American Business Bank Declares Ten Percent Stock Dividend
LOS ANGELES--(BUSINESS WIRE)--AMERICAN BUSINESS BANK (Bank) (OTCBB:AMBZ) today announced that its Board of Directors has declared that the Bank will pay a ten percent stock dividend to shareholders of record as of March 31, 2011. According to Wes Schaefer, Vice Chairman and Chief Financial Officer of Los Angeles-based American Business Bank, all shareholders in the bank will receive their newly issued shares of stock in an amount equal to ten percent of their current holdings. The special dividend is payable on April 19, 2011.
“We have not strayed from our original concept: build our bank one customer at a time, creating a valuable relationship for both the customer and the Bank. We plan on continuing this philosophy.”
“The Executive Officers and Board felt that this dividend was an endorsement of the increasing value of the Bank, its having reached a milestone of asset size of over one billion dollars at the end of 2010 and a well deserved reward to our shareholders for their support over the years,” said Wes Schaefer.
“We are proud to have continued to build upon our past successes in reaching the billion dollar bank category. We have done so in a fiscally conservative manner and our strong balance sheet attests to that,” added Robert Schack, Chairman.
Don Johnson, President and CEO, said, “We have not strayed from our original concept: build our bank one customer at a time, creating a valuable relationship for both the customer and the Bank. We plan on continuing this philosophy.”
Founded in 1998, American Business Bank offers a wide range of financial services to businesses in the middle market. Clients include wholesalers, manufacturers, service businesses, professionals and non-profit organizations. The bank is headquartered in downtown Los Angeles and can be found on the Internet at www.americanbusinessbank.com.
Contacts
American Business Bank
Wesley E. Schaefer
Vice Chairman & Chief Financial Officer
213-430-4008
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