One of the newer banking organizations in the region has moved to acquire another.
Saturday, American Momentum Bank announced it had signed an agreement to acquire Brazos Valley Bank and its $127 million in assets. The deal will become final if it gains shareholder and regulatory approvals.
Further details of the purchase were not released.
"This acquisition is the first of many steps we will take to further strengthen and expand our footprint in Texas and the greater Brazos Valley and surrounding communities,” said Frank Varisco, the president of American Momentum-Bryan/College Station, in a statement. "We look forward to welcoming the clients of Brazos Valley and will work hard to earn their business."
According to its website, Brazos Valley Bank was chartered in 2004, and is the only chartered bank in College Station, operating one location in each of the Twin Cities: one at Highway 6 and Graham Road in College Station, the other off of Villa Maria Road in Bryan. The site also shows Brazos Valley Bank as having more than three dozen ATMs in Bryan and College Station, plus one in Hempstead.
The acquisition increases American Momentum's ATM total to 41, and ups its banking centers to three, including Momentum Plaza off of University Drive on the east side of Highway 6.
Among Brazos Valley Bank's community outreaches are its sponsorship of the Brazos Valley Bombers field, known as Brazos Valley Bank Ballpark. There is no word yet on the future of the naming rights of the field in Bryan.
"We are extremely pleased to be joining the American Momentum Bank family," said Brazos Valley Bank President John Godfrey in American Momentum's statement. "With this transaction, our customers will enjoy enhanced products and services along with the capital strength of one of the most well capitalized banks in the country. American Momentum’s commitment to technology is evidenced by their investment in scanning technology allowing commercial and retail customers the ability to scan checks from their office or home without having to make a trip to the bank.My company for one will benefit from this service.”
American Momentum Chairman and CEO Don Adam reemerged in the local banking industry in 2009 when he brought his Florida-based business to Bryan/College Station, also stating he had plans to expand locally and statewide, with his operation based at Momentum Plaza. It opened last year.
"Brazos Valley Bank is a great strategic fit for us," Adam said in the American Momentum statement. "With the two added locations, banking will be more convenient and enjoyable for all of our customers and this transaction is important as we continue to grow our presence in our hometown community and create expanded and greater opportunities for our associates. This acquisition also underscores our long-term commitment to the community. We believe we can create enhanced shareholder value through size and scale, and this is the first of many acquisitions we expect to complete in the near future."
In 2005, Adam sold First American Bank and its numerous Texas locations to Citigroup for a reported three quarters of a billion dollars. He had to sit out of the local banking business for a period of time per his deal with Citi.
In the meantime, American Momentum started up in Florida. Currently, it serves Tampa, Clearwater, St. Petersburg, Sarasota, Lakewood Ranch, Naples, Winter Garden and Orlando. The company also operates a loan production office in Dallas, Texas.