Finding Security in Chaos

Speed and efficiency are terms commonly heard in business, and the Business Bank of Texasʼ customer Myriad Development Inc., found them to be key in their companiesʼ success. 

They are a leading provider of Business Process Management (BPM) solutions to the Insurance, Real-estate and Government markets. Their solutions are used by many of the largest financial services institutions and government agencies in the country. One business strategy for Myriad Development Inc. has been providing Natural Hazard Disclosure Reports to the Real-estate Industry. Select State governments require sellers of property, or their agents, to provide these reports to potential buyers. The reports cover geographic hazards that may impact a property.

Chadwick Rood of Myriad Development

But Myriad Executives realized speed and efficiency were missing in a related area involving the underwriting process for home insurers and inspectors in the field. They developed a software platform that streamlined the process for everyone. “We were able to bring a market together of all these inspection companies that were independent, bring together the market of insurers and link them together. We were able to shrink those times way down and make those decisions quickly. We really focus on being the technology solution for our customers,” said Chadwick Rood, Controller at Myriad Development. FEMAʼs inspectors used that same technology after hurricane Katrina.

Itʼs no surprise that a company who provides reports about a propertyʼs safety, primary concern when choosing a bank was finding one with a good safety and security record. “We had to look for a bank that could hold our money and was a highly rated safe institution. One that did smart things with their money,” said Rood. Myriad executives were concerned about bank failures with all the chaos in the financial markets during 2008 and 2009. “Weʼve found the Business Bank of Texas to be very stable and what Ed Lette and the executive team are doing is really smart investing. From a stability and security standpoint itʼs really what we are looking for in a banker,” said Rood. One of the qualifiers Rood used to evaluate the bank was Bauer Financial
in which the Business Bank of Texas has a five star rating.

Myriadʼs former banking institutionʼs fees were too high and although the customer service was good, Rood says they didnʼt need to pay for it. He adds, Myriadʼs banking needs are simple and the Business Bank of Texasʼ fee structure allowed them pay for what they needed and not pay for things they didnʼt. Rood continued, “He (Ed) doesnʼt branch out like mad so his costs are not going up. He doesnʼt have a palatial facility there that Iʼm paying for. Itʼs a business-to-business relationship that I can understand and respect. I just needed a straightforward business bank that understands what Iʼm doing.”

Ed Lette

Business Bank of Texas

Ed Lette is founder, president and chief executive officer of Business Bank of Texas, N.A. and serves as chairman on the company’s Board of Directors. Serving as a licensed CPA since 1983, Ed’s extensive experience in the banking industry has led him to become the founding president of four national bank charters including Business Bank of Texas, N.A., and the chief financial officer of five national banks during his 45 year career. Ed serves as director of the Texas Bankers Association District 4, chairman of the Executive Advisory Council to the School of Business at Texas Lutheran University, and is a life member of the Texas Association of Business.

Connect with Ed Lette

Guide to Business Borrowing

Learn what banks are looking for when they prepare to make loans. Our guide covers what business owners need to know when they prepare to borrow.

BBoT-COVER-GeneralBorrowing

Download eBook