State Banking Board v. Proposed Bayport Bank of Pasadena

PHILLIPS, Chief Justice.

Appellee, the proposed Bayport Bank of Pasadena, Harris County, Texas, and its directors, made application to appellant, State Banking Board, for a charter for a bank to be located in Pasadena. This application was made pursuant to the provisions of Article 342-305, Vernon’s Annotated Civil Statutes. After the hearing,1 the application was denied on the theory that there was no public necessity for such bank and the absence of volume of business such as to indicate a profitable operation.2 The Board also found that the proposed officers and directors had sufficient…