Durant-based bank to merge with Texas bank
Sherman, Texas-based American Bank of Texas will merge with Durant-based First United Bank, the banks announced Tuesday.
The merged bank will be named First United Bank, which will have more than 85 locations and $5.5 billion in assets in Texas and Oklahoma.
"American Bank of Texas is a strong, successful bank and has been a treasured partner in the communities it has served. We are committed to continuing this legacy and will remain a pillar in the communities we serve through reinvestment, civic leadership, and doing what's right for our stakeholders," Greg Massey, CEO of First United, said in a statement.
The merger is expected to be completed in late 2016.
"This was a big decision, but we know it is the right thing to do for our employees and customers,” said Dorothy and Lacy Harber, owners of American Bank of Texas. "First United is a culture-driven organization whose strategy focuses on serving their employees, customers and communities. This choice will allow our employees to continue to be successful in their current roles and keep decisions fast and local for our customers."
American Bank of Texas was chartered in 1971 and had $2.3 billion in assets at the end of March. It operates 32 branches throughout Texas.
Established in 1900, First United has more than 50 locations throughout north Texas and Oklahoma, with assets of more than $3 billion.