Wednesday, April 17, 2024

BOM Bank Expands Reach: Acquires Nine American State Bank Locations in Texas

by BIZ Magazine

Natchitoches, Louisiana – In a strategic move aimed at broadening its footprint and enhancing customer accessibility, BOM Bank proudly announces the acquisition of nine American State Bank locations across Texas. This milestone agreement reflects BOM Bank’s steadfast commitment to delivering exceptional banking services and fostering community development across state lines.

The agreement encompasses the acquisition of American State Bank branches in Haslam, Timpson, Center, Lufkin, Lufkin Chestnut, Huntington, Chester, and Conroe, along with one soon-to-be-renovated location. By integrating these branches into its network, BOM Bank aims to bolster its regional presence and extend its renowned personalized banking experiences to a broader customer base.

Mark Lowery, Chairman of the Board and Regional Market President of American State Bank, expressed confidence in the transition, stating, “BOM Bank’s deep-rooted understanding of small-town banking in East Texas positions them as an ideal partner for our valued customers. While the branches may undergo a name change, customers can expect the same familiar faces and exceptional service.”

Founded over a century ago in Montgomery, Louisiana, BOM Bank has remained steadfast in its commitment to community service, financial empowerment, and sustainable growth. Surpassing $1 billion in assets, BOM Bank’s latest achievement underscores its enduring dedication to fulfilling the financial needs of individuals, businesses, and communities.

Ken Hale, President and CEO of BOM Bank, hailed the acquisition as a significant step forward, emphasizing the bank’s dedication to integrity, reliability, and community engagement. “We are excited to welcome American State Bank customers and employees into the BOM Bank family,” said Hale. “This acquisition aligns seamlessly with our mission to provide exceptional banking solutions while fostering long-term relationships built on trust and mutual respect.”

As a certified Community Development Financial Institution, BOM Bank is committed to addressing the needs of underserved communities. Offering specialized programs such as a credit builder program and certified BankOn checking account, BOM Bank strives to promote financial inclusion and empower individuals to achieve greater financial stability.

The proposed transaction, approved by the boards of both organizations, is slated to close in the fourth quarter of 2024, pending regulatory approvals. Upon completion, BOM Bank looks forward to forging enduring relationships with its new customers and communities in Texas, driving growth, opportunity, and prosperity for all.

For more information about BOM Bank and its comprehensive range of products and services, visit bofm.com or follow @bomest1903 on social media platforms.

About BOM Bank: Since 1903, BOM Bank has been dedicated to providing customers with unparalleled banking solutions and community support. With a network spanning Louisiana and Texas, BOM Bank continues to uphold its legacy as a trusted financial partner, embodying the values of reliability, integrity, and service excellence.

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