Freedom Bank eyes second McAllen branch as it seeks to expand footprint

Alamo-based lender looks to grow beyond its five existing South Texas locations. Courtesy of | Unsplash | Money Knack

ALAMO — Freedom Bank, a community bank based in Alamo, wants to grow its presence in McAllen.

The bank submitted applications Saturday to the Federal Deposit Insurance Corporation and the Texas Department of Banking to open a branch at 100 S. Expressway 83. If approved, it would be the bank’s second location in McAllen and its sixth branch overall.

Courtesy of | Freedom Bank

Freedom Bank traces its roots to 1958 and has expanded over the years through mergers and name changes. Today, the bank — led by CEO Arturo Ortega — operates branches in Alamo, Edinburg, Freer, McAllen, and San Diego, state records show.

The FDIC will accept public comments on the proposal for 15 days, either online at cra.fdic.gov or by mail to its Dallas regional office. The Texas Department of Banking will also take comments for 14 days. Anyone wishing to protest formally must include a $2,500 filing fee; however, this fee can be waived in cases of hardship.