Tampa-based American Momentum Bank has filed plans with regulators to move its headquarters to College Station, Texas, in order to seize on potential acquisitions there.
"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, the bank's president and chief operating officer, said Monday.
Davis said there would be no effect on customers, with no staff nor operations relocating. "We have long operated a split executive team with some in Texas and some in Florida," he said. "None of that will change."
Donald Adam, chairman, CEO and founder of American Momentum, lives in Texas. But the 7-year-old bank ranks among the bay area's biggest community banks, with about $937 million in assets, according to the latest available figures from the Federal Deposit Insurance Corp.
It also has strong community ties with an executive team that includes some longtime area bankers and a board of directors that includes former U.S. Sen. Connie Mack, commercial real estate executive Lee Arnold Jr. and USF president Judy Genshaft. Davis said that Genshaft is stepping down from the board due to personal obligations "totally unrelated" to the headquarters move.