Atlantic Bank and Trust announces results.BOSTON--(BUSINESS WIRE)--May 3, 1996--Atlantic Bank and Trust Company (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ATLB) today announced net income of $617,000 or $.28 per share for the three months ended March 31, 1996. This compares favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to net income of $530,000 or $.23 per share for the three months ended March 31, 1995. As previously announced, on April 19, 1996 the Bank completed its initial public offering of 1,725,000 shares of common stock, resulting in $10.0 million of additional capital. At march 31, 1996 the Bank had total assets of $157.2 million, compared to $128.5, million at March 31, 1995. The Bank's Chairman, Nicholas W. Lazares, commented, "We are very pleased with our first quarter results, and the Bank is continuing its strategy of acquiring performing loans which has contributed to a very strong net interest margin." In addition to the Bank's purchased loan program, Atlantic Bank and Trust Company originates various secured commercial loans, primarily to finance the investment and entrepreneurial activities of businesses and individuals. The Bank's President, Richard Wayne Dr. Richard Wayne (April 4, 1804 – June 27, 1858) served as mayor of Savannah, Georgia for four terms: 1844 - 1845, 1848 - 1851, 1852 - 1853 and 1857 - 1858. He died while in office.[1] Wayne was the first mayor of Savannah elected by its citizens. , noted, "With the addition of new capital, the Bank is also taking steps to increase its origination of commercial loans and to expand its core deposit-taking activity," As part of its commercial lending program the Bank originates loans guaranteed by the Small Business Administration (SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government ). During 1995 the SBA designated the Bank as a "Certified Lender" which enables the Bank to obtain SBA approval on an expedited basis. The Bank is a Massachusetts-chartered, FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). insured trust company which conducts business from its executive and main offices in downtown Boston and a branch in Chestnut Hill Chestnut Hill may refer to: In geography:
CONTACT: Atlantic Bank and Trust Company Nicholas W. Lazares or Richard Wayne 617/330-8585 |
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