Castillo had a loan with HSB at the time. Her bankers, including Jerry \u201cBud\u201d Holmes and Jessica Terrell, left HSB for ASB, which was expanding into West Texas with locations getting started in Lubbock, Plainview, Littlefield and other cities.<\/p>\n
\u201cI followed my bankers,\u201d Castillo said.<\/p>\n
In a different sort of way, Centennial also followed Castillo\u2019s bankers, filing a lawsuit in 2023 against Holmes, Terrell and others. The claim was violations of the federal Defend Trade Secrets Act, breach of contract, unfair competition and a few other things.<\/p>\n
Castillo, in her conversation with LubbockLights.com, said she was not tricked into following her bankers. It\u2019s what she wanted.<\/p>\n
\u201cI followed Jessica because she knows my business. \u2026 When I followed Jessica [to] American State Bank, she bought my loan from Happy State Bank.\u201d Castillo said.<\/p>\n
But one day things changed. Castillo went to ASB and said she was told \u201cBud\u2019s not here anymore\u201d \u2013 a reference to Holmes.<\/p>\n
On another visit to the bank, she spoke with the receptionist.<\/p>\n
\u201cShe went quiet, and she said Jessica\u2019s gonna call you. Well then, that\u2019s when I found out that American State Bank was pulling out of this area,\u201d Castillo said.<\/p>\n
Castillo did not know it yet, but it was the beginning of the end of her business.<\/p>\n
LubbockLights.com offered the legal teams for ASB, Terrell and Holmes more than one chance to comment.<\/p>\n
\u2018Should have been a red flag\u2019<\/p>\n
Castillo\u2019s time with JC Penney, more than 20 years, brought her to Lubbock, but felt the company was changing and she needed a change.<\/p>\n
\u201cAnd I thought, \u2018Okay, I\u2019m going to see what business I can open up.\u2019 And I knew about the franchise at a Kansas City, Missouri, Three Dog Bakery,\u201d Castillo said.<\/p>\n
She described it as an artisan bakery for dogs.<\/p>\n
Her Lubbock franchise with Three Dog Bakery was the first to gross $1 million per year, she said.<\/p>\n
LubbockLights.com reached out to Three Dog Bakery offices several times but never got a response.<\/p>\n
\u201cImmediately \u2013 and that should have been a red flag \u2013 he started asking me about my credit lines.\u201d<\/p>\n
angie castillo<\/p>\n
Documentation provided by Castillo and by a local representative of the Small Business Administration bolstered her claims of having a successful franchise before the bank battle.<\/p>\n
\u201cWe have been a fun place to be. We\u2019ve established ourselves within the community. I still have long-lasting customers that have come in for 11 years. And we\u2019ve carried dog food, dog treats, clothing, apparel, toys,\u201d Castillo said.<\/p>\n
She decided to start a second location in Amarillo \u2013 opening in May 2023.<\/p>\n
Once Holmes and Terrell were out, the loan was transferred from the Lubbock branch of ASB to Plainview. That meant dealing with a different banker.<\/p>\n
\u201cImmediately \u2013 and that should have been a red flag \u2013 he started asking me about my credit lines,\u201d Castillo said.<\/p>\n
This was part of a pattern Castillo said. The loan was transferred more than once from location to location. Each time a new banker would have different requirements \u2013 different expectations.<\/p>\n
Pay this down<\/p>\n
Her loans and revolving credit were roughly $700,000.<\/p>\n
Castillo described the conversation with her Plainview banker.<\/p>\n
\u201cHe\u2019s like, \u2018Well, you need to pay down on this.\u2019 So, I did. I paid $15,000 on both lines for $30,000. And then what I noticed was they dropped my lines,\u201d Castillo said.<\/p>\n
Without that money, she could not stay stocked with inventory.<\/p>\n
Then her loan was transferred to the ASB branch in Center, Texas. That meant changing bankers again.<\/p>\n
\u201cHe started talking about the credit lines. And I\u2019m like, \u2018Hey, are you not gonna work with me?\u201d she said.<\/p>\n
She tried to show him she was purchasing $12,000 worth of dog food every week.<\/p>\n
\u201cHe\u2019s like, \u2018No, we\u2019re not gonna do this,\u201d Castillo said.<\/p>\n
She was allowed to cash in a CD held as collateral, sold her house to pay down more on the loan and then got another loan from another source at a high interest rate, she said.<\/p>\n
Her financial reports in 2024 were \u201chealthy as could be,\u201d she said. But once she couldn\u2019t purchase dog food, she said she lost her customer base.<\/p>\n
These were products her customers were accustomed to buying. But with her credit line cut \u2013 even after making the requested payments \u2013 she could not keep going.<\/p>\n
\u201cSo yes, I lost my customer base, as well as customer trust. My situation is not just losing a business it\u2019s losing everything I worked for these past 11 years,\u201d Castillo said.<\/p>\n
Castillo described it as being \u201cupside down.\u201d The bank sent a written notice, declaring her in default even before she missed a payment.<\/p>\n
She did try to get other financing from other sources, but it was too late.<\/p>\n
\u2018I\u2019ve already offered you the skin off my back\u2019<\/p>\n
\u201cI love retail. This is what I do. I\u2019ve done it better than anybody in the franchise,\u201d Castillo said.<\/p>\n
Castillo described one of the conversations with her most recent banker like this.<\/p>\n
\u201cI said, \u2018You\u2019re putting so much pressure on me.\u2019 I said, \u2018I\u2019ve already offered you the skin off my back.\u2019 I said, \u2018What do you want from me?\u2019 He\u2019s like, \u2018Well, Angie, I want to be able to sleep at night.\u2019 And I said, \u2018Yeah. Me too.\u2019\u201d<\/p>\n
\n\tRelated\n<\/p>\n
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