COLLEGE STATION, Texas (Nov. 19, 2019)—American Momentum Bank, a Texas-chartered banking association headquartered in College Station, has entered into an Agreement and Plan of Merger with Security Star Bancshares, Inc. (SSBI), the parent company of Security Bank.
Midland-based Security Bank, with $922 million in total assets as of Sept. 30, 2019, has 11 locations in Texas, with nine in West Texas. American Momentum, with total assets of $1.7 billion as of Sept. 30, 2019, has 20 full-service banking centers in Texas and Florida, and a loan production office in Dallas.
The acquisition of Security Bank is expected to occur in late 2019 or early 2020. Following the acquisition, American Momentum Bank will have over $2.6 billion in consolidated total assets, $1.7 billion in net loans, $2.2 billion in deposits and $360 million in capital.
“We’re fortunate to collaborate with Security Bank, a community bank similar to ours in people, scope, mission, and philosophy,” said Donald A. Adam, Chairman and CEO of American Momentum. “This partnership strengthens our ability to deliver sophisticated products and services and a personalized approach to customers in West Texas and the Permian Basin. It also further positions AMB to offer the resources necessary to address customers’ lending and depository needs.”
American Momentum Bank entered the West Texas market in January 2019, with its acquisition of Commercial State Bank.
“We’re proud to be a Bryan/College Station-based bank and will continue to grow both organically and through strategic acquisitions,” said Adam. “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.”
Following the acquisition, James C. Thomas will serve in an executive leadership role as West Texas CEO of American Momentum Bank. Jarod C. Thomas will continue with American Momentum as its West Texas President.
SSBI was advised by Piper Jaffray & Co. and was represented by Norton Rose Fulbright US LLP as legal counsel.
Hunton Andrews Kurth LLP represented AMB as legal counsel.