Natchitoches, Louisiana – BOM Bank, a trusted financial institution serving Louisiana and Texas communities since 1903, is pleased to announce it has signed an agreement to acquire nine of American State Bank’s locations in Texas. This agreement marks a significant milestone in BOM Bank’s commitment to providing accessible banking services and strengthening community ties in Texas.
The agreement provides for BOM Bank to acquire nine of American State Bank’s locations across Texas, enhancing BOM Bank's regional customer footprint. These include American State Bank’s Haslam, Timpson, Center, Lufkin, Lufkin Chestnut, Huntington, Chester, and Conroe branches, and one soon to be renovated location. BOM Bank remains dedicated to providing personalized banking experiences, innovative financial solutions, and unparalleled customer service to meet the evolving needs of individuals, businesses, and communities. Mark Lowery, Chairman of the Board and Regional Market President of American State Bank, stated, “BOM Bank is deeply familiar with small town banking in East Texas. We are confident our customers will be pleased with the additional banking locations and services offered through BOM Bank. These locations may have a new name, but the faces that customers know will be the same.”
Established in Montgomery, Louisiana, over a century ago, BOM Bank was founded with the mission to serve the financial needs of Grant Parish. Throughout its history, BOM Bank has remained committed to its core values of community service, financial empowerment, and sustainable growth. This commitment has culminated in the recent achievement of surpassing $1 billion in assets. This significant milestone serves as a powerful testament to the enduring strength of the mission set forth over a century ago, which remains as robust today as ever.
Ken Hale, President and CEO of BOM Bank, expressed his enthusiasm for the agreement, stating, "We are thrilled to welcome the customers and employees of American State Bank to the BOM Bank family. This acquisition aligns with our mission to deliver exceptional banking solutions while upholding the values of integrity, reliability, and community engagement."
As a community-focused institution, BOM Bank is a certified Community Development Financial Institution committed to promoting volunteerism and addressing the needs of the unbanked and underbanked communities. Offering tailored resources like a credit builder program and a certified BankOn checking account, the bank aims to support individuals outside the conventional financial system and those working to develop responsible financial habits. The acquisition of American State Bank locations underscores BOM Bank's dedication to fostering economic prosperity and enhancing the quality of life for residents across Louisiana and Texas, further solidifying its position as a leading community bank in the region.
"We look forward to building lasting relationships with our new customers and communities in Texas," added Ken Hale. "At BOM Bank, we are driven by a shared vision of growth, opportunity, and prosperity for all."
The proposed transaction has been approved by the board of directors of both organizations and is expected to close in the fourth quarter of 2024. The closing of the proposed transaction is subject to customary conditions, including the receipt of regulatory approvals.
About BOM Bank: BOM Bank has been providing customers with a variety of products and services since 1903. BOM now employs over 165 staff members among 19 locations in Grant, Natchitoches, Sabine, Bienville, Bossier, Caddo, and Rapides parishes in Louisiana in addition to Sabine and Angelina County in Texas serving over 32,500 customers. For a complete list of locations, as well as products and services, visit bofm.com or follow us on social media @bomest1903. BOM - a face you know, a bank you can trust.