American Momentum Bank in Tampa, Fla., is seeking regulatory approval to move its headquarters to College Station, Texas.
A relocation would make it easier for the $937 million-asset bank to make acquisitions in Texas, according to several news reports published Monday. The bank is majority owned by Adam Bank Group, which is already based in College Station.
"We believe that Texas has a number of attractive acquisition opportunities and as a Texas state-chartered bank, we would be able to negotiate those Texas acquisitions more effectively," Sam Davis, American Momentum's president, told the Tampa Bay Times on Monday. Calls to American Momentum were not immediately returned.
American Momentum has applied for the charter change with the Federal Deposit Insurance Corp. and the Texas Department of Banking and expects approval by the end of the month, according to the Tampa Bay Business Journal. It doesnt plan to close any branches as a result of the move.
American Momentum was started in 2006 by an investor group led by Donald Adam, who had previously founded First American Bank in Texas, which he sold to Citigroup (NYSE: C) in 2005. Launched with $100 million in capital, American Momentum has made several acquisitions in Florida and last year bought Brazos Valley Bank in College Station. It has 19 branches in Florida and four in Texas, according to the FDIC.