American Bank Online Introduces 6.25% (APY) e-Checking Account

CONTACT: Mark W. Jaindl, President and Chief Executive Officer
Allentown, PA, December 01, 1999

American Bank Online has announced what Mark Jaindl, President and CEO, describes as “the best personal checking account available in the United States.”

The e-Checking Account pays 6.25% APY on balances up to $10,000, and a highly competitive rate of interest above $10,000. The e-Checking Account is designed primarily for individuals who perform most of their banking electronically or through the mail.

e-Checking account customers are eligible to receive an ATM surcharge refund of $1.00 per transaction, up to $5.00 per statement cycle period, for foreign ATM withdrawals. A customer must maintain a modest average balance of at least $750 during a statement cycle period to receive the cumulative rebate.

The e-Checking Account is subject to modest restrictions on teller (in-person) transactions and third-party checks (excluding free Online Bill Payment).

“Our interest rate structure for the e-Checking Account guarantees that all of our customers receive a high rate of interest on their core deposits.”, said Mr. Jaindl. “The strong interest rate of the e-Checking Account directly reflects our philosophy to operate an efficient financial institution, and in turn, to use those savings to offer the best deposit and loan rates that we can.”

“We have seen an absolutely tremendous response to the e-Checking Account in a very short period of time,” noted Mr. Jaindl. “Our current customers, as well as our new customers across the United States, are thrilled with what we believe is the highest-yielding checking account in the country. Combined with the extensive services of PC Banker, including free Online Bill Payment, and our courteous and attentive customer service, we believe that the e-Checking Account offers the best value in banking today.”

About American Bank

American Bank is a locally-owned community bank based in Allentown, PA. American Bank is recognized as a 5-Star Superior rated financial institution (the highest rating possible) by Bauer Financial Inc., designating it as one of the strongest banks in the nation as well as being named one of the safest banks in the nation by MSN Money. American Bank was ranked #1 by the Morning Call’s Top Workplaces in the Lehigh Valley and has been named one of the Best Places to Work in Pennsylvania.

American Bank offers a complete selection of banking products and services to suit the needs of consumers and businesses and includes checking, money market, savings, certificates of deposit, consumer and commercial loans and Visa credit cards. Dedicated to providing customers superior, personalized customer service, American Bank also offers some of the best loan and deposit rates available and as a result, for the past 12 years, has received the® Top Tier award for consistently offering annual percentage yields (APYs) that were among the highest reported. Their online banking service, AmericanBank Online, which is accessible from the Bank’s website at, allows customers to bank conveniently and delivers a full range of real-time online banking services free of charge including online bill payment and presentment, ACH Direct, transfers between accounts, transaction history, check images and e-Statements. In addition, both consumer and business customers can bank on the go using mobile banking which includes mobile deposit. American Bank is FDIC insured and is an Equal Housing Lender.

AmericanBank Online is a registered trade mark for the Internet financial services provided by American Bank, a state-chartered, FDIC-insured, full-service financial institution serving customers throughout the United States. American Bank is a member of the Federal Reserve System.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

Statements in this press release regarding American Bank's business which are not historical facts, including expectations regarding future financial results, are "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially from such statements.