Affiliated Bank in Arlington, Texas, has a new name.
The $1.4 billion-asset bank said in a Wednesday press release that it has rebranded as Susser Bank, taking the name of the family that owns it.
Affiliated was formed in 1959 as a credit union serving employees of Affiliated Food Stores. It converted to a mutual savings bank in 1998 and conducted an initial public offering in 2001.
Susser Bank Holdings acquired Affiliated in July 2018.
“The Susser Bank name reflects the bank’s values, entrepreneurial spirit and reinvigorated focus on the customer experience,” CEO Jeff Schmid said in the release.
“Susser Bank is built to last, not to sell,” Chairman Sam Susser said in the release. “This gives our clients and team members peace of mind as the pace of consolidation in banking continues to accelerate.”
The name change, which accompanied Susser’s conversion from a national bank to a Texas-chartered institution, took effect legally at yearend 2020, though Susser waited until now to unveil its new brand.
The Susser family built its fortune as an owner of gas station convenience stores. They began operating two service stations in Corpus Christi, Texas, in 1938. The family grew its holdings to about 680 stores, first as franchisees, and later as operators of the Stripes Convenience Stores brand.
Sam Susser was CEO of Susser Holdings, the convenience-store company, from 1992 until it was sold to Sunoco for $1.8 billion in 2014.
Affiliated has doubled in size since its sale to Susser Bank Holdings. It remained profitable throughout the pandemic, earning $9.3 million last year and $3.5 million in the first quarter of 2021.
Susser Bank has five branches. A sixth branch, in San Antonio, is under construction.
