Alliance Bank Trust Co (fka ABTO)

[SaltyMutt]

ABTO

Alliance Bank & Trust Company, headquartered in Gastonia, NC

https://banktracker.investigativereportingworkshop.org/banks/north-carolina/gastonia/alliance-bank-trust-company/

[SaltyMutt]

ABTO was really taken to the wood shed last year. The bank lost well in excess of a million bucks.

[SaltyMutt]

It appears that ABTO really took a steel toed boot to the posterior for the 2nd quarter of 2015. The bank was around a half million in the red. I'm glad we have directed our dollars to other investments. I think it could take years for things to improve here if they ever do at all.

[genlou]

Salty,I changed my mind about investing in ABTO.ABTO is a small bank with a lot of shares outstanding now.

[SaltyMutt]

TY very much for the info Gen. This is a bank I look at from time to time but haven't invested in yet. I think it will probably do well but I just think it might take quite a while for the pps to move to the buck level and beyond.

[genlou]

Salty, GASTONIA, N.C.--(BUSINESS WIRE)-- AB&T Financial Corporation (“AB&T” or the “Company”) (OTC Pink: ABTO), the parent company of Alliance Bank & Trust Company (the “Bank”), today reported the completion of the private placement of $7.8 million of common equity at a price of $0.40 per share to accredited investors. The Company intends to use the proceeds to bolster the capital position of the Bank.

Also on May 29, 2015, AB&T completed a transaction with P. Byron DeFoor of Ooltewah, Tennessee. Mr. DeFoor is a strategic investor with nearly thirty years of experience in a variety of businesses with particular expertise in the development of commercial real estate and residential communities. Mr. DeFoor is also a majority shareholder of Ooltewah, Tenn.-based Community Trust & Banking Company. In the transaction, Mr. DeFoor directly invested $3.5 million and also purchased all of the Company’s series A preferred shares from private investors. The Company originally issued the preferred shares to the U.S. Department of the Treasury in 2009 as part of the Treasury’s Capital Purchase Program. As part of the transaction, Mr. DeFoor exchanged all the preferred shares for common shares in AB&T. As a result of these transactions, Mr. DeFoor became the owner of a majority of the outstanding shares of the Company’s common stock.

In connection with the transactions with Mr. DeFoor, AB&T has appointed F. Alan Smith and Craig D. Taylor to its board of directors and to the board of directors of Alliance Bank & Trust Company. Mr. Smith and Mr. Taylor became chairman and vice chairman, respectively, of both boards.

Don J. Harrison, President and CEO, commented, “This private placement is the culmination of years of effort by many individuals working on behalf of the Company. We believe that the new capital will enable Alliance Bank & Trust Company to continue to fulfill its mission to provide banking services to the customers and communities we serve.”

Mr. Harrison continued, “We’re also very excited to begin a new chapter in our history with Byron DeFoor and his team. We’ve been impressed with them as we’ve worked on this transaction and look forward to our partnership. We believe they will bring a wealth of experience and ideas to the table.”

Byron DeFoor commented, “I am excited about this investment in the Gastonia area and more specifically, Alliance Bank & Trust Company. Don Harrison and the rest of the leadership team have done terrific jobs guiding the bank the past couple of years and I believe the bank will have the opportunity to grow and thrive.”

Community Capital Advisors, Inc. served as financial advisor for the transaction. Wyrick Robbins Yates & Ponton LLP acted as legal counsel to the Company. Miller & Martin PLLC acted as legal counsel to Mr. DeFoor.

[SaltyMutt]

ABTO has lost $1,176,000 for the first three quarters of 2014.

[SaltyMutt]

ABTO has a very low cap ratio of only around 4.77%.

[SaltyMutt]

ABTO lost 5,861,000 for the fourth quarter of 2013.

[SaltyMutt]

ABTO took a pretty nasty hit for the 2nd quarter losing $3,211,000.

[SaltyMutt]

AB&T Financial Corporation is a bank holding company. The Company is the sole owner of all of the capital stock of Alliance Bank & Trust Company (the Bank). The Bank conducts business in two North Carolina counties through four full-service branch offices. The principal activity of the Bank is to provide commercial banking services to domestic markets, principally in Gaston and Cleveland counties. The Bank's loan portfolio includes commercial and industrial loans, real estate mortgage loans, real estate construction loans, and consumer loans. As of December 31, 2011, the net loans of the Bank were at $ 159,767,000. The investment securities portfolio includes securities available for sale and nonmarketable equity securities. The deposits portfolio of the Bank include noninterest-bearing demand deposits, negotiable order of withdrawal (NOW) interest bearing deposits, savings and money market accounts, time deposits less than $100,000, and time deposits $100,000 and over.


https://www.alliancebanknc.com