American Business Bank Announces 3rd Quarter Earnings.Business Editors LOS ANGELES--(BUSINESS WIRE)--Oct. 6, 2003 American Business Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : AMBZ) today reported net earnings for the third quarter of $506,000, or $0.27 per share, a 14 percent increase from earnings of $441,000, or $0.24 per share, for the same period a year ago. The company also reported that its total assets grew to $343 million at the close of the third quarter, a 20 percent increase from assets of $284 million at the end of the third quarter in 2002. "In spite of one of the most adverse markets for banks to earn a return on their investment portfolios, we continue to show steady growth in earnings and assets by cultivating new customer relationships with privately owned companies in the middle market," said Wes Schaefer, vice chairman and chief financial officer of Los Angeles-based American Business Bank. "As these external market conditions begin to improve in the next few quarters, we are well-positioned to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. emerging opportunities because we have built a reputation of being totally focused on superior personal service and traditional relationship business banking." For the third quarter, American Business Bank's total deposits grew to $318 million, a 22 percent increase from the third quarter of the prior year. The bank also reported a 15 percent increase in total loans, net of reserves, to $126 million at the end of the quarter. Another highlight of the third quarter included the opening of a loan production office in Woodland Hills in order to better serve the bank's customers in the San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. . In July, American Business Bank was profiled by the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. Business Journal as "an anomaly in the banking world" for its "old-fashioned approach" to business banking that has allowed it to enjoy steady growth. 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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