Entrepreneurs

Robert Ittner

Bank of Tanglewood (Houston) was formed in 1996 and was capitalized by selling stock to friends and acquaintances for $10/share and with the proviso that the shareholders support the bank in a multiple of 5X their investment in deposits and/or loans. Some of the key organizers were Chairman Bob Greer (UT) and President Rich Jochetz (UT). One of the board members, a 39-year-old successful businessman named Jeff Springmeyer lived in the City of West University Place and thought that the community would appreciate a locally owned bank as University State Bank and West University Bank had been acquired. I had met him through youth sports in the area and in 1998 he approached me to start the Bank of West University, a branch of the Bank of Tanglewood. We sold stock in the community for $15/share with the same proviso of supporting the bank.

Ittner_Robert_insetThe bank opened in a temporary facility in April 1999 while we built a building which was completed in December of that year. At the first board meeting of the Bank of Tanglewood, I quickly realized that we were way behind the budget for loans and deposits as I had concentrated on selling shares rather than generating business. As the only marketing person in our starting staff, I realized it was solely up to me to make the office profitable as all of the other factors were in place for success. By the end of the year, we were on target.

Our coup in 2001 was being able to hire a president of another bank which had been acquired. We hired him, his assistant, and one of their tellers and moved meaningful loan and deposit business to our office. In April 2002, Bank of Tanglewood received an unsolicited offer which motivated us to hire an investment banking firm although the bank was doing well and we were having a good time. The investment banking firm found Bank of Oklahoma which paid $57/share which closed in October 2002.

Bank of Tanglewood to be acquired – Houston Business Journal

Bank of Tanglewood
BBA  1967
BBA Entrepreneurs Archive