At the beginning of our second decade of service ― thanks to our loyal shareholders and clients ― we’re pleased to say with confidence that UAB is poised to help lead our communities to better days ahead.
San Mateo, CA (PRWEB) June 11, 2013
United American Bank (OTCBB: UABK) will celebrate its tenth year of service as a community bank on June 9, 2013.
UAB has enjoyed a history of shareholder support dating back to May 21, 2003, when UAB (In Organization) closed its first stock offering and raised $15,125,000. In May, 2005, a second stock offering raised $6.5 million in new capital. By June, 2008, a third stock offering had successfully added $5.3 million in additional capital. In November, 2011, UAB, its directors, executive officers, and bank holding company, ATBancorp, announced the completion of a $11.2 million capital infusion, and in July, 2012, UAB announced another successful stock offering that garnered $1.618 million in additional capital. Today, UAB is “well capitalized” as calculated under customary bank regulatory standards.
“United American Bank, during our first ten years, experienced the best and the worst economic cycles in decades,” said UAB President and Chief Executive Officer John C. Schrup. “In the early years of this century we grew at phenomenal pace. A few years later, as the decade unfolded, we struggled through an almost unthinkable recession and weathered the toughest storm in generations. At the beginning of our second decade of service ― thanks to our loyal shareholders and clients ― we’re pleased to say with confidence that UAB is poised to help lead our communities to better days ahead.”
On June 9, 2003, United American Bank opened its doors for banking business in its new headquarters on South Ellsworth Avenue in San Mateo.
In January, 2005, American Trust California opened an office in the UAB headquarters in an affiliate relationship to offer wealth management, trust, and retirement planning services. Eighteen months later, in November, 2006, the Coastal Regional Office opened in Half Moon Bay. By December, 2006, total reported assets exceeded $200 million, which represented 270 percent growth over the prior year, and paved the way for the Mid-Peninsula Regional Office which opened in Redwood City in October, 2007.
To meet the needs of its clients in the next decade and beyond, UAB has hired a new and talented team of branch managers and relationship bankers. The bank offers new home mortgages, a new Freedom Home Equity Line of Credit, and a new rewards credit card with a wide variety of redemption alternatives. Soon UAB will launch a new and improved online banking suite of services.
“As a community bank, with local directors who are community leaders, we help businesses expand,” said John Schrup. “We help bring jobs to the community. We work with our clients to turn their dreams into reality. United American Bank has its branches and roots in our Bay Area communities, and our banking professionals are committed to building better communities in the next ten years and beyond.”
Certain matters discussed in this press release constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements relate to current expectations regarding future operating results and the growth in loans, deposits, and assets. These forward looking statements are subject to certain risks and uncertainties that could cause the actual results, or performance to differ materially from those expressed, suggested or implied by the forward looking statements.