For South Texas, and now the rest of the country, the Eagle Ford Shale has become a highly-recognized play in the oil and gas industry, as well as in the economy as a whole. In 2012, activity in the Eagle Ford Shale generated more than $61 billion in economic impact and supported more than 100,000 jobs. And, it doesn’t seem Eagle Ford is going anywhere anytime soon.
While the Eagle Ford Shale impacts its neighbors in different ways, there is no doubt that those around its 30-county spread are feeling the effects of the largest single oil and gas development based on capital expenditures in the world. For Amegy Bank, the growing activity in South Texas has opened doors to shale-related business and relationship opportunities with some of Eagle Ford’s biggest players.
Although Amegy Bank is feeling the value of a recent uptick in energy activity in and around Eagle Ford, working with the energy sector is a practice with which the bank is very familiar. Through its experienced energy team, Amegy Bank has grown its energy business to over $3.8 billion in commitments with more than 275 companies across the industry.
Now, Amegy Bank is seeing an opportunity to leverage both its expertise in the energy sector and its commitment to relationship banking to support smaller, local lenders that are challenged to meet the demands of their now financially hyperactive communities. This could include offering investment products and services to individuals whose assets have been positively impacted by the oil boom, or providing financing for larger commercial deals.
“As a bank that began with just one location more than 20 years ago, we understand the importance of relationship banking,” said President and CEO of Amegy Bank San Antonio David McGee. “The potential of the Eagle Ford Shale allows Amegy Bank to explore building partnerships with existing banks so they can continue providing hometown service to their customers while we all cultivate the economic impact of Eagle Ford in our local economies.”
About Amegy Bank
Amegy Bank is a leading Texas bank with $13 billion in assets. Founded in 1990, Amegy has a strong tradition of relationship banking, local decision making and financial expertise. Amegy specializes in banking businesses of all sizes, and has the resources to provide financing, investment management, treasury management solutions, international banking, as well as other specialized services. Equally important, the Bank offers individuals and families a wide range of depository, lending, mortgage, wealth management, trust and brokerage services. With more than 80 locations across Houston, Dallas and San Antonio, Amegy is dedicated to serving Texas communities, families and businesses. To learn more about Amegy, visit www.amegybank.com.