East Texas Business

ARP - Arp State Bank has changed its name to American State Bank. The name reflects a new direction for the financial institution as it expands in East Texas.

"Thanks to our loyal customers and a long tenured staff, our bank has grown into one of the strongest banks its size in Texas," said President and CEO Steve Wiggs. "This financial strength has allowed our board of directors to adopt a long-term strategic growth plan including an increased presence in Tyler as well as future offices in other East Texas communities.

"As we expand beyond the Arp area, we needed a name that is less geographically restrictive," he continued.

He said ASB will build a 7,600-square-foot building at Old Jacksonville Road and Rice Road in Tyler. Construction is to begin in January with the bank's opening projected for fall 2009. Plans are to open a temporary facility in February at the site.

Wiggs also announced that the bank has entered into an agreement to acquire the Texas Bank and Trust-Texarkana banking facility, subject to anticipated regulatory approval.

"We are excited about our further expansion into the Tyler market and about bringing our brand of community banking to Texarkana," he said. "We believe that both Tyler and Texarkana have stable, diverse economies and are poised for significant growth in the future.

"We look forward to having the opportunity to work with both communities to be a part of that growth."

Upon completion of the Texarkana purchase, American State Bank will be an approximately $190 million community bank with full-service offices in Arp, Tyler, New Chapel Hill and Texarkana.

Initially, the Arp location will continue to operate under the Arp State Bank name, but other locations will adopt the American State Bank name, he said.

The name change reflects no change in ownership.

"Our philosophy of providing the very best in personalized banking services will continue as it always has," Wiggs said. "Our bank is a very traditional community bank that places a major emphasis on customer service, helping them to achieve their financial goals. We're a bank in which local decisions are made by the bankers you know."

Wiggs, a former Tylerite, previously was president of BancorpSouth and president of the Texas Bank and Trust-Texarkana office.

CHANGES: Above, an artist’s conception of the planned 7,600-square-foot ASB building to be located at Old Jacksonville Road and Rice Road, in Tyler.
(Courtesy Photo)