Thanks to American Momentum Bank for providing the following news release:
American Momentum Bank (“American Momentum”) announced today the signing of a definitive agreement to acquire Brazos Valley Bank, N.A. (“Brazos Valley”), headquartered in College Station, Texas.
With total assets of $127 million, Brazos Valley has a location on Highway 6 South in College Station and another location on Villa Maria near the intersection of Briarcrest in Bryan, Texas.
The transaction is subject to shareholder and regulatory approvals and is expected to close in the third quarter of 2011.
“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,” stated Frank Varisco, President of American Momentum – Bryan/College Station. “We look forward to welcoming the clients of Brazos Valley and will work hard to earn their business.”
With the transaction, American Momentum will have three banking centers in Bryan/College Station including the recently opened Momentum Plaza at the corner of Copperfield Parkway and University Drive in College Station.
There will now be a total of 41 ATM locations available conveniently located in Bryan/College Station and surrounding areas.
Don Adam, Chairman and CEO of American Momentum stated, “Brazos Valley Bank is a great strategic fit for us. 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.”
“We are extremely pleased to be joining the American Momentum Bank family,” said John Godfrey, President of Brazos Valley. “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,” Godfrey added.
As one of the top ranked banks in the country with capitalization in excess of 23% of total assets, American Momentum combines financial strength with a “community first” philosophy, tailoring unique solutions to the individual needs of its clients.