IN A UNIQUE crossover deal, the chief executives at hotel development and management company NewcrestImage have purchased Dallas-based American Bank. Mehul Patel, Chirag Patel, and Mital Patel, operating under an investment group named Bright Force Holding, LLC, promise to streamline the banking process for small businesses.
Mehul Patel is chairman and CEO at NewcrestImage. Chirag Patel is CFO and Mital Patel is a managing partner. The company operates a portfolio of 28 properties.
American Bank, with $55 million in assets, is a single-location community bank established in 1974 as Pan American National Bank of Dallas, changing its name to American Bank in May of 1987. Bright Force closed the deal on the bank on March 8.
The bank’s current President and CEO John Goforth while the Bright Force investors will become members of the board with Chirag Patel as chairman of the board.
“We will maintain the highly-personalized service that customers have come to expect from American Bank,” Chirag Patel said. “In addition, we see a tremendous opportunity to introduce new banking services – such as the sophisticated, forward-looking solutions that young entrepreneurs and start-up companies expect. We understand first-hand the challenges and priorities that owners of small and medium-sized businesses have for fast, local decision-making without bureaucracy.”
Goforth also said the bank will retain its highly personalized relationship with its clients.
“We have created a community bank where customers are known by their name, not their account number,” said Goforth, who has served as president and CEO since 2010.
This is not the NewcrestImage team’s first step onto new business ground. In November the company entered its first third-party management contract. The company is overseeing the 163-room Holiday Express Inn & Suites at Dallas-Fort Worth Airport North.
“We have launched a new third-party hotel management service so absentee owners of mid-market and upscale properties can benefit from our company’s experience, expertise, and stability,” Mehul Patel said previously. “Our immediate goals include increasing revenue, reducing costs, and improving the guest experience, while our long-term objective is to enhance and maximize market value of the property.”