Freedom Bank invests in South McAllen to capture Expressway traffic

Freedom Bank leaders hope a new location slated to open on the expressway in South McAllen in 2026 will capitalize on traffic and development in the area and serve residents with both banking services and retail space.

Freedom broke ground for the new location in the empty lot at 100 S. Expressway 83 next to the Hampton Inn & Suites on Oct. 30. The two-story, 13,000-square-foot bank is slated to open in about a year.

“It’s a state-of-the-art facility,” Freedom Bank Board Chairman and CEO Arturo “Art” Ortega said. “Architecture’s going to be remarkable, something the city of McAllen can be proud of, something that Freedom Bank is already proud of. And will make an impact.”

High traffic branch location

Alamo-based Freedom Bank already has a location further north in McAllen along Nolana Avenue.

Ortega says the new branch will ideally draw in customers from expressway commuters and visitors to nearby locations such as the McAllen airport and La Plaza mall.

“We’ll get a lot of looks,” he said. “My understanding is that there’s about 135,000 in daily traffic that happens on the expressway right in front of us. So that’s a lot of visibility and responsibility at the same time.”

A slightly oversized lot at the location will make Freedom’s South McAllen development a little innovative.

Retail development included

In addition to the bank branch, Freedom is building about 10,000 square feet of retail space in a separate building next door.

“It’s not typical,” Ortega said. “But because the site was 2.25 acres, it’s plenty big. That would have been too much for just a bank by itself. And so we took advantage of the opportunity, the location.”

Ortega says Freedom is pre-leasing and hopes to attract name-brand stores and restaurants that its customers will enjoy.

“We’re not talking high-end, low-end, but somewhere in the middle,” he said. “That the majority of citizens in McAllen can enjoy and shop at.”

Freedom Bank currently has five locations and will open a sixth in Mission in about a month. The South McAllen site will be Freedom’s seventh location. 

Growth and banking climate

Currently, Freedom has nearly $300 million in total assets, Ortega said. It started at $43 million in assets in 2018 and now serves Duval and Hidalgo Counties.

Ortega says 2025 has been a more lackluster year for local bankers than 2023 and 2025, though he says it hasn’t been too rough.

“I think we have seen that as evidenced by the rate cuts that have been put into effect,” he said. “So we’re seeing a slowdown; however, we believe it is manageable. We believe most banks are able to manage this slowdown. And we’re expecting further rate cuts to maybe send some relief and maybe activate some areas that are slow.”