LOS ANGELES--(BUSINESS WIRE)--AMERICAN BUSINESS BANK (OTC Pink: AMBZ or the “Company”) today announced that Pasy Wang and Javier Sanchez have been named to the Board of Directors effective February 1, 2019, and Robert I. Usdan has been named Chairman of the Board of Directors effective March 19, 2019. Mr. Usdan has been a member of the Board since 2011 and will succeed Founding Chairman, Robert Schack, who will remain on the Board in the newly created position of Chairman, Emeritus.
“Pasy brings extensive knowledge and experience overseeing a wide range of investments. Her understanding of risk and interest rates will help the bank navigate future economic waters,” stated Leon Blankstein, AMBZ’s President, CEO and Director.
Pasy Wang, CFA, is the Senior Managing Director of Investments for the California Institute of Technology Investment Office, which oversees the university’s $3 billion endowment. Pasy previously co-managed a portfolio of opportunistic hedge funds for Pacific Alternative Asset Management Company (PAAMCO), a leading investment firm for institutional investors.
“Javier’s marketing and financial expertise will add valuable insight to our Board,” continued Mr. Blankstein. “As a local business owner he will help us to keep our customer focus at the forefront of our mission.”
Javier Sanchez is the co-owner, Executive Vice President and Chief Financial Officer of Jonathan Louis, one of the largest, fashion-forward furniture manufacturers in the United States with operations in Los Angeles, Mexico and North Carolina.
“After 21 years as the Founding Chairman, it is time to move forward as we have now successfully transitioned the senior management team to the next generation of leaders. The changes to the Board of Directors we are announcing today will help American Business Bank maintain its culture and commitment to customer service. I have known Rob since the founding of the Company and I am highly confident that he will maintain the vision that my fellow Founders established when we opened in 1998,” stated Robert Schack, Chairman, Emeritus of American Business Bank.
Robert I. Usdan is a Co-Founder and Principal of The Endicott Group, a private investment and advisory firm specializing in the financial services industry. Prior to founding Endicott in 1996, Rob was an Associate Director at Sandler O'Neill & Partners, L.P.
ABOUT AMERICAN BUSINESS BANK
American Business Bank, headquartered in downtown Los Angeles, offers a wide range of financial services to the business marketplace. Clients include wholesalers, manufacturers, service businesses, professionals and non-profits. The Bank has opened six Loan Production Offices in strategic areas including our North Orange County Office in Anaheim, our Orange County Office in Irvine, our South Bay Office in Torrance, our San Fernando Valley Office in the Warner Center, our Riverside County office in Corona and our Inland Empire Office in Ontario.