businessBanking

Frost Bank puts out its first job offers as it looks to hire 300 for 28 new Dallas locations

The San Antonio-based bank is planning out a Dallas expansion over the next several years.

Frost Bank announced earlier this year that it would expand further into Dallas-Fort Worth with 25 (now 28) new branches over the next several years. It’s now in the hiring process, with the first offers sent out.

The San Antonio-based bank that focuses on commercial banking for small to mid-sized companies said it has about 300 jobs that need to be filled. Some jobs will be in back-office positions but the majority will be for the 28 Dallas-area financial centers, the first of which is expected to open in early 2022.

“Some of these positions will be filled by existing Frost bankers (whose previous jobs will then be filled), but many will be hired from other companies,” bank spokesman Bill Day said.

The bank is entering a highly competitive hiring environment as new and old banks, investment firms and fintech companies all compete for similar talent in the Dallas-Fort Worth region. Employment in financial companies in Dallas-Fort Worth has grown 39% to 329,000 since 2011, according to Bureau of Labor Statistics data.

Frost Bank, which has more than 150 financial centers in major Texas markets, typically hires for its financial centers about six months before they open, Day said.

The bank’s real estate specialists have identified several potential sites for the 28 centers, but none have been confirmed. Some will be in fast-growing suburban areas, and some will be in well-established Dallas neighborhoods, Day said.

Frost Bank, which is a subsidiary of Cullen/Frost Bankers Inc. that trades under the CFR ticker, is coming to Dallas after a successful expansion into Houston with a similar strategy. About two years ago, it launched a 25-branch push into the Houston market that was completed in the second quarter of this year.

“Based on the success of our new Houston area locations to date, we’ve announced a similar organic expansion effort in Dallas, as well as some follow-on new location openings in the Houston area,” said Cullen/Frost CEO Phil Green in the company’s latest earnings release.

The bank, which traces its San Antonio roots back to 1868, ranked as the state’s eighth-largest bank with $42 billion in assets at the end of 2020. It’s now up to $46.7 billion in assets as of the end of June. For the first six months of 2021, the bank reported net income of $230.3 million, up about 64% compared with the first six months of 2020.

The regional bank with over 4,700 employees statewide has live customer support 24 hours a day, seven days a week, and a network of more than 1,200 ATMs. For 12 consecutive years, the bank has earned the top spot in J.D. Power’s annual ranking of retail banks based on customer satisfaction.

Natalie Walters, Money Reporter. Natalie is an award-winning reporter who covers banks, specialty lenders, wealth management, private equity and other money topics for the Dallas Morning News. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. She holds an MA in Investigative Journalism from the Cronkite School in Phoenix.

natalie.walters@dallasnews.com NatalieReporter
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