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Pope Joins Broadway Bank As Executive VP Moore Upped to SVP, Bank of Oklahoma Texas Capital Bank Names Cargill President, Ackers

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Pope Joins Broadway Bank As Executive VP Moore Upped to SVP, Bank of Oklahoma Texas Capital Bank Names Cargill President, Ackers November 17 , 2008 www.bankersdigest.com Volume 133, No. 19 Texas Capital Bank Names Cargill President, Prosperity Acquires All Ackerson Dallas Region Pres, Hartsfield Exec Deposits of Franklin Texas Capital Bank, N.A., Dallas, has Russell Hartsfield retains his title Prosperity Bancshares Inc., Houston, announced that three long-time ex- of executive vice president and as- TX, the parent company of Prosperity ecutives have been sumes additional Bank, announced on November 7 Pros- promoted to as- responsibility for perity Bank will assume approximately sume additional corporate banking $3.7 billion of deposits, including all responsibilities. operations in the uninsured deposits (and brokered Bank CEO George Dallas region. deposits) from the FDIC, acting in its Jones made the an- Jones remains capacity as receiver for Franklin Bank, nouncement. CEO of the bank SSB, Houston, which the Texas Depart- Keith Cargill has and president/CEO ment of Savings and Mortgage Lending been named pres- of Texas Capital closed on November 7. ident, COO, and Cargill Bancshares Inc., Ackerson Franklin Bank’s 46 branches were to chief lending officer. the parent company. reopen as branches of Prosperity Bank He previously served as president of Texas Capital Bank has $4.7 billion under their normal hours. the Dallas region and chief lending of- in assets and full- As of September 30, 2008, Franklin ficer. The bank’s five TX regions will now service locations Bank had total assets of $5.1 billion and report to Cargill. The COO title is new in Austin, Dallas, total deposits of $3.7 billion. Prosperity for the bank. Jones previously held the Fort Worth, Hous- Bank agreed to assume all deposits for title of president of Texas Capital. ton, and San An- a premium of 1.7% and to purchase ap- Vince Ackerson was named president tonio. The bank re- proximately $850 million of assets. of the Dallas region, succeeding Cargill. cently completed The FDIC estimates the cost to the He will now oversee the bank’s largest a private place- Deposit Insurance Fund will be be- region, including four banking centers. ment of common tween $1.4-$1.6 billion. Franklin is the Ackerson, along with Cargill and Jones, stock netting $55 Hartsfield eighteenth bank to fail in the U.S. in were among the founders of the bank million in new eq- 2008 and the first to fail in TX since January 2002. in 1998 Q uity capital Q Prosperity, a $10.5 billion-asset fi- nancial holding company, with this Pope Joins Broadway Moore Upped to SVP, acquisition will operate 170 banking Bank as Executive VP Bank of Oklahoma locations Q Please route this issue: Broadway Bank, San Antonio, has an- Stanley A. Lybarger, president/CEO, nounced that David Pope has joined Bank of Oklahoma, N.A., and BOK Fi- the bank as execu- nancial Corp., Tul- tive vice president, sa, has announced commercial bank- that Dennis In This Issue... ing manager. He Moore has been Cafeteria Plan Proposed has extensive ex- promoted to se- Regulations Effective January 1 perience in com- nior vice presi- mercial and inter- dent, trust real Feature.........................................3 national banking. estate manager, in He will lead the the trust division. Charter Activity.........................8 charge in middle Moore has served Pope Moore market commercial with BOk since Classified....................................9 September 1994 real estate and construction lending Q Q P E O P L E TEXAS Leffler to Lead ANB TX Mansfield Center Southwest Bank Taps American National Bank of Texas largest community banks in TX, re- Presley Dallas SVP (ANB), Terrell, one of the oldest and cently named H.G. “Skip” Leffler Southwest Bank, Fort Worth, has hired banking center president for its Man- Ken Presley as senior vice president of sfield Banking Center at 2170 Matlock the Dallas Banking Center at 1603 LBJ Road. Freeway, Ste. 100. Leffler has 38 Presley has 26 years of bank- years of banking ing experience. experience. He re- He joins to cently served three ANB from Frost years as banking Bank where he center president served as mar- for Plano-based ket president in LegacyTexas Bank Arlington. His in Richardson. He experience also Leffler Presley earlier held lead- includes posi- ership positions tions with Arlington National Bank, with Bank of Texas, N.A., Dallas, and where he served as founding presi- Comerica Bank. dent and CEO in 1986; Summit Bank, He is active in in Richardson busi- Fort Worth, where he served as branch ness and community affairs, currently president; and Fort Worth Bank & serving as chairman of the board for the Trust where he served as president Richardson Symphony Orchestra and and CEO Q an advisory director for the Richardson Chamber of Commerce. Logue To Be President, Presley earned a BBA degree in fi- New Georgetown Ofc nance from Texas Tech University Q Chris Logue, who currently offices at the Independent Bank in Round Rock, has Retired Galveston Banker been appointed president of the new Worthen Dies At Age 74 Georgetown location to be built at the Northwest corner of River Boulevard Charles Alan Worthen Sr., longtime and Wolf Ranch Texas banker and philanthropist, died Road A ground- October 28. He was 74 years old. breaking ceremony Worthen began a long banking ca- ® BANKERS DIGEST is scheduled for reer at First National Bank in Dallas in Established 1942 December 10th 1961. In 1967, he joined First Hutch- A Weekly Bank News Magazine ings Sealy National Bank in Galveston (USPS 041180) A fifteen year resident of George- which later became Bank of America Published every Monday at Dallas, Texas where he retired. He was a member of ® town, Logue is a Copyright 2008 Bankers Digest recognized civic the Sealy and Smith Foundation be- BONNIE JAMISON BLACKMAN, Publisher/Editor ginning in 1977 serving as the Board’s leader. David Logue R. GILBERT BLACKMAN JR., Managing Editor President from 1992 to 2005 and Presi- 9550 Forest Lane, Suite 125 Brooks, chairman dent Emeritus until present. Through- Dallas, Texas 75243-5928 of the board of Independent Bank Phone 214/221-4544 Group, made the announcement out his career he served on the Board Fax 214/221-4546 Q of the Galveston Cotton Exchange and E-mail: [email protected] was the Founding Chairman of the website: www.bankersdigest.com NEED A Galveston Economic Development Subscription rate: SUBSCRIPTION? CHANGE AN One year $36.00, single copy $1.00 Corporation. Opinions expressed by columnists and writ- ADDRESS OR NAME? He was educated at UT Austin and ers of bylined articles are not necessarily Visit Bankers Digest on-line: the SWGSB at SMU. He was a lifelong those of Bankers Digest. Editorial guidelines may be obtained upon request. Articles and www.bankersdigest.com businessman and philanthropist. He photos may be submitted to above address served as the president of the Rosen- or sent via e-mail. SEND NEWS OF YOUR BANK berg Library, on the board of trustees Periodical postage paid at Dallas, Texas of the Galveston Wharves, director of POSTMASTER: Send address changes to [email protected] Bankers Digest®, 9550 Forest Lane, Suite 125, Fax 214/221-4546 the chamber of commerce and presi- Dallas, Texas 75243-5928. dent of the Fifty Club of Galveston Q Page 2 BANKERS DIGEST November 17, 2008 F E A T U R E EMPLOYEE ployer contributions) and employee The proposed rules adopt a very strict contributions. tone - plans must precisely follow all BENEFITS The following highlights from the of the rules in terms of plan design, rules are likely to be of interest to written plan documents, and opera- New IRS Cafeteria Plan health plans, particularly those that tions. Noncompliance with these rules Proposed Regulations provide cafeteria plan administrative means that the plan is not a cafeteria services. By plan and that the employee’s entire Bob McComas election will be included in gross in- 1.125-1: QUALIFIED AND NON- come, regardless of whether he elect- QUALIFIED BENEFITS IN A CAF- In August of ed taxable or nontaxable benefits. ETERIA PLAN 2007 The IRS Zero Tolerance Compliance Stan- BD withdrew six Written Plan dard p r e v i o u s l y (continued on Page 11) p r o p o s e d FEATURE sets of Sec- tion 125 regu- lations regarding cafeteria plans and replaced them with a new set. The new proposed regulations take effect for plan years beginning on or after Janu- ary 1, 2009; however, employers and administrators may begin relying on the rules immediately. Detailed infor- mation can be found at www.irs.gov/ govt/fslg/article/0,,id=112720,00.html. The basics: A cafeteria plan allows participants to receive certain ben- efits on a pretax basis. Participants in a cafeteria plan must be permitted to choose among at least one taxable benefit (such as cash) and one quali- fied benefit (such as insurance). A Section 125 plan is the only means by which an employer can offer em- ployees a cafeteria plan - a choice between taxable and non-taxable ben- efits - without the choice causing the benefits to become taxable. There are generally three types of cafeteria plans: • A premium-only plan allows an em- ployee to choose between salary and payment of the employee’s premium contribution to participate in the em- ployer’s medical plan via tax- free sal- ary reduction. • A Flexible Spending Arrangement (FSA) allows an employee to elect to have a certain amount of money with- held tax-free from the employee’s sal- ary and to use the dollars to reimburse qualified health care, dependent care, or adoption assistance expenses. • Under what is sometimes referred to as a flexible benefits plan, the em- ployer may offer a menu of qualified tax-free and taxable benefits which the employee may elect to purchase with a combination of flex credits (em- November 17, 2008 BANKERS DIGEST Page 3 P E O P L E LOUISIANA ARIZONA MidSouth Ups Latiolai, Caldwell Joins Bank of New Malmstrom Is VP of Business Judson, Adds Hebert Orleans in Hammond Banking, Bank of Arizona Kevin Latiolais has been promoted to Bank of New Orleans has announced Lesley Malmstrom has been hired as first vice president at MidSouth Bank, the addition of Larry Caldwell as its vice president and relationship man- N.A., Lafayette.
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