SHERMAN, Texas -- American Bank of Texas is merging with First United Bank in late 2016.
The merged bank will be the 13th largest bank in Texas, and the third largest chartered bank in Oklahoma, according to United CEO Greg Massey.
The merger is pending approval from the Federal Reserve, which, Massey said, is scheduled for 60 to 90 days from now.
Massey said the operations center will continue to stay in Sherman, Denison, and Durant, "as they are today."
Massey added that there won't be a reduction in the number of bank employees. "This is a good merger of two equal banks," Massey said. "There will be very few personnel changes whatsoever."
During and after the transition, customers from both banks should not see any changes to their pending loans or the level of service they receive. Many of the organizations’ technological platforms and service partners are the same which will allow for a smooth transition for everyone.
Also, Massey said, customers' checks, credit cards and debit cards will work the same as they always have, with no changes anticipated.
Upon completion of the merger, customers will benefit from additional retail, lending, insurance, and mortgage products and services as well as the latest technological solutions and additional locations throughout Texas and Oklahoma.
“This was a big decision but we know it is the right thing to do for our employees and customers” Dorothy and Lacy Harber, owners of American Bank of Texas, said in a press release. “First United is a culture-driven organization whose strategy focuses on serving their employees, customers, and communities.”