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.