Local businessman Don Adam is getting back into the banking business in College Station.
Tuesday, the founder of Adam Corporation will announce the formation of a new bank in the Twin Cities, American Momentum Texas. Adam is the chairman and CEO of American Momentum Florida.
He was the head of First American Bank, which was sold to Citigroup. The move was announced in 2004, and approved by the Federal Reserve Board the next year following seven months of negotiations.
NOTE: KBTX.com will stream the Adam announcement LIVE at 10 a.m. Tuesday.
First American ran hundreds of branches across the state with about 120,000 customers. An estimated $3.5 billion in assets was held by the bank system before the Citigroup deal.
American Momentum currently runs nine banking locations in Florida according to the company's website. The FDIC states the bank has more than $200 million in assets. Based in Tampa, the bank was originally known as American Commerce, and set a Florida record for initial capitalization of a de novo bank at $100 million, according to a 2006 article in the Tampa Bay Business Journal.
That same media outlet also reports American Momentum will buy Texas First Bank in Galveston, and retain that location as a branch.
Also on American Momentum's board of directors in Florida are Phil Adams, a Bryan businessman and president of Phil Adams Company, and James Wolfe, the president of Adam Corporation.
Besides his previous bank venture, Adam is known locally for, among other things, building the Miramont Country Club in Bryan, which is where he is scheduled to announce the new American Momentum venture.
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