Southern New Mexico banks merge

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First Artesia Bancshares Inc. has announced that AmBank has merged with First American Bank.

Gary Gerew

Assistant Editor- Albuquerque Business First

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First Artesia Bancshares Inc. has announced that AmBank has merged with First American Bank.

AmBank has been operating under a separate charter from First American Bank since the acquisition by First Artesia Bancshares Inc. in December, 2008, the banks said in a news release.

"When FABS Inc. our holding company acquired AmBank the strategy was to gradually transition into a merger and name change. The time had come when the merger made sense both operationally and financially," said Greg Marrs, president, CEO and chairman of First American Bank, said in a statement. "First American Bank has a much more diverse and technologically advanced product and services offering and streamlined operations. The management and staff remain the same."

The merger will make First American Bank one of the largest independent community banks in New Mexico.

First American has 23 locations in 14 communities, and operates mortgage offices in Ruidoso, Rio Rico, Ariz., and El Paso, Texas.

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505.348.8323 | ggerew@bizjournals.com