American Business Bank Announces New Titles for Senior Officers.Business Editors LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--Sept. 22, 2003 American Business Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : AMBZ) today announced that it named Wes Schaefer to Vice Chairman and Leon Blankstein and Robin Paterson to Executive Vice Presidents, respectively. All three men also are American Business Bank co-founders. "In 1998, when we started the bank, we didn't pay much attention to titles," said Robert F. Schack, chairman of Los Angeles-based American Business Bank. "These new titles reflect their current responsibilities, but also the growth of American Business Bank and its role in the business community." American Business Bank recently reported that its total assets grew to $348 million at the close of the second quarter, a 35 percent increase from assets of $257 million at the end of the second quarter in 2002. In addition, total deposits grew to $320 million, a 33 percent increase from the second quarter of the prior year. The bank also reported a 27 percent increase in total loans, net of reserves, to $126 million at the end of the quarter. As part of the Bank's ongoing growth, American Business Bank also recently opened loan production offices in Irvine, CA and Woodland Hills, CA. With more than 30 years in banking, Schaefer manages the administration of the Bank's day-to-day operations, including overseeing the facilities, systems, and more than 40 employees. He also manages the Bank's investment portfolio. With more than two decades in the finance and banking industry, Blankstein plays an active role in new business development through regional offices and with Relationship Managers. Paterson, who began his banking career more than 20 years ago, is the Senior Loan and Credit Officer for the bank and also assists in new business development. Schaefer, Blankstein and Paterson, along with co-founders Robert Schack and Don Johnson, raised more than $14.2 million to capitalize American Business Bank. This was the second largest management driven capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. in California history. 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. Editor's Note Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat. Trained by D. -- Photos are available. |
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