CORPUS CHRISTI, Texas -- When Sam Susser, CEO of Susser Holdings Corp., sold that company and its Stripes convenience stores to Energy Transfer Partners LP (ETP) in 2014 for $1.8 billion, it marked the end of a long, steady run in the convenience-store industry for the Susser family.
Susser Holdings had approximately 600 c-stores in Texas, New Mexico and Oklahoma under the Stripes banner, more than 400 offering the Laredo Taco Company foodservice concept.
ETP sold the company to its subsidiary, Sunoco LP, in 2015. Sunoco, in turn, is selling 1,100 c-stores, including the Stripes locations, to Irving, Texas-based 7-Eleven Inc. in a $3.3 billion transaction that will close by the end of the year.
Since Susser’s exit from the c-store stage to “pursue other interests,” many industry observers have speculated that he might return to convenience retailing. Susser is on the board of National Retail Properties Inc., a real-estate investment trust (REIT) with a portfolio of tenants that includes nearly 200 c-stores.
But Susser, who worked on Wall Street before entering the family business and is now president of Susser Holdings II LP, Corpus Christi, Texas, is now turning the Susser smile on the banking industry.
A newly formed company named Susser Bank Holdings LLC has filed to become a savings-and-loan holding company, according to a filing with the Federal Reserve System.
The company filed in October to become a savings-and-loan holding company by acquiring and controlling up to 75% of the issued and outstanding voting shares of BancAffiliated Inc., Arlington, Texas, and acquiring control of Affiliated Bank, Bedford, Texas.
Affiliated Bank opened in 1959 as Affiliated Federal Credit Union, according to its website, chartered to be a financial institution that would benefit the Affiliated Food Stores, their owners, employees and their families. It converted to a federal savings bank in 1998.
In May 2001, Affiliated Bank became a stock savings bank, organized in the form used by other commercial banks, most major corporations and many savings institutions. This change enabled expanded operations, including increased lending and investment activities. In 2008, it became a mortgage lender.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.