Amarillo National Bank to acquire Lubbock National Bank - FOX34 Lubbock
Amarillo National Bank to acquire Lubbock National Bank
LUBBOCK, Texas -
One of Lubbock's oldest banks is under new ownership. Amarillo National Bank is acquiring Lubbock National Bank.
The regulatory burdens placed on banks have become more significant, making it tougher for smaller banks to stay competitive.
This led Lubbock National Bank to seek a merger opportunity with Amarillo National Bank.
ANB President William Ware says it was also looking to expand in other parts of West Texas. He says this transaction will be seamless with no significant changes, including the LNB name.
"These are two West Texas families joining forces and with our history we are able to bring that stability to the table and insure customer service and insure a long-term focus that no other bank can offer," Ware said.
Amarillo National Bank also announced a $500,000 donation to the Texas Tech Alumni Association for the Frazier Alumni Pavilion in the name of Lubbock National Bank. The Alumni Association recently announced plans to expand the Frazier.
Security State Bank and Trust opened in downtown Lubbock in 1917, according to the LNB website. In 1925 the charter was changed to become Lubbock National Bank. The website states in 1978 Southwest Lubbock National Bank was chartered; by 1987 the "Southwest" was dropped.
LNB presently has five branch locations in Lubbock. Its reach extends across the state with Commerce State Bank: three branches in College Station, one in Bryan and one in northwest Austin.
Amarillo National Bank was founded at 4th Avenue and Polk Street in Amarillo in 1892, according to its website, owned by the Ware family. American National Bank is a branch of Amarillo National currently operating in the Lubbock market with two locations.