Texas leaders detail banking and exchange plans

Business leaders gathered at the Hurst Conference Center on Wednesday to discuss the evolving financial and entertainment sectors in North Texas. The event, organized by Northeast Leadership Forum, featured discussions on community banking, local film production, and the operations of the newly established Texas Stock Exchange.

Chris Furlow, president and CEO of the Texas Bankers Association, emphasized the role of community banks in the state. He noted that Texas holds the nation's largest number of community banks, with more than 300 charters. Furlow stated that these institutions rely on relationships rather than transactions to support small businesses and local civic initiatives. He warned that cryptocurrencies could eventually draw deposits away from banks, potentially reducing the funds available for community lending.

David Glasser, CEO of 101 Studios, detailed the economic footprint of Taylor Sheridan's television productions in the region. Glasser reported that the studio has generated $659.7 million in production spending in North Texas over the past five years. This spending includes $294.1 million in payroll for Texas residents and $365.2 million in payments to Texas vendors. The studio has also created 28,151 reported production jobs, including 8,650 crew positions and 19,501 cast and extra roles. Glasser said the studio has partnered with Tarrant County College to help fill these positions.

Glasser also discussed the studio's expansion into real estate and hospitality. He and partners Taylor Sheridan and Dan Schreier formed a company called SGS. The group purchased Cattleman’s Steak House and the Isis Theater in Fort Worth's Stockyards district. They plan to convert the theater into a 1920s-style supper club. The partners also intend to build a hotel at the top of Exchange Street and are developing a new dining concept for the Walsh Ranch development.

Jeff Karcher, Global Managing Director of the Texas Stock Exchange, addressed the audience regarding the new trading platform. He described the exchange as a challenger to the New York Stock Exchange and Nasdaq. Karcher noted that the exchange began a phased rollout of trading on July 6 and reached full production trading on July 31. This month, the exchange began trading securities for Energy Transfer, Texas Capital Bancshares, and Origin Bancorp.

Karcher cited the state's pro-business environment as a key factor in the exchange's growth. He pointed out that Texas is home to 57 Fortune 500 companies, exceeding New York's count of 44. He said initial backers included Charles Schwab, Citadel, and BlackRock, with JPMorgan, Goldman Sachs, Bank of America, Vanguard, and State Street joining later. Karcher reported growing interest from foreign companies that are considering establishing operations in Texas and may align their stock listings with those operations.

The conference concluded with the announcement that the next annual event is scheduled for Wednesday, October 27.