The Dallas-based bank was recognised by ICBA for its flexibility to adapt quickly to market demands and client needs and for its hospitality, both of which contributed to its growth during the COVID-19 crisis. ICBA highlighted that during the pandemic when many banks halted lending to hotels, SBT saw it as an opportunity to acquire new clients and financed new hotel owners.
“Combined, our owners and board own nearly 165 hotels in the US. That knowledge and experience is of significant benefit to the health of our business and to our clients,” said Sushil Patel.
“Our clients understand the value of having a lender they can contact at any time. SBT, as a community bank, is best positioned to serve their financial needs, making their dreams a reality. We didn’t create hospitality lending, but we’re making it better,” he added.
According to a release shared by SBT, the ICBA compiled this year’s rankings using Federal Deposit Insurance Corporation (FDIC) data. They took pre-tax return-on-assets (ROA) figures from the past three years, with the most recent year more heavily weighted.