American Momentum Bank acquires Security Bank, expands West Texas presence
COLLEGE STATION, Texas (March 2, 2020)—On Feb. 29, 2020, American Momentum Bank, a Texas-chartered banking association headquartered in College Station, acquired Security Star Bancshares, Inc. (SSBI), and its subsidiary, Security Bank.
Midland-based Security Bank, with $922 million in total assets as of Dec. 31, 2019, had 11 locations in Texas, with nine in West Texas and two in San Antonio. Prior to the acquisition, American Momentum Bank had total assets of $1.7 billion as of Dec. 31, 2019 and 20 full-service banking centers in Texas and Florida. Following the merger, American Momentum Bank has over $2.6 billion in total assets, $1.7 billion in net loans, $2.2 billion in deposits and $360 million in capital.
“American Momentum Bank and Security Bank share similarities in scope, mission, and philosophy,” said Donald A. Adam, Chairman and CEO of American Momentum Bank. “This acquisition allows us to extend American Momentum Bank’s sophisticated products and services to customers in West Texas and the Permian Basin. We will also offer the resources necessary to address customers’ lending and depository needs, all while maintaining a personalized approach.”
James C. Thomas, Chairman and CEO of SSBI, will serve in an executive leadership role as West Texas CEO of American Momentum Bank. Jarod C. Thomas, President and Chief Lending Officer of Security Bank, will continue with American Momentum Bank as its West Texas President.
“We are pleased that our Security Bank customers will continue enjoying an outstanding banking experience with American Momentum Bank,” said James C. Thomas. “American Momentum Bank is a first-class operation and an ideal fit for our brand of community banking. We look forward to a continued collaboration to ensure this merger is seamless for all involved.”
American Momentum Bank entered the West Texas market in January 2019, with its acquisition of Commercial State Bank.
“As a proud Bryan/College Station-based bank, we look forward to continuing to grow both organically and through strategic acquisitions,” said Adam. “We plan to maintain our reputation as a premier bank in Texas and Florida by delivering superior banking service to customers. At the same time, we are eager to enhance and create employment opportunities in the markets we serve.”