First Artesia Bancshares in Artesia, N.M., has merged two of its banks.

The company's First American Bank recently absorbed AmBank, according to the Albuquerque Business First. AmBank had been operating under a separate charter since it was acquired by First Artesia in December, 2008.

"When … our holding company acquired AmBank, the strategy was to gradually transition into a merger and name change," Greg Marrs, First American's chairman, president and chief executive, said in a press release obtained by the publication.

"The time had come when the merger made sense both operationally and financially," Marrs added. First American "has a much more diverse and technologically advanced product and services offering and streamlined operations. The management and staff remain the same."

First American has 23 branches in New Mexico, along with mortgage offices in Arizona and Texas.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.