HomeTown Bank

/Home/1. Search Texas Home Mortgage/Home Mortgage - Gulf Coast Region, Texas/Home Mortgage - Galveston County/Home Mortgage - Friendswood, TX

HomeTown Bank
3211 FM 528Map
Friendswood, TX 77546
Phone: (281) 648-9000
Fax: (281) 648-2387


Bank History

Commencement of operations under the name of Bank of Galveston, National Association, occurred on June 23, 1966 upon the issuance of a national banking charter by the Comptroller of the Currency. The bank name was changed to HomeTown Bank, National Association, on April 19, 1999, to accommodate expansion away from Galveston Island. The Bank’s deposit accounts are insured under the Federal Deposit Insurance Act up to applicable limits. The Bank is a member of the Federal Reserve System and the Federal Home Loan Bank.

The Bank has a long history of consistent leadership. Michael J. Gaido, Sr. of the well-known Gaido restaurant and hotel family in Galveston served as Chairman of the Board from 1966 to 1993. Jack Miller assumed the Chairman’s duties in 1993 after the passing of Mr. Gaido. Mr. Miller owned and operated Schreiber and Miller Furniture in Galveston and LaMarque for many years and serves as our Senior Chairman of HomeTown Bank. Michael J. Gaido, Jr, son of Michael J. Gaido, Sr. currently serves as Chairman of the Board. Douglas Lee served as President of HomeTown Bank from 1967 through 1988. Jimmy Rasmussen has served as President since January of 1989.

The Bank currently has two banking offices on Galveston Island, one in Friendswood, and one in League City. A new location opened in Alvin, Texas on April 2, 2007. At December 31, 2008, the Bank had $261.2 million in assets, $186.2 million in loans and $260.4 million in deposits.

The Bank offers a broad range of banking services, including personal and business checking accounts, various types of interest-bearing deposit accounts, including interest-bearing checking, money market, savings, IRA, and time certificates of deposits. The following types of loans are offered: consumer installment (including automobile), commercial (including real estate construction), residential real estate, second mortgages, home improvement, home equity, and letters of credit.

Other services the Bank offers include safe deposit boxes, night depository facilities, credit card services, debit cards, notary services, travelers checks, money orders, note collection, wire transfer services, cashiers checks, drive up facilities, 24 hour ATM banking services, telephone banking, direct deposit, internet banking and bill paying. The Bank is a member of regional ATM networks and offers worldwide access services.

The Community Reinvestment Act of 1977 (“CRA”) was enacted to encourage every financial institution to help meet the credit needs of its entire community, including low-and moderate-income neighborhoods, consistent with its safe and sound operation. The bank has received an “Outstanding” CRA rating for our last two regulatory exams; the latest being in 2008.

At December 31, 2008, the Bank had a total of 76 full-time equivalent employees. The Bank has a history of directors and employees with long-tenure. The fifteen directors’ average tenure on the board of directors is over 20 years, and the bank officers average over 18 years of service. The Bank takes great pride in the quality of service provided by their “HomeTown” family of directors, officers and employees, and rewards the employees with very competitive benefits, training, and an excellent work environment.

The equity securities of the Bank consist of one class of common stock, of which there were 382,657.18 shares outstanding, held by 530 shareholders of record as shown on the Bank’s records December 31, 2008. The Bank has paid a cash dividend for twenty-seven consecutive years. The most recent cash dividend for 2008 was $2.75. The bank stock is not traded on an exchange and all authorized stock has been issued. Total Equity Capital was $25,676,810.

At December 31, 2008, the Bank’s capital exceeded all minimum regulatory requirements. The Bank’s risk-based capital ratios, shown below as of December 31st have been computed in accordance with regulatory accounting policies.

Minimum Ratios Minimum
Requirements 2008 2007
Tier I Leverage Ratio 3% 9.35% 9.93%
Tier I Risk-Based Capital 8% 14.47% 12.97%
Total Risk-Based Capital 8% 15.72% 13.87%

The directors, officers and employees of HomeTown Bank, National Association (formerly Bank of Galveston, National Association) appreciate the tremendous support of their customers and look forward to creating many new relationships in their Galveston, Friendswood, League City and Alvin markets.