On January 3, Corpus Christi-based American Bank announced the acquisition of ACG Equipment Finance (ACG), a fully integrated direct equipment financing company headquartered in Austin.
“Our acquisition of ACG Equipment Finance is consistent with our long-term strategic plan,” says Stephen Raffaele, CEO and president of American Bank. “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.”
“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,” says 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, it 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 Equipment Finance has served more than 50,000 businesses and funded more than $1 billion in loans within a variety of industries, including construction, health care, agriculture, technology, printing and mailing.
Established in 1970, American Bank has assets totaling almost $2 billion as of September 30, 2021. It operates 13 locations in the Texas communities of Austin, San Antonio, Houston, Corpus Christi, Port Aransas, Rockport, Goliad and Victoria.
