State Bank of Texas owned and operated by Chan Patel and his two sons is the largest Indian American-owned bank in the U.S. With over $2.8 billion in assets, the business maintains a book equity value of $400 million. In addition to the bank, the family also maintains its hospitality focus through ownership in several hotels across New York City and Dallas.
Founder, CEO and Chairman of State Bank of Texas Chan Patel arrived in the U.S. in 1965 with $600 in his pocket and an opportunity to study in one of the top universities in America. His success story is a testament to the power of immigrant dreams and the opportunities that America offers to those who are ready to work hard and persevere.
In a candid conversation with The American Bazaar, Patel traces his remarkable journey that began in a small one-room house in Mumbai, India.
“I first set foot in the U.S in 1965. All I had was $600 that was my parents’ entire life savings and a dream to be successful,” Patel says. Today, he owns one of the most successful immigrant-owned banks in America and dozens of hospitality properties yet he vividly remembers his roots.
Patel’s humble beginnings made him resilient and he learnt early on that there was no substitute to hard work in life. “I grew up during the 1940s. We were four siblings and along with my parents, all six of us shared an 8×8 room in Mumbai,” he says.
A strong academic performer, Patel earned admission to Stanford University, where he studied industrial engineering and operations research. After graduating, he continued his education at Johns Hopkins University, completing a master’s degree in management science.
READ: Valuable ‘beyond money’: Wadhwani Foundation’s Dr. Ajay Kela on Indian diaspora (April 28, 2026)
After completing his education, Patel found a job with Braniff International Airways in Dallas, Texas. “I was working hard and doing well. My job gave me flying benefits, and I remember during my visits to the San Francisco area I would see a lot of Patels who had invested in hotel businesses.”
Seeing the success of his fellow community members sparked Patel’s interest in the hotel industry. He said, “Most of this first generation of hotel owners came to the U.S. through family connections after the first Patels began investing in hotels, mostly in the California area, after Japanese owners were selling their businesses following World War II.”
He added, “Very often these business owners did not have university education either. Yet I was struck by their remarkable business acumen. My paycheck was nothing compared to the business they were generating. So, I thought to myself, if they can do it, I should be able to do it too with my university education.”
INTERVIEW: Cero Hero founder Sri Saiteja Annareddy on turning everyday actions into climate impact (May 2, 2026)
And this vision laid the foundation for the first ever Indian owned hotel in Texas. Patel bought Alamo Plaza in the Dallas Fort Worth area back in 1976. “For two years I continued working for the business before I quit my job,” he says.
At the time, like many other hardworking hotel owners, Patel and his wife manned everything themselves—from day-to-day operations to the front desk. To cut costs, they even lived on the property, paying close attention to every detail to ensure the business succeeded. Patel’s efforts paid off, and within a few years, he expanded his portfolio to include 17 more hotels.
That success soon led to another turning point. Patel recalls, “By the ’80s there were many Patel families who owned and operated individual hotels in the Dallas area. We would all go to the same bank, where we had our accounts.”
It was at that bank that a chance encounter set the stage for his next major venture. “Once the bank manager, who was my friend, called me to be a co-signatory for a bank loan for a car that some hotel owners applied for. I asked the bank manager why he needed me, as these people had sufficient funds and were honest business owners,” Patel says.
He adds, “The bank manager informed me that despite their sound finances, their credit reports were blank. Culturally, these first-generation immigrants used cash for transactions instead of credit cards, and thus their credit reports had nothing to show.”
Recognizing a gap in the system, Patel saw an opportunity—to create a bank that understood these unique circumstances and could better serve the community. But there was a roadblock.
READ: Customers Bank partners with OpenAI; CEO uses AI clone on earnings call (April 27, 2026)
Opening a bank required $2 million in capital. While Patel was able to raise $1 million on his own, he still needed another $1 million. He says, “I got in touch with some other members of the community and I asked them to invest $100,000 each and promised that they would be a part of the business for as long as I am there.”
With that, the State Bank of Texas was founded in Dallas in 1986.
Patel acknowledges that he entered the venture with little knowledge of banking but was determined to learn. “We hired a bank manager and were able to navigate this new business,” he says.
Today, Patel runs the bank along with more than a dozen hotels across the U.S. with his two sons, Sushil and Rajan. The State Bank of Texas ranks among the top-performing community banks in the country, with assets under $10 billion, according to the Texas Bankers Association.
Asked what advice he would offer younger immigrants with similar aspirations, Patel says, “My advice is to always try to work for yourself. Even if you start small, keep on working hard and it will pay off.”
Reflecting on what set him apart as a banker, particularly when many other Indian-owned banks struggled to sustain, he says, “Even till today, my family owns 75 percent of the bank. We operate it like a family business. Sometimes when individuals have too little stake in a business they tend to see it as just another way to generate revenue. A business thrives when you think of it as your own and work towards it.”