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Houston Business Journal
These are Houston’s fastest-growing credit unions
Overall assets for the largest Houston-based credit unions grew over the past year, with some experiencing double-digit growth.<\p> Of the 25 largest credit unions based in the Houston area, 17 increased their total assets between March 2023 and March 2024. Collectively, these companies grew total assets by 3.04% over the past year, reaching $26.64 billion. For comparison, there were $324.12 billion in bank deposits in Houston's metropolitan statistical area as of June 30, 2023, according to the Federal Deposit Insurance Corp. <\p>
Hurricane Beryl Recovery Fund sees significant demand
Since the Greater Houston Disaster Alliance launched the Hurricane Beryl Recovery Fund last week, it has seen significant demand.<\p> To date, the fund has raised over $4.5 million. When it launched on July 15, it had already raised more than $3 million, including $1 million each from the Sarofim Foundation, H-E-B and the CenterPoint Energy Foundation as well as significant donations from Wells Fargo & Co., Shell and others.<\p>
Texas university names first Houston president
Denton-based Texas Woman’s University has selected the first-ever president for its Houston campus, three years after being granted university system status. <\p> Monica G. Williams will begin her new role on Aug. 26, TWU said July 24.<\p>
Meet HBJ's 40 Under 40 Class of 2024
Meet the Houston Business Journal's 40 Under 40 Class of 2024 honorees.<\p> The award recognizes 40 outstanding professionals under the age of 40 in the greater Houston area who have demonstrated leadership, success in business and contributed to our community.<\p>
$24.6B grocery merger temporarily halted
A Colorado judge has granted a temporary halt to Kroger Co.’s planned $24.6 billion acquisition of rival Albertsons Cos. Inc. <\p> In a July 25 hearing, Denver District Court Judge Andrew Luxen granted the preliminary injunction to delay the acquisition that would merge Albertsons into Kroger while canceling a hearing that had been set for Aug. 12. Instead, the court scheduled a trial to begin Sept. 30. That trial is expected to last two weeks. <\p>
Settlement over $10B LNG project approved
A major tenet of Zachry Holdings' bankruptcy case has been resolved.<\p> The settlement agreement proposed by Zachry and Golden Pass LNG late last week was approved on an interim basis by the bankruptcy judge overseeing the Zachry's restructuring. The agreement allows Zachry to disentangle itself from its lead contractor position in the $10 billion liquefied natural gas export terminal under construction in Sabine Pass, Texas.<\p>
NRG Stadium plans post-Beryl repairs
Officials are preparing to replace two panels on NRG Stadium’s fabric roof after it sustained damage from Hurricane Beryl on July 8.<\p> An engineering review has already been completed, determining that there is no significant repairs needed other than the replacement of the panels, said Ryan Walsh, CEO and executive director of the Harris County Sports & Convention Corp. HCSCC will purchase the material needed to replace the panels “within the next couple weeks,” Walsh said July 24. The organization expects to complete the repairs no later than Oct. 1.<\p>
Tech co. aims for the stars with acquisition
KBR Inc. has one eye on the government’s newest military wing — the U.S. Space Force — and signaled intent in the space contracting area with its new acquisition.<\p> Last week, Houston-based KBR said it had entered an agreement to purchase Herndon, Virginia-based LinQuest Corp. from Madison Dearborn Partners for $737 million including tax benefits.<\p>
Local sports team lets go of GM
The Houston Dash have parted ways with their general manager.<\p> Alex Signer was hired as the organization's first-ever standalone general manager in August 2022 but was let go July 25. The search for a new general manager will begin immediately, the Dash said in the announcement, which did not provide any additional information.<\p>
Southwest Airlines to ditch open seating
Southwest Airlines Co. (NYSE: LUV), the largest carrier at Houston's William P. Hobby Airport (HOU), plans to abandon its longstanding open-seating policy and instead assign seats, offer premium seating and redesign its boarding model.<\p> The move comes as the Dallas-based carrier is under pressure from activist investor Elliott Investment Management, which in June disclosed a nearly $2 billion stake in Southwest and called for new leadership as the carrier underperformed competitors. Southwest's stock price is down more than 25% over the past year.<\p>
Conn's lays out plan to possibly close all stores (update)
Update: B. Riley Retail Solutions LLC is managing store closing sales for Conn's Inc., both online and in over 550 stores, the Florida-based company said midday July 25. Merchandise discounts start at 30% to 50% off, and all items must be sold. Store furnishings, fixtures and equipment can also be purchased.<\p> No returns or exchanges will be made for items purchased during the store closing sales, B. Riley said.<\p>
New artificial heart implanted in Houston
After nearly 20 years of research, doctors have successfully implanted a new artificial heart model into a human patient — moving one step closer to replacing heart transplants entirely. That operation took place earlier this month here in Houston, the result of over $50 million in private and grant funding.<\p> The Texas Heart Institute at Baylor St. Luke's Medical Center and California-based medical device company Bivacor completed the successful implantation of a total artificial heart, or TAH, into a human patient on July 9. The surgery was performed as part of an early feasibility study authorized by the Food and Drug Administration. Dr. William Cohn, a surgeon at the Texas Heart Institute and Baylor College of Medicine and chief medical officer at Bivacor, described the operating experience as “surreal.”<\p>
VA makes beachside move
The U.S. Department of Veterans Affairs is moving its Galveston outpatient clinic to the Seawall, near Stewart Beach.<\p> The VA confirmed plans to leave its current space at 3828 Avenue N by the end of this year or early next year and move into the 53,000-square-foot Piazza Blanca shopping center at 500 Seawall Blvd., next to the eye-catching Emerald by the Sea condominium complex.<\p>
Local health co. downsizes HQ by 60%
Empyrean Benefit Solutions Inc. is set to move its west Houston headquarters to a significantly smaller space.<\p> The health benefits management company has signed a lease for 41,667 square feet at 2103 CityWestPlace Blvd. (Building 4) in Houston-based Parkway’s CityWestPlace campus. Empyrean plans to occupy two full floors in the building by early next year, Parkway said. <\p>
Convention center one step closer to expansion
The Houston City Council has approved Houston First Corp.'s proposal to acquire additional properties for the planned George R. Brown Convention Center expansion.<\p> The proposal passed on July 24 as part of the council's consent agenda without comment.<\p>
Exxon consolidation could bring hundreds to Houston
Exxon Mobil Corp. (NYSE: XOM) is renovating its 385-acre headquarters in Spring to accommodate a new research center, which will relocate up to 600 employees to the Houston area and hire additional people locally. <\p> The oil and gas supermajor is closing its other research centers around North America — two locations in Canada and one in New Jersey — and will build up the Houston area as its only remaining research center in the region. However, a few employees will remain in Canada and report to Houston.<\p>
How to avoid CrowdStrike repeats
Businesses around the world — including in Houston — and across all industries are taking stock of operations after a software outage disabled critical functions.<\p> The root of the outage was a defect found in an update provided by the Austin-based cybersecurity firm CrowdStrike Holdings Inc. (Nasdaq: CRWD). <\p>
New Grand Parkway community open for sales
A new 1,373-acre community along the northeastern Grand Parkway has started home sales in its first phase.<\p> Austin-based Castle Hill Partners is developing The Trails at the Grand Parkway and Plum Grove Road, about 8 miles east of New Caney and Interstate 69.<\p>
Fastest-growing Houston companies revealed
The Houston Business Journal is ready to reveal the fastest-growing private companies in the region. <\p> The Fast 50 is a highly competitive List, where HBJ ranks companies by their revenue growth over a two-year time frame. <\p>
Former Exxon exec gets new C-suite gig
Houston-based NextDecade Corp. (Nasdaq: NEXT) has picked up a new COO ahead of the company’s next final investment decision. <\p> Tarik Skeik is taking on the new role and will be reporting to CEO Matt Schatzman. Skeik previously served as a global project executive at Spring-based Exxon Mobil Corp. (NYSE: XOM), where he has worked since 2011. He has executed a variety of megaprojects, including Gulf Coast Growth Ventures, which is a joint venture between Exxon and Saudi Basic Industries Corp. <\p>
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