Several U.S. banks announced leadership and strategic changes this week. State Street named Ann Fogarty chief operating officer and moved Mostapha Tahiri to lead State Street Alpha. Florida-based Portrait Bank is expected to open on Saturday, while Texas Capital Bancshares began looking for a successor to departing Chief Risk Officer David Oman. Texas Capital also plans to move its primary stock listing from Nasdaq to the Texas Stock Exchange. Separately, Gateway First Bank agreed to acquire Colonial Savings, and U.S. Century Bank promoted Lesner Castillo into an expanded finance and treasury role.
State Street separates operations from platform leadership
Boston-based trust bank State Street appointed Ann Fogarty as chief operating officer, succeeding Mostapha Tahiri after nearly three years in the role. Fogarty previously served as COO of State Street's investment services business. In her new position, she will oversee enterprise technology and operations while leading work related to technology modernization and artificial intelligence.
Fogarty will continue to co-lead State Street's enterprise transformation program with Chief Financial Officer John Woods. She will remain a member of the firm's operating committee and report to Chief Executive Officer Ron O'Hanley. In 2025, Fogarty ranked 19th on a list of the most influential women in U.S. finance.
Tahiri will become president of State Street Alpha, overseeing the Alpha platform, Charles River Development and other platform solutions. State Street announced the creation of Alpha and its related software businesses earlier this year. The management changes further separate operational responsibilities from platform products, as technology, data and investment-servicing systems become more central to banking operations.
Portrait Bank prepares to open in Florida
Portrait Bank, whose headquarters and business focus are in central Florida, is expected to begin operations on Saturday. It would be the eighth newly chartered bank to start operating in the United States in 2026. Erik Weiner will serve as president and chief executive officer.
Weiner has said the Orlando-area market is expanding but offers businesses and community customers relatively few banking choices. That combination, he said, provides an opening for a new community bank. Portrait's launch comes as new-bank activity in the U.S. has picked up.
As of Aug. 5, the Office of the Comptroller of the Currency had approved charter applications for 14 new banks in 2026. That is the highest number since 2008, when 28 new banks received approval during the full year. The increase points to continued demand for banking services in some local markets, while new institutions still need to complete operational, capital and customer-acquisition preparations after receiving approval.
Texas Capital searches for a chief risk officer
Dallas-based Texas Capital Bancshares has begun searching for a new chief risk officer after David Oman left the position this week. Oman had held the role for about two years. In a regulatory filing, the company said his departure was not related to any dispute or disagreement and did not involve its financial condition, internal controls, disclosure controls and procedures, or enterprise risk management.
Chief Credit Officer David Youngberg will serve as interim chief risk officer until a permanent successor is chosen. Texas Capital is considering both internal and external candidates, and Youngberg is among those being evaluated.
Oman joined Texas Capital in June 2024, reporting directly to CEO Rob Holmes and serving on the bank's executive management team. Before joining the bank, he was a managing director in PwC's financial risk practice. The transition in risk leadership comes as Texas Capital also works on changes to its listing venue, putting the allocation of risk oversight and management responsibilities under continued attention.
Texas Capital plans move to the Texas Stock Exchange
Texas Capital Bancshares plans to transfer the primary listing of its common and preferred stock from Nasdaq to the newly established Texas Stock Exchange. The company expects trading to begin as a TXSE-listed company on Oct. 8, initially under its existing tickers. It plans to change the tickers on Nov. 9.
Texas Capital would be the second bank to announce a move of its primary stock listing. Origin Bancorp of Ruston, Louisiana, said this week that it would transfer its shares from the New York Stock Exchange to TXSE, with its first trading day expected on Oct. 13.
Texas Capital recently moved an exchange-traded fund focused on the Texas market from the New York Stock Exchange to TXSE. It also plans to seek shareholder approval again to change its state of incorporation from Delaware to Texas. If those plans proceed, the company will deepen its connection to the Texas market through its stock listing, fund products and corporate domicile.
Gateway First agrees to acquire Colonial Savings
Gateway First Bank, based in Jenks, Oklahoma, and holding about $2 billion in assets, has agreed to acquire Texas-based Colonial Savings. The transaction would add six Colonial branches in the Fort Worth metropolitan area and expand Gateway First's presence in Texas.
Both banks have substantial mortgage-lending operations. Gateway First currently operates 11 branches and more than 60 mortgage lending locations across the United States. Gateway First CEO Kyle Hubbard and Colonial Savings President and CEO Jim DuBose said the combination would be built around customer relationships, trust and local decision-making.
The deal is expected to close in the first quarter of 2027, subject to regulatory approval and customary closing conditions. For Gateway First, the acquisition would add more than six physical locations; it would also broaden the bank's customer base and mortgage-lending platform in the Fort Worth market.
U.S. Century Bank promotes Lesner Castillo
U.S. Century Bank promoted Lesner Castillo to senior vice president overseeing finance and treasury. In the expanded role, Castillo will lead the bank's finance and accounting functions while continuing to manage treasury operations.
Castillo previously served as senior vice president and treasurer, advising management and the board on balance-sheet management, capital planning, liquidity and interest-rate risk. He also participated in the bank's 2021 initial public offering and the subsequent recapitalization that led to the creation of USCB Financial Holdings.
Chief Financial Officer Rob Anderson said the promotion reflected Castillo's leadership, financial experience and contributions to the bank. Founded in 2002, U.S. Century Bank is one of the larger community banks headquartered in Miami and operating in Florida.