Corporate Profile for Atlantic Bank and Trust Company, dated May 7, 1996.--(BUSINESS WIRE)--The following Corporate Profile is available for inclusion in your files. News releases for this client are distributed by Business Wire and also become part of the leading databases and information services. These include Dow Jones News/Retrieval, Bloomberg Financial Markets, Reuter Company Newsyear, Reuter Business Briefing, DataTimes, Nexis, Dialog, NewsNet, America OnLine, CompuServe, Delphi, Individual's HeadsUp and First!, Desktop Data's NewsEdge, UMI Data Courier, NewsBank, Information Access Company, Prodigy, Comtex, and many others. -0- Published date: May 3, 1996 Company name: Atlantic Bank and Trust Company
Address: 200 State Street
Boston, MA 02109
Telephone No.: 617/330-8585 Chief Executive Officer: Richard Wayne/ Nicholas Lazares Chief Financial Officer: John L. Champion Investor & Public Relations Contact: Kimberly A. Simpson, A.V.P. Business number: 617/330-8585 Home number: N/A Trading symbol: ATLB - Nasdaq Industry: banking Market Makers: Friedman, Billings & Ramsey Inc. Company description: Established in 1988, Atlantic Bank and Trust Company, a Massachusetts trust Massachusetts Trust n. a business in which the investors give management authority to a trustee, and receive "trust certificates" representing their investments. Since they own only the certificates and do not participate in management, the investors can only lose their investment and are not personally liable for any debts of the trust. This is similar to a "limited partnership. company, is a commercial bank with its executive and main offices in downtown Boston and a branch in Chestnut Hill, Mass. The bank focuses on selected business lines that include the acquisition of discounted commercial loans from private sector sellers and government agencies and the origination of various types of secured commercial loans, including premium-priced, specialty loans to provide short-term financing for investment and entrepreneurial activities, and loans guaranteed by the U.S. Small Business Administration and serviced by the bank. The bank funds the foregoing activities with deposits consisting primarily of certificates of deposit. The bank also offers retail deposit services, including checking and savings accounts, and related services to businesses and individuals through the nationwide banking networks. At Dec. 31, 1995, Atlantic had total assets of $163.2 million, deposits of $149.1 million and shareholders' equity of $12.0 million. The bank's net income has increased from $681,000 in 1993 to $1.1 million in 1994 and $2.4 million in 1995. The bank's improving profitability has resulted largely from the bank's net interest income which totaled $9.2 million, $4.1 million and $2.7 million as of Dec. 31, 1995, 1994 and 1993, respectively, reflecting a net interest margin of 7.37 percent, 7.56 percent and 4.9 percent respectively for those periods. CONTACT: Atlantic Bank and Trust Company Kimberly Simpson, 617/330-8585 |
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