Houston Rockets owner and businessman Tilman Fertitta has reached an agreement to purchase Houston-based Chasewood Bank. The deal is expected to be finalized by early 2022, but could be completed later this year.
The deal would be Fertitta’s first foray into the banking industry, as the bulk of the Houston Rockets owner’s business ventures have been in the entertainment and hospitality industries. The bank has been recognized as one of the safest banks in the United States, as they’ve been given a five-star rating by Bauer Financial Inc.
Houston Rockets owner Tilman Fertitta seeks to make another acquisition, albeit in different industry
Chasewood has two locations in the Houston area, with both branches being located in the northern region of Houston, just three miles apart from one another. Fertitta expressed an excitement towards expanding the bank and growing the company, which he explained to the Houston Chronicle.
“I’ve always enjoyed the banking business and it was an opportunity. With all the employees and business people I know in town, I think it will be advantageous and I look forward to building it into a bigger, stronger company.”
Bob Tyer, the bank’s current President and Chief Executive Officer, will remain in his role, along with the Kathy Flournoy, Kathy Flannelly, and Scott Baker, who hold titles of Executive Vice President/Cashier, Assistant Cashier, and Vice President of Lending. Fertitta is expected to serve on the bank’s Board of Directors and will also be the only shareholder of the company.
Fertitta first purchased the Houston Rockets’ franchise in 2017 for a record-setting $2.2 billion and has recently partnered with Instawork to help resolve employment issues facing companies across a multitude of industries. Fertitta was one of several investors who contributed $60 million to the digital platform, and gave a “large, six-digit” contribution to the company.