Mr. Donald A. Adam has served as Chairman and CEO of The Adam Corporation/Group and its predecessors (“TAC/G”) since 1969. Mr. Adam is sole shareholder of TAC/G, which is a privately-owned company headquartered in College Station, Texas.
Mr. Adam entered the banking business in October 1988 when TAC/G acquired 11 failed financial institutions in Texas under the “Southwest Plan”. Shortly thereafter, 3 more troubled institutions were acquired, bringing to 14 the total number of acquired institutions. The acquired institutions had in excess of 100 banking locations and over $4 billion in mostly-troubled assets. Each institution had its own internal systems, policies and procedures, many of which were not compatible, and therefore could not easily be integrated into a single banking franchise.
From 1988 to 1997, TAC/G focused on merging the institutions into a single banking franchise (First American Bank – hereinafter, “First American”) and on resolving the troubled assets on behalf of the FDIC. By 1997, after the troubled assets had been resolved, the high-rate CDs run off, and the unprofitable branches closed and/or sold, First American was a smaller institution with less than $2 billion in assets and approximately 60 locations, primarily in second-tier cities in West and Central Texas. First American then transitioned from being a workout bank to focusing on being a community-oriented commercial bank.
Beginning in 1998 and continuing through 2004, First American executed a growth plan, which included expansion into the major Texas cities of Dallas/Forth Worth, Houston and Austin. During that time period, three acquisitions were completed and over 30 de novo branches were opened. By the end of 2004, First American had reached nearly $3.6 billion in assets and 107 branch locations; was a highly profitable banking institution; and was held in high regard by customers, employees, peers and regulators.
In March 2005, after 16 years of ownership, TAC/G completed the sale of First American to Citigroup, Inc. (“Citigroup”). The fact, at the time, that the world’s largest financial institution selected First American as a platform for expansion speaks well of Mr. Adam’s ability to build a high-quality banking institution.
In addition to having significant experience in banking, Mr. Adam has strong business and personal ties to the State of Florida. For nearly 20 years, he has owned and operated a sizable agriculture and livestock operation in Central Florida. Mr. Adam’s business and personal experiences in Florida have allowed him to witness firsthand the demand in the local banking market for a large independent commercial bank. American Momentum Bank opened its doors October 26, 2006 and at that time, it opened with the largest startup capital of any financial institution in Florida state history with $100 million. Currently headquarted in College Station, Texas, American Momentum Bank is one of the country’s strongest and most secure banks.
Mr. Adam is intimately involved in every aspect of the management of American Momentum Bank.