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Galveston banks to finance $13m cruise terminal expansion

Galveston banks to finance $13m cruise terminal expansion

Three Galveston County community banks have worked together on financing for the $13m expansion of the Port of Galveston’s Cruise Terminal No. 2. Texas First Bank, HomeTown Bank and Moody National Bank pitched in on the funding package for the expansion to handle larger ships and more passengers.

When completed next spring, Cruise Terminal No. 2 will offer 150,000 square feet of space and have a seating capacity for 1,600. The port currently handles more than 1m passengers a year, is the fourth busiest cruise port in the US and among the Top 20 in the world.

'We are fortunate to have community-minded bankers who understand the benefits the entire area derives from improving our capabilities,' port director Michael Mierzwa said. 'The terminal expansion means we will be better able to serve a growing number of passengers who will sleep in our hotels, dine in our restaurants and shop in our stores, spreading the economic impact throughout the Galveston Bay region.'

Mierzwa said the teamwork of the three banks sends a strong message to the cruise industry and other companies looking to grow in Galveston County. 'When they see local financial institutions willing to work together like this,' he said, 'they realize they have come to the right place at the right time. It bodes well for the future of our entire area.'

Mierzwa expressed appreciation to Moody National Bank president Victor Pierson, Texas First Bank president and ceo Christopher Doyle and HomeTown Bank president and ceo Jimmy Rasmussen, along with other senior officials at the three financial institutions.

The port director also voiced appreciation for the cooperation of the city, the city council and port staff.

 

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