CONTACT: Mark W. Jaindl, President and Chief Executive Officer
Allentown, PA, January 26, 2018
American Bank Incorporated (OTC Pink: AMBK), the parent company of American Bank, today announced that the Board of Directors declared a quarterly dividend of $0.10 per share of common stock to shareholders of record on March 15, 2018 and payable on April 2, 2018. The dividend represents an increase of $0.01 per share, or 11%, over the dividend paid in the previous quarter.
The Board of Directors also reaffirmed the Company’s stock repurchase program, which authorizes the repurchase of up to 180,000 outstanding shares of the Company’s common stock at prevailing market prices from time to time depending upon market conditions.
“The 11% increase in our quarterly dividend and the reaffirmation of our stock repurchase program represents our continued commitment to enhancing shareholder value” stated Mark Jaindl, Chairman, President and CEO of American Bank Incorporated.
Jaindl continued, “The recent enactment of the Tax Cuts and Jobs Act has provided us with additional opportunities to enhance shareholder value, boost our capital levels, and improve how we serve our customers, employees and community. Our customers will see this as we look to expand their overall banking experience through the enhancement of our online and mobile banking platforms. In addition, we will continue to offer some of the most competitive rates on our deposits and loans.”
“At American Bank, we understand that our past and future success would not be possible without quality team members. Given the expected positive financial impact of the lower tax rate, we will improve our workforce and have budgeted to expand our team by approximately 12% during 2018.”
“Additionally, as a community bank, we want to assist local non-profit organizations as they grow and succeed. We will continue our tradition of supporting organizations throughout the Lehigh Valley. In 2017, we contributed over $325,000 to more than 50 non-profit organizations and anticipate doing the same in 2018.”
American Bank Incorporated recently announced earnings for the year ended December 31, 2017 of $5,560,000, or $0.87 per diluted share, an increase of $1,116,000 or 25.1%, compared to net income of $4,444,000, or $0.70 per diluted share, reported for the year ended December 31, 2016.
American Bank Incorporated common stock last traded at $11.50 per share. American Capital Trust I Preferred Securities last traded at $13.00.
About American Bank
American Bank, headquartered in Allentown, PA, is a locally-owned community bank dedicated to serving customers in the Lehigh Valley over 20 years. American Bank is an early innovator of online banking technology and continues that tradition by providing customers across the country online services that make banking easy and convenient. Their online banking service, AmericanBank Online (available at AMBK.com), allows customers to bank using a full range of real-time online banking services including online bill pay, ACH Direct, transfers between accounts, transaction history, check images and e-Statements. At a time when customers need the ability to bank on the go, American Bank also has mobile banking and mobile deposit for consumer and business customers.
American Bank offers a complete selection of deposit and loan products and convenient services to suit the needs of consumers and businesses. Dedicated to providing customers superior, personalized customer service, American Bank offers some of the best loan and deposit rates available and as a result, has received the Bankrate.com® Top Tier award for consistently offering annual percentage yields (APYs) that were among the highest reported.
In addition, it 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 and was 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.
For more information about American Bank, you can visit AmericanBank.bank, a new financially-focused and security-driven top level domain name for respected financial institutions. American Bank is one of the first banks in the nation to take advantage of the ‘.bank’ domain extension.
AmericanBank Online is a registered trademark 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. American Bank is FDIC insured and an Equal Housing Lender.
"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.