CONTACT: Mark W. Jaindl, President and Chief Executive Officer
Allentown, PA, March 17, 2021
American Bank Incorporated (OTC Pink: AMBK), the parent company of American Bank, today announced that on March 16, 2021, the Board of Directors approved the repurchase of up to 275,000 shares, or approximately 4.9% of the Company's outstanding shares of common stock. These shares will be purchased at prevailing market prices from time to time depending upon market conditions.
American Bank Incorporated common stock last traded at $13.00 per share. American Capital Trust I Preferred Securities last traded at $14.00.
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.
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.