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American Bank Acquires ACG Equipment Finance

January 07, 2022, 07:14 AM
Filed Under: Industry News

American Bank announced the acquisition of ACG Equipment Finance (ACG), a fully integrated direct equipment financing company headquartered in Austin, TX. The acquisition is another milestone in American Bank’s growth strategy, enhances the bank’s service offerings and further diversifies the bank’s loan portfolio.

“Our acquisition of ACG Equipment Finance is consistent with our long-term strategic plan. Bringing our companies together accelerates our growth strategy, strengthens our product and asset mix, and fuels our ability to continue investing in our technology, banking teams and core markets,” said Stephen Raffaele, Chief Executive Officer and President of American Bank. “I’m excited to welcome ACG and its employees and clients to American Bank. Our organizations share similar values, have cultures that are well aligned and are both fully committed to a high level of client service.”

“I’m pleased to become a part of American Bank and to join in its more than 50-year history of service excellence, financial strength and community service,” said Rob Childers, President of ACG. “We look forward to the next 50 years and to leveraging American Bank’s infrastructure and experience to help take our combined equipment finance business to the next level.”

ACG will maintain its current business model while operating as a division of American Bank. In addition, ACG will expand its ability to deliver commercial equipment financing with the support of the strong capital and funding position of American Bank.

Established in 2002, ACG primarily originates equipment finance agreements directly with clients, who are often referred by equipment vendors. ACG has served more than 50,000 businesses and funded more than $1 billion in loans within a variety of industries, including construction, healthcare, agriculture, technology, printing and mailing.

American Bank was founded in Corpus Christi, TX, in 1970. It is an independent financial institution with assets totaling almost $2 billion as of Sept. 30, 2021. American Bank has 13 locations in the Texas communities of Austin, San Antonio, Houston, Corpus Christi, Port Aransas, Rockport, Goliad and Victoria. Services include Commercial Banking, with Centers of Excellence specializing in commercial real estate, medical, energy, SBA and technology lending.

For more equipment finance industry news, visit Equipment Finance Advisor.

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