On June 5, Houston-based USV Bancorp Inc. announced that it has entered the final phase of its capital raising efforts to establish the first Vietnamese/American minority-owned bank in Houston. USV Bancorp notes that this milestone marks the culmination of a vision more than 50 years in the making.
Founded in 2023, USV Bancorp is a proposed bank holding company in formation. Its goal is to deliver culturally relevant, bilingual banking services to a growing and underserved Vietnamese/American population. With more than 150,000 Vietnamese/Americans in Houston and no Vietnamese-owned bank currently operating in the area, USV Bancorp believes that its = initiative can address a gap in the region’s financial landscape.
“This will be more than just a bank, it will be a legacy,” says Tri Nguyen, founder and chair. “It will be about unity, empowerment and building something our children can be proud of.”
To date, USV Bancorp has received commitments for more than $19 million, primarily from Vietnamese/American entrepreneurs in Houston. On May 15, the company formally submitted the requisite regulatory applications to the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency, requesting approval to become a registered bank holding company and acquire a national banking association headquartered in Texas. It is anticipated that, upon receipt of all necessary regulatory approvals and sufficient capital, the institution will operate under the name USV Bank National Association.
USV Bancorp’s next phase of capital raising aims to secure an additional $11 million to $31 million by August 31, 2025, to further support acquisition-related and operational expenses, including legal services, compliance, consulting, preliminary staffing and additional administrative infrastructure.
With nearly $123 billion in annual trade between the U.S. and Vietnam and a growing number of Vietnamese-owned businesses in the U.S., USV Bancorp hopes to serve as a bridge between the two nations and generations. In addition to offering domestic services, it is anticipated that, once approved to commence operations, USV Bancorp will offer cross-border financial solutions for Vietnamese investors and entrepreneurs looking to expand into the U.S. market.
