Texas Border Business
CEO Fred Rusteberg will retire, but will remain as Senior Chairman of the Board
(FEB. 24, 2016) BROWNSVILLE, Texas – Banking veteran, community leader and founding president and CEO of IBC Bank-Brownsville, Fred Rusteberg, announces his retirement. His transition from CEO into retirement will begin in February and he will officially step down at the end of August. After working four decades in the banking industry and opening the first IBC Bank in Cameron County in 1984 as CEO, the fourth IBC Bank in the International Bancshares Corporation, Rusteberg says it is time to pass the torch.
“We have built a great team,” Rusteberg said. “We’ve developed strong talent, and I know turning the bank’s leadership over to Al Villarreal, senior executive vice president, is the right decision. Al has diligently served the bank and community for 23 years, and his team has gained the respect and admiration of the board, staff and community.”
During Rusteberg’s tenure, he grew the bank to the high performing institution it is today with its 13 banking facilities and more than $1 billion in assets. While retiring as CEO, Rusteberg will serve as senior chairman of the IBC Bank-Brownsville board, and Ygnacio D. Garza will continue to serve as board chairman.
“Fred has played an integral part in the success of IBC Bank-Brownsville, and we are appreciative for his decades of service to the bank, Cameron County and the Rio Grande Valley,” International Bancshares President and Chairman of the Board/CEO Dennis E. Nixon said. “His leadership and vision for growth are invaluable, which is why we are pleased with his decision to continue his service on the bank’s board.
“I see the same vision and determination in Al, and we are confident he will continue Fred’s legacy in keeping IBC Bank-Brownsville as the region’s premier bank while serving as president and CEO.”
Villarreal has been in the banking industry since 1988 and with IBC Bank-Brownsville since 1993. He currently serves as the bank’s senior executive vice president and board member.
“Fred is an outstanding citizen, family man, leader and a solid example of IBC Bank’s ‘We Do More’ mission,” Villarreal said. “Although we will miss Fred on a day-to-day basis at the bank, I’m honored to have had the opportunity to work with him for decades, and I know I will continue to learn from his expertise as a board member.”
IBC Bank-Brownsville Chairman of the Board Ygnacio Garza said, “Fred’s commitment to our area is unquestionable, and we look forward to his continued commitment to the success of IBC Bank as he serves as its senior chairman of the board.”
In addition to 40 years in banking, Rusteberg has proudly spent those years working on the progress and development of the Brownsville community. He was the founding chairman of “Brownsville First,” a grassroots community effort in 1990 that convinced Brownsville voters to approve a half-cent sales tax and bond issue for economic development and quality of life projects, which the community continues to enjoy today. Before he began his banking career he worked as assistant port director for the Port of Brownsville and as project director for the Brownsville/Matamoros Railroad Relocation project, helping develop a $50 million pilot/demonstration project. This eventually resulted in the relocation of the Union Pacific and Southern Pacific rail yards and rail transportation from the center of Brownsville.
Currently Rusteberg is a member of the University of Texas-Rio Grande Valley Strategic Planning Committee, which is working to bring the new regional university to the Rio Grande Valley area. In addition, Rusteberg has served on numerous other councils and boards directly impacting the community, including the University of Texas-Brownville Development Board since its inception, Brownsville Community Foundation, Brownsville Rio Grande Rail Road board, Valley Baptist Medical Center board, Preparatoria del Tecnologico de Monterrey board in Matamoros, Mexico, UTRGV School of Business advisory committee and he has been the presiding tri-chair for the United Brownsville/Imagine Brownsville effort for nine years.
His years of community service have warranted numerous honors, such as Outstanding Citizen of the Year and leadership awards from the Brownsville Historic Museum, the Boy Scouts of America and the Girl Scouts, as well as the Paul Harris Fellow recognition from both the Brownsville and the Matamoros Rotary Clubs.
Education plays an important part in Rusteberg’s community involvement, including having taken an active role in the development of science, engineering, technology, business and education programs at the University of Texas-Brownsville and Texas Southmost College. Because of his commitment to bettering the region’s education opportunities, he and his family established the first scholarship endowment at the University of Texas-Brownsville in 1995 and IBC Bank established the Fred and Frances Rusteberg Scholarship Endowment later that year.
“I’m happy for the opportunity to have helped start IBC Bank-Brownsville 32 years ago and the platform it has given me to continue to better the community,” Rusteberg said. “My family has been a proud part of Brownsville for generations, and I’m thankful they instilled in me a strong community ethic. My time at IBC Bank has helped me to play a part in the successful development of our international borderplex region. For that, I’m grateful.”
Rusteberg earned his finance degree from Texas A&M University and obtained his graduate work in finance at Texas Tech University. He and his wife, Frances, have two married children, who are active within the community, and two grandchildren. Upon his retirement, Rusteberg plans to have more time to spend with family.
