In 1987, the U.S. economy was in recession. The Savings & Loan industry had all but collapsed and the banking industry was also suffering heavily. Businesses overall were not doing well. Asian Indians attempting to start new businesses or expand present businesses were having trouble in trying to get credit from banks. While the Indian community was forced to ride the downward economic spiral in Dallas and the U.S. with the rest of the county, one group of Indians decided to oppose the trends. This group believed that the Indian community needed an Indian-owned bank, whose owners knew the able-businesspeople of the Indian community and who were familiar with many businesses that Indians have historically and successfully operated.
In 1987, in an awful economy, the Indian community needed a banking solution. Although the group had no banking experience, with Chan Patel as their leader, they set out to create that solution. Chan diligently looked for ways to raise the necessary capital. He even held town hall meetings in the Asian community to offer Indians the opportunity to invest in the proposed bank at $10 per share of stock. Few in the community were willing to invest in the venture. It was then that he turned to a few highly respected friends and relatives and instilled the need and the dream into this small group. The venture raised the needed capital, a community-based Board of Directors was installed, and professional bankers were employed. State Bank of Texas was born!
Today, the Bank has more than $600 million in assets and its stock has a book value of more than $175 per share. Some seventeen years later the Bank has made more than 75% of its loans in the minority communities. These are the people the Board of Directors had envisioned serving back in 1987.
These past years, the Bank has operated in the culturally diverse markets of the Metroplex, embracing all cultures. Over the years, the bank has enabled many to establish their own businesses, which in turn has fostered wealth generation among minorities in the Metroplex. One of the Bank's customers was able to develop a multimillion dollar business empire from a $30,000 loan he obtained from State Bank of Texas. This success story speaks greatly of the Bank's commitment to the Indian community and the Bank's ability to make wise lending decisions, and, of course, the ability of our customers.
State Bank of Texas' Board of Directors and management are proud to be selected by the DFW Airport as an approved depository. Every dollar of deposit and every loan request is critical to the Bank's continued success and development of our minority community.
The State Bank of Texas mission is to be a financial cornerstone and a model for the Asian Indian community. With God's blessing and the support of each community member, the mission and the success of State Bank of Texas can mean the success of all.
Chan Patel is Chairman, Chief Executive Officer and President of State Bank of Texas. Chan also is an owner and/or partner in several hotel operations in Texas. Born in India in 1945, he became a US citizen in 1965 and has been an active owner and operator of hotels since 1976. He holds a Bachelor of Science Degree in Engineering from Bombay University, a Masters of Science Degree in Industrial Engineering from Stanford University and a Masters of Science Degree in Management Science from John Hopkins University. He is founding Chairman of the Indo-American Chamber of Commerce and is an active member of many religious and community associations and organizations.
Residence: Irving, Texas
Director, Executive Vice President, Chief Lending Officer
Sushil Patel is Vice President at State Bank of Texas since 2004 and on the Board of Directors since 2000. Prior to joining State Bank of Texas, Sushil worked as Senior Analyst at Banc of America Securities in the Global Corporate & Investment Bank. At BAS, he helped raise capital for Media and Telecom companies in the equity, high yield, and high-grade debt markets. He holds a B.B.A. in Finance from the University of Texas at Austin and an M.B.A. from the University of Chicago Graduate School of Business. In addition to his work in banking, Sushil also operates and develops hotels for his family throughout the Dallas/Ft. Worth Metroplex.
P.N. (Pete) Patel
Residence: Brunswick, Georgia
P.N. Patel was born in India in 1938. He holds a Bachelor of Science Degree in Mechanical Engineering form Ghandi Engineering College in Surat, India. He worked as a Mechanical Engineer for twelve years in India, of which ten of those years were with Baroda Tayon Corp. of India. P.N. Patel immigrated in 1976 and soon began buying, selling, and operating hotels in Texas and Georgia. His current activities are now centered in hotel development and management across the United States. In addition to his hotel investments, P.N. Patel was involved in capital raising for a local Brunswick bank called Atlantic National Bank in which helped gather 50 investors. He and his wife, Shanta, have two daughters, Amita and Manisha and one son, Tarun.
Residence: Irving, Texas
J.D. Patel has been in the hotel industry since 1976. He attended South Gujarat University in India and holds a Bachelor of Science Degree in Chemistry from Northern Illinois University. J.D. twice participated in Gujarat State Olympics and twice was chosen to represent Gujarat University in Kabbadi. He is a member of the Gujarati Cultural Society. J.D. and his wife, Manjula, have four children and two grandchildren.
Bipin B. Patel
Residence: Irving, Texas
Bipin Patel is President and CEO of Irving Hospitality Services, LLC which presently owns and operates ten hotels. His business experience is in construction and finance. Bipin holds a Bachelor of Science Degree in Math and Computer Science from the University of Texas at Dallas. He is a member of the Asian American Hotel Owners Association (AAHOA). He and his wife, Sandhya, have two sons and two daughters.
Residence: Irving, Texas
Surekha Patel holds a Bachelor of Science Degree in Chemistry from Gujarat University in India. Surekha worked as a Chemist for Zocon for several years and at American Airlines in the Marketing Department for 10 years. Additionally, she has hotelier experience and works in the family's hotel business. Surekha enjoys her management responsibilities in development of new hotel properties, such as the Holiday Inn Express in Las Colinas in Irving, Texas. Surekha has four children and three grandchildren, and is wife of Chan Patel, chairman of State Bank of Texas. For the past five years, Surekha has served as Director at Large for the Asian American Hotels Owners Association (AAHOA). In this role, she has served as Chairperson for several Women's Conferences. Surekha is also a volunteer social worker with Hindu Temple Society and the Gujarati Cultural Society.
Residence: San Jose, California
Hira Patel retired from IBM after 28 years where he had published ten Invention Disclosures in IBM's Technology Disclosure Bulletin and was published in AIAR Journal. Hira presently is involved in real estate development in the hospitality industry. He is Director and Secretary of the Alameda Business Association, Trustee of Devotional Sitaram and member of India Cultural Association of Bay Area. Hira holds a Bachelor of Science Degree in Physics & Mathematics from the University of Bombay, India. He also has a Bachelor of Science Degree in Mathematical Engineering from the University of Louisville, Kentucky and a Master of Science Degree in Engineering from State University New York in Buffalo, New York.
Jay R. Patel
Residence: Roanoke, Virginia
J.R. Patel is Founder and President of RELAX, Inc., a Roanoke, Virginia Hotelier, which was incorporated in 1980. RELAX, Inc. presently owns and operates ten hotels. J.R. lived in England for twelve years and Canada for seven years before immigrating to the US in 1978. He is an active member of Asian American Hotel Owners Association (AAHOA) and Roanoke Valley Chamber of Commerce. He and his wife, Kantaben, have two sons.
Residence: Irving, Texas
D.N. Patel was born in Gujarat, India and immigrated to the US in 1968. He holds a Bachelor of Science Degree in mechanical Engineering from S.V.R. Engineering College in India. He has a Masters of Science Degree in Mechanical Engineering from Southern Methodist University in Dallas, Texas. After an eight-year career as a Registered Professional Engineer, Dan became an owner and operator in the hotel industry in 1991. He is currently a partner and operator in several hotels across Texas, Louisiana, Florida, and Michigan. D.N. also currently serves as Governor in his region for Best Western International. He holds the office of Secretary for Gujarati Cultural Society in Dallas and he is a member of the Asian American Hotel Owners Association (AAHOA). Dan's past civic involvement includes a ten-year active membership as a Rotarian in Savannah, Georgia. He and his wife, Usha, have three children.
Residence: Alpharetta, Georgia
Kishor Bhikha was raised in Panama and immigrated to the US in 1977. He holds a Bachelor of Science Degree in Finance from the University of Texas at Dallas. Kishor began his hotelier ventures in 1979 and currently is an owner and operator in partnerships which own ten hotels throughout Georgia and Florida. He is a member of Asian American Hotel Owners Association (AAHOA). He and his wife, Nayana, have two children.
Residence: Dallas, Texas
Yasmin Gupta is Co-Founder of SB International, Inc., an international trading company specializing in export of secondary nonferrous metals. Yasmin's business expertise also includes Residential Loan Underwriting in the Mortgage Banking Industry. Through SB International, Inc. she also is an owner and is personally involved in management of commercial real-estate investments, which includes apartments and motels. Yasmin holds a Bachelors Degree in Public Relations and Marketing from Stella Mary College and graduated from the Graduate school of Management with an MBA from the University of Dallas in Irving, Texas.
Residence: Ft. Worth, Texas
Ketan Masters has been an hotelier entrepreneur since 1979. He holds a Bachelor of Science Degree in Management Science at University of Texas at Dallas. He has served on the Board of Directors of Asian American Hotel Owners Association (AAHOA) consecutively form 1994 to 2004. Further, he serves as a Director of the Texas Hotel & Motel Association. He also has held the offices of Secretary and President for Gujarati Cultural Society. Raised in Zambia, Africa, he has been in the Dallas, Texas metroplex area since 1975.
Residence: Irving, Texas
Director, Vice President
Rajan Patel is Vice President at State Bank of Texas since 2007 and on the Board of Directors since 2011. Prior to joining State Bank of Texas in 2005, Rajan attended Texas A&M University and studied Finance at the Mays School of Business. He also serves as a consultant for many family-owned hotels around the nation. Rajan attended the Southwestern Graduate School of Banking program through Southern Methodist University (SMU) and graduated in 2009. He is an active member of Asian American Hotel Owners Association (AAHOA). Rajan got married in 2010 to his wife Reena, who is GM at the La Quinta Inn & Suites in Irving, TX and also serves as a Regional Ambassador for AAHOA.
Residence: Leesburg, Virginia
Toral Balakrishnan is a Physician's Assistant by profession. She did her undergraduate studies at University of Texas at Arlington and got her P.A. through her studies at Howard University in Washington D.C. Her work entails of doing various cosmetic surgeries for patients. She currently is also in the hospitality industry as she has a project going up in Bronx, New York. Her husband, Dr. Rajesh Balakrishnan, is a dentist and has his own dental practice in Leesburg, Virginia.
Residence: Irvine, California
Shetal Patel has been a hotel entrepreneur since 2004. Currently she owns and operates two Intercontinental Hotel Group properties in Southern California. Prior to this, she practiced as a Physician Assistant in Plastic Surgery and Cosmetic Dermatology. She also has owned and personally managed her own medical practice specializing in Cosmetic Dermatology. She holds a Bachelor of Science degree in Biology from the University of Texas at Arlington and a Bachelor of Science in Physician Assistant Studies from University of Texas Southwestern Medical School in Dallas, TX. She is an 2013 MBA candidate at the University of California at Irvine. She is married to Narendra Patel, an attorney by profession and also a hotel entrepreneur. She has three children.
Awards And Recognition:
"Winner of the Gibraltar Award for the Best performing minority bank in the country in 1998, 2000, 2001, 2002, 2003, 2004, 2005, and 2006."
"Top Performing Bank of the Year in 2005."