AimBank announced Tuesday afternoon that its parent company Aim Bancshares Inc. has entered into an agreement to aquire Platinum Bancshares of Texas Inc. and its wholly owned subsidiary Platinum Bank.
The transaction is subject to regulatory approval and customary shareholder approval. Once completed AimBank is expected to have over 1.3 billion dollars in total assets, $950 million in total loans and $1.1 billion in total deposits. Platinum Bank currently has branches in Levelland, Lubbock and Odessa with approximately 219.3 million dollars in total assets.
AimBank currently maintains 18 full-service locations in the Panhandle, South Plains, Permian Basin and Big Country regions of Texas. The Platinum Bank acquisition furthers AimBank’s vision of expanding our market share in West Texas.
“These are exciting times for AimBank as it provides us more opportunities to serve our communities,” remarked Scott Wade, CEO of AimBank. “AimBank is committed to the growth in our communities through helping local businesses stay viable and strong. The Platinum Bank acquisition provides a great value for our shareholders, expanded opportunities for our employees, and enhances the services for our customers.”
“The advantages of joining AimBank for our existing customers are exciting,” said Lee Gaskamp, CEO of Platinum Bank. “AimBank will bring technology enhancements, increased lending capabilities, and a wider trade area. AimBank also mirrors the same commitment of supporting our local communities as Platinum Bank.”
Mickey Travis, a director of Platinum Bank, added that “AimBank is a natural partner for Platinum Bank because AimBank understands our local market, offers a broad range of financial delivery systems to meet customers’ growing needs, and shares an unwavering service commitment to customers, associates, communities and shareholders. AimBank’s strong capital position allows for larger credits, spurring additional economic and community development opportunities, all while preserving a community banking approach that is important to the Lubbock banking community.” Mr. Travis further stated that “Structuring the transaction as primarily a stock transaction will enable former Platinum Bank shareholders to enjoy ownership in a much larger and steadily growing institution that continues to provide services to and focus on the Lubbock community. We believe this partnership with AimBank is a tremendous ‘win’ for two strong West Texas brands and the founders, shareholders, customers and employees of both.”
Upon completion of the acquisition, AimBank will continue to deliver the same superior customer service that our customers have come to expect. AimBank has seen continual growth in Texas, recently reaching over $1.1 billion in total assets. The recent growth speaks to our commitment to our customers and the communities we reach. AimBank will maintain a strong tradition of offering quality banking services with the latest technology for our ever-changing customer needs.