The Story Behind Herring Bank and Its Founders

Herring Bank was founded by a group of entrepreneurs with a passion for innovation and customer satisfaction.

The bank's founders were driven by a desire to create a more personalized banking experience for their customers.

Herring Bank's early success can be attributed to its founders' ability to adapt to changing market conditions.

Their willingness to take calculated risks and experiment with new ideas helped the bank stay ahead of the competition.

Herring Bank was founded in Vernon in 1899 by Colonel Cornelius T. Herring as the C.T. Herring Banking Company.

The bank later became known as the Herring National Bank and was chartered by the United States Department of the Treasury in 1903.

Herring Bank has been a staple in Vernon for over 125 years, celebrating a major milestone in 2023.

The bank has undergone significant changes over the years, including a name change to Herring Bank in 2005.

Herring Bank has expanded its reach, acquiring several banks including First Bank & Trust of Clarendon in 1997 and BFNB Trust Company, National Association in Amarillo in 1997.

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Today, Herring Bank has branches in Texas, Oklahoma, and Colorado, with a total of 11 branches across the three states.

The bank's headquarters was moved from Vernon to Amarillo in 2005, marking a significant shift in its operations.

Herring Bank has a rich history of growth and expansion, with a notable acquisition being Colorado National Bank in Colorado Springs, Colorado in 2009.

Jack Hall is the Chief Financial Officer of Herring Bank, a position he has held since 2002. He's a Certified Public Accountant with over 40 years of experience in banking.

As CFO, Hall is in charge of the financial accounting of the bank and oversees the bank's tax filings. He also maintains all financial records of the bank.

Hall is familiar with the bank's ownership structure, which is dominated by the Burgess family, who own approximately 80% of the bank.

The Burgess Family played a significant role in the development of the community.

John Burgess was a local merchant who owned a successful store in the town.

He was known for his kindness and generosity, often helping those in need.

The Burgess family was instrumental in establishing the local school, which provided education to many children in the area.

Their contributions to the community were widely recognized and appreciated.

The family's legacy continued to inspire future generations.

Jack Hall is the Chief Financial Officer of Herring Bank, a position he's held since 2002. He's also a Certified Public Accountant.

As CFO, Jack is in charge of the financial accounting of the bank and all financial and regulatory reporting required of the bank. He maintains all financial records of the bank and oversees the bank's tax filings as well.

Jack has been "in banking" his entire forty-plus year career, giving him a wealth of experience in the field. He's familiar with the bank's ownership structure and how the Burgess family and its affiliated entities are involved and interrelated.

The Burgess family, in effect, owns approximately 80% of the bank, with Herring Bank being directly owned by a holding company, Herring Bancorp.

At Herring Bank, the bank process is streamlined to cater to the needs of its customers.

The bank offers a range of services, including personal and business banking, online banking, and mobile banking.

You can deposit and withdraw cash, pay bills, and transfer funds with ease using the bank's online banking platform.

The bank's customer service team is available 24/7 to assist with any queries or concerns.

Herring Bank has a strong focus on community banking, with a local presence and a commitment to supporting local businesses.

The bank's business banking services include cash management, loans, and credit cards, tailored to meet the specific needs of small and medium-sized enterprises.

You can also manage your finances on the go using the bank's mobile banking app.

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The Herring Bank's concept is built around providing a secure and accessible banking experience. It's designed to cater to the needs of individuals and small businesses.

The bank's founders aimed to create a community-focused banking model, where customers feel valued and supported. This approach is reflected in the bank's commitment to personalized service and flexible financial solutions.

At Herring Bank, customers can take advantage of a range of convenient banking options, including online and mobile banking, to manage their finances on the go.

A bank is a financial institution that provides a range of services to its customers. Herring Bank is a great example of this, operating across three states and serving businesses and individuals alike.

Herring Bank has been around for nearly 125 years, making it a reputable and trusted institution in the Texas Panhandle and beyond. It's one of the largest commercial lenders in the area.

From checking and savings accounts to mortgages and personal loans, Herring Bank offers a full line of services and products for businesses and individuals. They also provide wealth management and business services like treasury management and credit processing.

One of the things that sets Herring Bank apart is its commitment to its employees and the communities it serves. It's invested in its people, promoting from within and offering excellent pay and benefits. This has earned it a reputation as one of the top locations to work in Colorado, Oklahoma, and Texas.

Herring Bank is truly connected to its communities, with its people having an inherent desire to serve. They support various organizations and causes, both corporately and individually, and strive to make a positive impact in the towns they call home.

The court has determined that the value given by Herring Bank to AHF was $2 million, which was a loan to the partnership.

This loan was made ostensibly to the partnership, but AHF asserted control over the funds and directed their use for the benefit of the AHF enterprise.

The court has taken the approach of considering the transactions as an integrated whole, which means that the value given by Herring Bank is equivalent to value given to AHF.

This is consistent with the court's conclusion that the payments to Herring Bank were made by AHF as the entity asserting dominion and control over the funds.

Courts have held that funds advanced to one affiliated entity are equivalent value for a payment made or security interest given by the debtor, even if the entities are not formally consolidated.

The $2 million loan from Herring Bank resulted in sufficient value to AHF for the guaranty obligation of AHF.

Herring Bank celebrated its 125th year in business with a ceremony at the Civic Circle branch in Amarillo.

The bank has had a branch in Amarillo since 1996.

More than 100 bank employees work in Amarillo.

Campbell Burgess, Herring Bank vice chairman of the board, spoke about his bank reaching this rare milestone.

Andy Nenstiel, president of Herring Bank, spoke about reaching the milestone and the importance of Amarillo to his bank.

There are not many banks over 100 years old left in the country due to the rapid consolidation we have seen in the business.

The Herring Bank has customers in almost every state.

The bank has 12 branches in Texas, Colorado, and Oklahoma.

Many banks have come and gone, with there once being over 30,000 banks in the United States, which is now down to about 5,000.

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At Herring Bank, customers can enjoy a range of banking services, including online banking, mobile banking, and in-branch banking.

The bank's online banking platform allows customers to manage their accounts, pay bills, and transfer funds with ease. This convenience is particularly useful for those with busy schedules or who prefer to manage their finances from the comfort of their own homes.

One of the key principles of Herring Bank is transparency in fees. The bank clearly outlines all fees associated with its services, ensuring customers are aware of any charges before they incur them.

Herring Bank filed an original proof of claim in the AHF bankruptcy case on October 6, 2009, asserting a general unsecured claim of $6,211,547.16.

The claim represents three transactions: a $2,000,000 loan made to AHF, a $1,505,000 equity investment in LIHTC Barrington-Bell Plaza Development, Ltd., and a $2,000,000 loan to LIHTC River Falls-Three Fountains Development, Ltd.

The Trustee has objected to Herring Bank's proof of claim to the extent it is based on the Barrington-Bell Claim and the River Falls Claim.

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Herring Bank amended its claim amount on November 19, 2010, reflecting an aggregate unsecured claim of $5,814,542.16.

A credit of $397,005 was applied pro rata against the River Falls Claim and the Barrington-Bell Guaranty.

The Trustee alleges that approximately $3,000,000 in payments made to Herring Bank over two-plus years prior to AHF's bankruptcy filing are voidable transfers under the Bankruptcy Code.

AHF did not own any interest in MC-CDC-SA and had no economic reason to incur the $400,000 obligation under the Down Payment Loan.

Herring Bank and Campbell Burgess have taken the position that AHF and AHF Development were controlled and used primarily for the benefit of Steve Sterquell.

Banks have several defenses against liability for overdrafts, including the customer's signature on the back of the check, which is considered a waiver of the bank's duty to notify the customer.

The Uniform Commercial Code (UCC) also states that a bank is not liable for honoring a check that is drawn on insufficient funds if the customer has given the bank a stop payment order.

A bank's duty to act with ordinary care is also limited by the doctrine of "business judgment", which holds that a bank's decisions are reasonable unless they are clearly unreasonable.

The bank's duty to act with ordinary care is also limited by the doctrine of "business judgment", which holds that a bank's decisions are reasonable unless they are clearly unreasonable.

Banks may also claim that they are not liable for overdrafts if the customer has not kept their account balance up to date.

In some cases, banks may be liable for overdrafts if they have failed to follow proper procedures for handling overdrafts.

Banking principles prioritize transparency and fairness, which is reflected in the concept of good faith. Good faith is about acting with honesty and integrity in all interactions with customers.

The Banking Code of Practice emphasizes the importance of good faith, stating that banks must act fairly and reasonably when dealing with customers. This includes providing clear and transparent information about products and services.

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In practice, good faith means that banks should not mislead or deceive customers, and should act in a way that is consistent with the customer's reasonable expectations. For example, if a customer asks for a loan, the bank should not hide any conditions or fees that may apply.

Banks are expected to act in good faith when communicating with customers, including providing clear and accurate information about their accounts and transactions. This includes keeping customers informed about changes to their accounts or services.

Good faith is essential in building trust between banks and their customers. By acting with integrity and transparency, banks can establish a strong reputation and foster long-term relationships with their customers.