Published: May 03, 2007 04:12 pm         

Weatherford National building Brock branch

Galen Scott

gscott@weatherforddemocrat.com

Local banking powerhouse First Financial Bankshares, Inc. announced Wednesday it is building Weatherford National Bank’s fourth branch in the West Parker County community of Brock.

Construction is expected to commence this summer, with a completion date anticipated in the fall. Plans call for the new bank to be at 1120 FM 1189.

Weatherford National is one of ten separately chartered banks operated by First Financial Bankshares in Texas. Existing locations are in Weatherford, Willow Park and one in Aledo.

Among other reasons, Weatherford National President Jay Gibbs said the bank chose Brock over other local market possibilities was because the Brock Independent School District is growing, and many of its employees are already customers.

Brock Superintendent Richard Tedder said the district has experienced a five percent jump in enrollment annually for the last five years.

“It’s a growth rate that recently prompted the Brock ISD Board of Trustees to approve calling for a bond election,” Tedder added. “If approved, Brock would build a new high school as well as other facilities to accommodate projected growth.”

The Brock community’s close proximity to Interstate-20 and an abundance of residential land in unincorporated areas of Parker County suggest continued growth in the area is likely.

According to Dennis Clayton, director of the Weatherford Economic Development Authority, Brock has become one of the major residential growth ares in Parker County.

“Our office has received some inquiries about opening businesses in the area, and I know that other Weatherford businesses have identified Brock as a growth market — just as Weatherford National Bank has,” Clayton said.

For some, yet another bank in Parker County signifies a local market well shy of saturation, and banking competition in Parker County remains stiff. In Weatherford alone, the chamber of commerce lists 12 banks, 7 financial advisors and 2 credit unions among its current members.

North Central Texas Council of Governments (NCTCOG) 2007 population estimates indicate Parker County boasted a 3.7 percent growth rate from 2006 to 2007. Out of 16 Metroplex counties examined, only four others reported a higher rate of growth.

Gibbs stopped short of identifying Weatherford National’s biggest competitor by name, but did mention one institution still beating out its current 28 percent market share.

“And it’s not just the banks in Parker County,” he added. “Fort Worth knows where we are. We get about as much competitive pressure from some of the big banks out of Fort Worth, as we do the local guys, especially when you start talking about the Parker County business community.”

     

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