COLLEGE STATION, Texas — Bank officials with American Momentum Bank has announced the Texas-chartered banking association will acquire Midland-based Security Bank. The deal could be finalized before the end of the year.
American Momentum has officially entered into an agreement with Security Star Bancshares Inc. (SSBI), the parent company of Security Bank.
Once the merger is complete, American Momentum will have over $2.6 billion in consolidated total assets, as Security Bank is bringing about $922 million in total assets to the table. It has 11 banking locations currently in Texas, most of them in the western part of the state. American Momentum entered the market in West Texas nearly a year ago after buying Commercial State Bank.
American Momentum has its headquarters in College Station, 20 full-service banking centers in Texas and Florida and a loan production office in Dallas.
“We’re proud to be a Bryan-College Station-based bank and will continue to grow both organically and through strategic acquisitions,” said Donald A. Adam, Chairman and CEO of American Momentum. “Our goal is to continue as a premier bank in Texas and Florida by providing superior banking service to customers, and by enhancing and creating employment opportunities in the markets we serve.”
“With this merger, we are further able to provide our Security Bank customers with an outstanding banking experience,” said James C. Thomas, Chairman and CEO of SSBI. “AMB is a first-class operation and an ideal fit for our brand of community banking, and it is our priority to ensure this merger is seamless to all involved.”
OTHER BUSINESS NEWS ON KAGSTV.COM: