BOM Bank buys American State Bank locations

BOM Bank has announced singing an agreement to acquire nine of American State Bank’s locations in Texas including Center, Haslam, and Timpson.

Other locations include American State Banks in Lufkin, and Lufkin Chestnut, plus Huntington, Chester, and Conroe branches and one soon to be renovated location.

Mark Lowery, Chairman of the Board and Regional Market President of American State Bank, said, “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 culminating in the recent achievement of surpassing $1 billion in assets.

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.”

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.