American Bank Agrees to Acquire Americana National Bank.ST. PAUL, Minn. -- The state's largest single-chartered, independently owned community bank expands to greater Minnesota American Bank is pleased to announce the acquisition of Americana National Bank of Albert Lea, its branch in Alden, Minnesota and its mortgage servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. subsidiary AmeriNational Community Services, Inc., effective 7/31/2004. Terms of the sale were not disclosed, however a fourth quarter, 2004 merger of the bank is expected. Effective August 1, 2004 the Directors of Americana National Bank will be: Adrienne L. Thorson (Chairman, CFO See Chief Financial Officer. & Secretary), James Siegel (President), John P. Seidel sei·del n. A beer mug. [German, from Middle High German s  del, from Latin situla, bucket.]Noun 1. , Norlin G. Boyum and Barry J. O'Meara. The Directors of AmeriNational Community Services, Inc. will be John P. Seidel (Chairman & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. ), Adrienne L. Thorson (President, CFO & Secretary), Michael Torres (Executive VP, COO), Norlin G. Boyum and Barry J. O'Meara. American Bank President and CEO John Seidel commented, "This is an exciting opportunity for everyone involved. American Bank has worked hard to build a strong reputation as a trusted name in Twin Cities community banking. With this acquisition we are now expanding into greater Minnesota." "The people and businesses in Albert Lea, Alden and the surrounding area expect great customer service, a wide-variety of bank services and involvement in their communities. This is the expectation our customers have and what we are committed to deliver." Last year American Bank established the American Bank Foundation as a resource to invest in the communities it serves. The Foundation helps support the creation of affordable housing, jobs for disabled adults and assistance for children at risk. American Bank recently received an "Outstanding" rating on its Community Reinvestment Act Community Reinvestment Act (CRA) Enacted by Congress in 1977, the CRA encourages banks to help meet the credit needs of their communities for housing and other purposes, particularly in neighborhoods with low or moderate incomes, while maintaining safe and sound operations. (CRA See Community Reinvestment Act. ) performance for its work in the bank's service area. American Bank is headquartered in St. Paul, Minnesota and is the largest single-chartered independent community bank in the state. American Bank serves the communities of St. Paul, Apple Valley, Burnsville, Eagan, Mendota Heights and Inver Grove Heights Inver Grove Heights, city (1990 pop. 22,477), Dakota co., SE Minn. A suburb of St. Paul, its manufactures include motor-vehicle and aircraft parts, asphalt, feeds, consumer goods, building materials, paper products, and medical equipment. . For more information please contact Mark B. Thorkildson, Senior Vice President of American Bank at 651-643-8426. |
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