LOS ANGELES--(BUSINESS WIRE)--AMERICAN BUSINESS BANK (Bank) (AMBZ) today announced that its Board of Directors has declared that the Bank will pay a twenty percent stock dividend to shareholders of record as of November 20, 2014. The special dividend is payable on December 9, 2014.
“The Executive Officers and Board felt that this stock dividend shows the Bank’s appreciation for the support of our shareholders over the years and a reward for the excellent growth of the company in asset size, core earnings and franchise value,” said Wes Schaefer Chief Financial Officer.
“The consistently strong results that we have produced over the years are a reflection of the quality clients that value American Business Bank’s collaborative approach to banking,” added Robert Schack, Chairman of the Board.
Leon Blankstein, President and CEO, said “We continue to execute our original plan to grow the Bank one customer at a time, creating value for our customers that benefits them and the Bank. We have done this in good and bad economies. We plan on continuing to execute this strategy going forward.”
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.