Austin Bancshares Inc. filed applications with the Texas Department of Banking and the Federal Deposit Insurance Corp. If all goes according to plan, Austin Bancshares will be a holding company for Bank of Austin, the city of Austin’s newest chartered bank.

Investors have pledged an initial $40 million into the bank, which is anticipated to open in Q2 or Q3 2017. The bank would be geared toward local businesses in Central Texas. Austin Bancshares president and CEO J. Bruce Bugg Jr. said there is a good opportunity for a community bank in the Austin market, that emphasizes local businesses who are familiar with the opportunities and challenges of the area.

Bugg is also founder, chairman, president and CEO of Southwest Bancshares Inc., which owns the Bank of San Antonio. Bank of San Antonio was created in 2007 with $25 million in capital and assets. As of Nov. 30, the bank had $661 million in assets.

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