TFC talks incessantly about its “growth markets” on earnings calls, providing lip service to Texas where brand recognition is abysmally low and the bank has been unwilling to invest meaningful balance sheet, marketing, or human capital dollars.
Huntington invokes actions instead of words — quietly making marquee hires from Truist to build out its Texas leadership team, most recently acquiring Truist Wealth up-and-coming superstar Jarrod Burgess, among many others. Huntington also built out a respectable commercial business in Dallas and opened the balance sheet and offered loss-leading credit terms to attract new business clients to the franchise.
Then today they announce an all-stock deal to acquire Veritex, which is an operationally efficient bank with strong businesses in Texas’ key markets of Austin, Dallas and Houston.
Meanwhile, TFC treats its crown jewel growth market with the same ineptitude that is resulting in lost market share in its “mature” markets, like the Carolinas, which are also succumbing to pressure from hyper-investment from Huntington and mainstay competitors.