American State Bank
American State Bank was a financial service company operating 37 locations in 21 communities across Texas, mainly in West Texas.
| Type | Private |
|---|---|
| Industry | Finance |
| Founded | 1948 |
| Headquarters | Lubbock, Texas |
Key people | W. R. Collier (Chairman), Mike Marshall (President) |
| Products | Financial services |
American State Bank first opened on May 20, 1948, in Lubbock. American State Bank had unusual continuity of management - there were only three presidents since its inception. The first president, Jack Payne, had a term lasting from the banks first opening until 1974.
American State Bank did not accept any bailout funds from the federal government.
On February 27, 2012, Houston-based Prosperity Bancshares, the parent company of Prosperity Bank, announced that it had signed a merger agreement with ASB, whereby ASB will merge into Prosperity Bank subject to shareholder and regulatory approval. The merger became final effective July 1, 2012.[1] Prosperity Bancshares ultimately paid over 500 million dollars, through a combination of cash and common stock, to acquire American State Bank.