American Business Bank Announces 1st Quarter Earnings.Business Editors LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--April 11, 2003 American Business Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AMBZ) today reported net earnings for the first quarter of $432,000, or $0.23 per share, a 33 percent increase from earnings of $324,000, or $0.23 per share, for the same period a year ago. The company also reported that its total assets grew to $328 million at the close of the first quarter, a 38 percent increase from assets of $237 million at the end of the first quarter in 2002. "These solid financial results for the first quarter illustrate that our strategy of focusing on providing superior personal service to privately owned companies in the 'middle market' continues to be a sound and successful banking model," said Wes Schaefer, chief financial officer of Los Angeles-based American Business Bank. "It can not be understated that the bank's profitability was realized in the face of a weak economy and an extremely low interest rate environment. We're thankful thank·ful adj. 1. Aware and appreciative of a benefit; grateful. 2. Expressive of gratitude: a thankful smile. for the contributions of our remarkable staff and the wonderful support of our clients, founders and shareholders." For the first quarter, American Business Bank's total deposits grew to $302 million, a 38 percent increase from the first quarter of the prior year. The bank also reported a 21 percent increase in total loans, net of reserves, to $124 million at the end of the quarter. "In just our fifth year in business, we have achieved asset and deposit growths that exceed those of our peer group banks, and we have carefully built a fortress balance sheet that assures American Business Bank of a platform for long-term financial strength and stability," said Schaefer. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Schaefer, last week American Business Bank was awarded a "Premier Performing" bank rating by The Findley Reports, an independent provider of information regarding the financial performance of California banks. Founded in 1998, American Business Bank offers a wide range of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to businesses in the middle market. Clients include wholesalers, manufacturers, service businesses, professionals and non-profit organizations A non-profit organization (abbreviated "NPO", also "non-profit" or "not-for-profit") is a legally constituted organization whose primary objective is to support or to actively engage in activities of public or private interest without any commercial or monetary profit purposes. . The bank is headquartered in downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or and can be found on the Internet at www.americanbusinessbank.com. |
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