Commercial Bank Of Texas history

Ten additional state banks were established under a general law passed in 1874.

In 1891, Anna and her sons purchased 5,000 acres to accommodate the business that grew through her “commission buying” of livestock.

In 1897, Anna sold the store and moved to Mason.

Commercial Bank of Texas was founded on October 14, 1901 and has been serving the financial needs of their customers for over 120 years.

E. A. Blount purchased controlling interest in CNB, and in 1903 the bank moved to its present location.

In 1904, Article XVI, Section 16, of the Constitution was amended to permit state-chartered banks, by permitting the Legislature to authorize the incorporation and regulation of corporate bodies with banking and discounting privileges.

In 1905, the 29th Legislature adopted by general law a system of corporate state bank chartering and regulation, as authorized by constitutional amendment.

In 1907, the 30th Legislature created the Department of Agriculture and the former agency was renamed the state Department of Insurance and Banking.

In 1909, the 31st Legislature created the Texas Library and Historical Commission, transferring to it the duties of statistical and historical work from the Insurance and Banking Commissioner.

State building and loan associations existed prior to 1913, but had all been created by special acts of the Legislature.

In 1917, the 35th Legislature created loan and investment companies and placed supervisory authority with the Commissioner of Insurance and Banking.

The crucial problem was a provision for annual special assessments against member banks, which created concern because the guaranty fund had been technically insolvent since the business depression of 1921.

In 1923, the 38th Legislature created the office of banking commissioner and the state Department of Banking, formerly part of the state Department of Banking and Insurance.

In 1927, the 40th Legislature repealed the Texas Guaranty Law.

In 1929, the 41st Legislature revised the law relating to regulation of state building and loan associations, and transferred regulatory jurisdiction to the Texas Department of Banking.

In 1933, Congress amended the Federal Reserve Act to institute the system of federal deposit insurance on a temporary basis, and created the FDIC, owned by the Federal Reserve System.

Commercial National Bank of Texas was granted fiduciary and trust powers by the Federal Reserve System in 1940 to meet the growing needs of our customers looking to establish accounts to invest and protect their assets.

In 1943, the 48th Legislature enacted The Texas Banking Code of 1943 and created the Finance Commission.

In 1955, the 54th Legislature granted authority to the Banking Department to license, examine, and regulate the sale of prepaid funeral services and merchandise. (Art.

In 1962, the Department supervised 4,013 entities, of which 553 were banks with assets of $3.4 billion.

In 1966, The Commercial Bank was incorporated for the first time, chartered with the State of Texas and became a member of the Federal Deposit Insurance Company.

In 1969, the 61st Legislature revised the examination frequency applicable to state banks to three times in 24 months and no more, except as otherwise deemed necessary.

A group of local investors, whose names are still familiar today, purchased controlling interest in The Commercial Bank in 1970.

In 1980, Article XVI, Section 16, of the Constitution was amended to add bank authority to have unmanned teller machines within the city or county of its domicile.

In 1983, the 68th Legislature changed the number of members and composition of the Finance Commission to 12 by adding the three-member Consumer Credit section.

In April 1984, Commercial National Bank undertook a $1.6 million reconstruction project to renovate its downtown facilities after incurring extensive fire damage.

In 1986, Congress enacted the Tax Reform Act of 1986, eliminating accelerated depreciation on commercial real estate and prohibiting deduction of "passive losses." One effect was to dampen demand for commercial real estate investments, which acted to soften real estate prices.

In 1987, Texas Attorney General Jim Mattox issued an opinion (JM-630) holding that legislation authorizing acquisition of Texas banks by out-of-state bank holding companies was constitutional under Tex.

In 1989, 134 Texas banks with assets of $23.2 billion (state and national) failed— 13.6 percent of the state's banking assets.

In 1991, during the Savings and Loan crisis, CNB acquired the insured deposits of Superior Savings Bank.

For PCC certificate holders who incorporated after September 1, 1993, they must maintain a minimum equity or net worth of $75,000.

In 1994, Congress enacted the Reigle-Neal Interstate Banking and Branching Efficiency Act of 1994 (PL 103-328). The Act broadly grants interstate branching rights by merger and preempts restrictive state branching law unless a state "opts out" in the manner permitted by the Act.

In 1995, the Department began conducting annual customer surveys of banks and trust companies.

In the 1996 Sun World litigation, Sun World National Bank was owned by NationsBank, and after the relocation, Sun World was merged into NationsBank, N.A., Charlotte, North Carolina.

In 1997, the 75th Legislature enacted the Texas Trust Company Act, a complete system of laws governing state trust companies.

In 1998, citing constitutional parity and the federal preemption of Article 489f for its failure to address state savings banks, the banking commissioner announced that the Department would accept applications for interstate merger and branching transactions for state-chartered banks.

In 1999, CSBS re-accredited the Department.

In early 2000, the Finance Commission established its own website.

In 2002, the Finance Commission Chair announced the commencement of a study of agricultural business lending in Texas.

In 2003, the method of revenue generation for the PFC program changed from examination fees (per examiner day), to annual assessments that may be billed quarterly or fewer times based upon outstanding contracts.

In 2004, the Department investigated an individual company selling preneed mausoleums and misappropriating funds.

In 2005, the Department facilitated the recovery of misappropriated funds for PFCs of approximately $249,500.

In 2006, the banking commissioner issued Supervisory Memorandum 1021 concerning consumer awareness about fraud-induced wire transfers.

In 2007, H.J.R. 72 proposed a constitutional amendment to clarify certain provisions relating to the making of a home equity loan and use of home equity loan proceeds in Texas.

As of June 30, 2008, the Department had 169 employees, and exercised oversight responsibility of 328 commercial banks with total assets of $153.9 billion.

In 2009, the 81st Legislature passed S.A.F.E., a compliant legislation as required by the federal S.A.F.E. Act.

In 2010, the Department published an informational prepaid funeral brochure as required by 81st Legislature.

In 2011, S.B. 249 of the 82nd Legislature increased the size of the Finance Commission from nine members to eleven members.

In 2012, the banking commissioner and the United States Secret Service Dallas Field Office jointly announced efforts to assist financial institutions in adopting practices designed to reduce the risks of corporate account takeover.

As of June 30, 2013, the Department had 191 employees and exercised oversight responsibility of 288 commercial banks with total assets of $203.3 billion.

In 2014, the Department’s website was redesigned and featured more information, easier navigation, and improved accessibility.

In 2015, the 84th Legislature approved changes for trust companies.

In 2016, total assets for Texas state-chartered banks were $254.6 billion as of December 31st, up $7.7 billion over the previous year.