DFW De Novo Bank Approval Still on Track: Execs Discuss COVID-19’s Industry Impact

Tyme Bank executives Joe Hansen and Ken Judd discuss how its de novo bank—the first in North Texas since 2009—could be part of the solution as small businesses eventually come back from the COVID-19 pandemic.

tyme bank

Tyme Bank, the first de novo bank in North Texas since 2009, is on schedule for a third-quarter opening despite the ongoing COVID-19 health crisis, organizing executives told us.

“Nothing has changed,” proposed CEO Joseph Hansen said in a phone interview. “We have no reason to believe that our application would not be approved.”

In January, we were the first Dallas-Fort Worth outlet to tell you about the de novo filing by Farmers Branch-headquartered Tyme Bank. The organizers emerged from stealth in December to make its filings with state and federal banking regulators, which culminated a three-year process of preparation.

“We believe a lot of [the crisis] will be behind us,” Hansen said. “We started this process with courage, persistence, and determination. So I don’t know why this virus would change any of that.”


READ NEXT It’s Tyme: Local Organizers Apply to Form a New Bank in Dallas


A de novo bank is a new, from scratch, institution that isn’t created via an acquisition or a merger of equals. Tyme Bank is the first such application in North Texas for almost a decade.

As a community bank, Hansen and proposed CFO Ken Judd said their bank will particularly strategic in helping provide loans to small businesses trying to come back from the financial effects of the crisis. Both said they have been working continuously to answer any questions from regulators involving the applications.

The executives pointed out that banking workers are on the front lines of the crisis and have been declared by state and local officials as “essential” workers in their communities.

“[Bankers] are conducting banking operations or getting your checks cashed or providing you all the essential banking services you have processing your payments and so on,” Hansen said.

Banks will be conduits for government’s financial help

Once the government distributes funds to businesses and individuals to bolster the economy and assist damaged businesses, community and other types of banks will be an integral part of bringing the country back, Hansen and Judd said.

The government is in discussions about providing loans to cover payroll for small businesses, for example.

“We’re going to be the one that acts as the conduit for those loans,” Hansen said. “There’s going to be a surge going into these big banks. For some of these customers, they have no idea what the small businesses are.

Hansen and Judd are chomping at the bit to get involved in that effort.

“I wish we were open so we can help our small business customers and facilitate those loans as necessary,” Hansen said. “And this is another illustration of how a community bank can help small businesses, not only with their own capital, but as a conduit to government programs in times of crisis.”

Judd cautioned that banking customers should follow three pieces of advice:

  • Don’t panic
  • Be patient
  • Don’t fall for phone calls or emails from scammers making promises that no bank could fulfill.

“Be careful of the fraudsters, the shysters that are out there preying on people in these times,” Judd said. “Go to your FDIC-insured bank for their credibility if you need to talk to somebody, but don’t don’t respond to crazy email scams making promises.”

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