Retiring Dallas City Manager Ted Benavides Elected to The Oaks Bank & Trust Company Board of Directors

The Oaks Bank & Trust Company elected Ted Benavides, former Dallas city manager, to its 10-member board of directors. Benavides has a long career in public service, mostly in budget and management positions at the City of Dallas and in Denton, Texas. The bank also released asset, capital, loan and profitability figures for the first six months of 2004.

DALLAS, TX (PRWEB) July 12, 2004 -- The Oaks Bank & Trust Company elected Ted Benavides, former Dallas city manager, to its 10-member board of directors. Benavides has a long career in public service, mostly in budget and management positions at the City of Dallas and in Denton, Texas. Since 1998 he has been the city manager in Dallas where he was responsible for administering all programs and services for the city's 1.2 million people with a workforce of 13,000 employees and a $1.9 billion budget.

"Ted Benavides is recognized as one of the sharpest city administrators in the country, having built particularly strong expertise in municipal finance. I was fortunate to have experienced his leadership firsthand as a member of the Dallas City Council in the early and mid-1990s. Ted will bring a unique and valuable perspective to our bank and its shareholders," said Max Wells, chairman of the bank's board of directors.

Except for when he served as city manager of Denton from 1996 to 1998, and positions at the U.S. Justice Department and at the Fort Worth Fire Department after college, Benavides has worked for the City of Dallas.

Beginning in 1978, he rose through the ranks of the city's Budget and Research Department, becoming its director in 1986. He briefly served as assistant director of the Health and Human Services Department and was one of five assistant city managers from 1990 until 1996. The Dallas City Council hired him as city manager in 1998, a position he will retire from later this year.

Benavides graduated Cum Laude in 1973 with a bachelor's degree in education, political science and history from Texas A&I University (now Texas A&M University--Kingsville), and earned a master's degree in public administration from Southern Methodist University in Dallas in 1974. He is a 1987 graduate of the Executive Institute of the Texas Municipal League at the LBJ School of Public Affairs in Austin, and he is a 1990 Leadership Dallas graduate. He and his wife have one child and reside in Dallas.

Oaks Bank has five offices in Dallas, Duncanville and Richardson, and was founded in 1985. With assets of $104.7 million, Oaks Bank is a full-service, independent community bank dedicated to providing small and medium-size businesses, entrepreneurs and individuals with customized one-to-one banking services.

For the first six months of 2004 the bank had total assets of $104.7 million compared to $101.5 million during the same period one year ago. Total capital during the period was $10.2 million vs. $9.9 million a year ago; loans were $68.5 million compared to $55.5 million in2003; and net profit for the six months was $712,600 vs. $659,800 a year ago. The current quarterly dividend is $1.58 per share.

MORE ABOUT OAKS BANK

In addition to loan and other financial services, The Oaks Bank & Trust Company offers insurance and associated financial services through its affiliate Texas BancPartners Insurance Agency LLC, and commercial and residential mortgage services through its affiliate Parkvest BancGroup. All three companies are part of the Prestonwood BancShares Inc. group. More information is available at www.oaksbank.com .

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