‘Goodfellas’ Controversy: Dan Patrick Links Lawmakers’ Bank Ties to Texas Speaker Race

[Elderberry]

Texas Scorecard by Brandon Waltens January 12, 2025

Patrick accused a small of group of lawmakers of running the Texas House like a “personal business.”

Concerns over a group of lawmakers connected to Texas House leadership and their mutual ties to Third Coast Bank resurfaced over the weekend, just days before the House is set to gavel in and elect a new Speaker.

In late 2019, Third Coast Bank acquired Heritage Bank, where former disgraced Speaker Dennis Bonnen had served as President, Chairman, and Chief Executive Officer. Bonnen currently sits on Third Coast’s Board of Directors.

Outgoing Speaker Dade Phelan’s brother, Lan Phelan, was a director of Third Coast from 2013 until at least 2016, according to filings with the Secretary of State. Additionally, a 2021 filing with the Securities and Exchange Commission revealed that the bank’s Beaumont location was leased from Phelan’s family investment firm. Phelan’s most recent financial reports also show he owns shares in the bank.

Last year, Texas Scorecard reported additional connections between Third Coast Bank and House members. State Rep. Cody Harris (R–Palestine) was hired as Vice President of Business Development in 2021, shortly after Phelan became Speaker. Other lawmakers, including State Rep. Dustin Burrows (R–Lubbock), were also found to own shares in the bank.

More: https://texasscorecard.com/state/goodfellas-controversy-dan-patrick-links-lawmakers-bank-ties-to-texas-speaker-race/

[Elderberry]

Attorney General Ken Paxton
@KenPaxtonTX

Speaker Dennis Bonnen, Speaker Dade Phelan, and now the Democrats’ preferred Speaker candidate Dustin Burrows ALL have had financial ties to Third Coast Bank—whose largest shareholders happen to be BlackRock and Vanguard—which sounds exactly like something the General Investigating Committee should look into next session.

The idea that potentially THREE Texas House Speakers in a row have been financially tied to the SAME BlackRock affiliated bank is more suited for the next Taylor Sheridan drama than it is for the Texas House.

Is this Third Coast Bank cabal our real life Texas House of Cards?

[Bigun]

When it comes to corrupt politicians, D. C. ain't got nothing on Texas!