DALLAS - Texas Capital Bancshares, Inc. (NASDAQ: NASDAQ:TCBI), the parent company of Texas Capital Bank, has announced the appointment of David Oman as the new Chief Risk Officer (CRO), effective June 10, 2024. Oman, who is set to replace the retiring Tim Storms, brings a wealth of experience from previous roles at prestigious financial institutions, including PricewaterhouseCoopers (PwC) and Bank of New York Mellon (NYSE:BK).
Oman's appointment comes at a time when the company is focused on enhancing its risk management framework. As the incoming CRO, he will oversee all aspects of Texas Capital's risk functions and regulatory compliance. His responsibilities will include the strategic development and execution of enterprise risk management practices and programs, aiming to optimize risk assessment and mitigation.
Texas Capital's President & CEO, Rob C. Holmes, expressed confidence in Oman's capabilities, citing his extensive professional experience in risk management as a strong fit for the firm. Holmes emphasized the importance of Oman's role in light of the current macroeconomic environment, stating that his background will be instrumental in maintaining a robust risk management framework.
Oman expressed his enthusiasm about joining Texas Capital, acknowledging the opportunity to contribute to the firm's responsible growth and comprehensive risk management strategy. He also mentioned his plans to build upon the work done by the team over the past three years.
Texas Capital Bancshares, a member of the Russell 2000® Index and the S&P MidCap 400®, offers a range of financial services including commercial banking, consumer banking, investment banking, and wealth management. Founded in 1998, the Dallas-headquartered company serves clients nationwide.
This strategic leadership change is based on a press release statement from Texas Capital Bancshares, Inc. and reflects the company's commitment to strengthening its management team and risk management practices.
InvestingPro Insights
As Texas Capital Bancshares, Inc. (NASDAQ: TCBI) welcomes David Oman as the new Chief Risk Officer, the company's financial health and market performance remain a key focus for investors. According to InvestingPro data, Texas Capital has a market capitalization of approximately $2.85 billion USD, with a Price to Earnings (P/E) ratio of 18.37. This valuation comes as the company has experienced a revenue decline of 16.87% over the last twelve months as of Q1 2024.
InvestingPro Tips suggest that while Texas Capital is currently profitable and expected to remain so this year, analysts have revised their earnings downwards for the upcoming period. This could be indicative of challenges ahead, despite the firm's robust operating income margin of 27.49%.
Moreover, the company's lack of dividend payments might be a consideration for income-focused investors. It is also noted that Texas Capital suffers from weak gross profit margins, which could be a point of concern for Oman as he assumes his role in enhancing the company's risk management framework.
For readers interested in a deeper analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/TCBI. These tips could provide further insights into Texas Capital's financial health and market performance. To access these tips and more, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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