TFNB Your Bank for Life opened its fifth location in Waco on Monday at 715 Elm Avenue in East Waco, making it the first bank in East Waco in over 100 years.
According to research conducted by Baylor University’s Department of History, the last known bank in East Waco was The Texas Guarantee Bank and Trust Company, which opened a location on Elm Avenue in 1913 but closed between 1915 and 1916.
TFNB Senior Vice President Dortheia Love said that the importance of having a local bank in East Waco cannot be overstated.
“I think it gives the people in the community [a chance] to really bank local in their own neighborhood, which they haven’t had. I think that’s tremendous. And it gives people the opportunity to have financial services, loans, and everything. My dream would be that with a financial institution here, maybe more businesses will come too,” she said.
Members of the NAACP, CenTex African American Chamber of Commerce, the Hispanic Chamber of Commerce, and the Greater Waco Chamber were all in attendance for the opening in East Waco, which represents one of the most racially diverse areas of the city
Dr. Peaches Henry, the President of the Waco chapter of the NAACP, agreed that the bank will provide much-needed services to small businesses in East Waco, many of which are owned and operated by people of color.
“There are all kinds of small businesses in this community – small businesses of color. And to have a bank that is located right here in the community and that intends to involve itself with the community, with local businesses, I think it’s just going to be a boon to the community and to Waco as a whole.”
Access to financial services has been particularly vital during the COVID-19 pandemic, during which many businesses have had to rely on access to loans and other forms of local and federal aid to get by.
Love stressed the importance of having a relationship with a local bank in securing access to those services, and said that TFNB hopes to be a resource to individuals and businesses in East Waco who are struggling.
“I think there’s so many people who are going through difficult times, and maybe they need a local bank – a community bank – just to come in and talk to. To see what their needs are, and maybe help them through some of their problems that they’ve had since the coronavirus.”
TFNB President and CEO David Littlewood sees the expansion as an opportunity to lift up the families and businesses in East Waco, and said that TFNB has hired staff for the location that can best serve the needs specific to East Waco.
Dr. Henry said that this personalized approach to financial services is just what the community in East Waco needs.
“It’s going to be a real community bank, and be a part of the community. So we’re looking forward to that.”
With KWBU News in Waco, I’m Sam Cedar.