At a time when banks are failing, being bailed out by the government and not loaning money, Brazos Valley billionaire Don Adam is making a banking re-emergence in Texas.
Adam announced Tuesday he was opening a new local bank in Bryan/College Station called American Momentum.
He started American Momentum two years ago in Florida with more than $100 million, the largest start-up bank in the country, Adam said during a press conference at Miramont Country Club.
Adam said he wanted to bring that business to the Brazos Valley to help grow the community.
"The importance of capitalization, in my opinion, is that great communities are built in conjunction, and on top of great financial institutions," Adam said.
After establishing American Momentum in Bryan/College Station, Adam said he hopes to have other ventures across the state.
This is Adam's first new bank in Texas since selling First American to Citibank for a reported three quarters of a billion dollars back in 2005.
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. It was funded with $100 million. Adam says it makes it one of the most capitalized or strongest banks in America.
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