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| July 3, 2008 |
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AMERICAN SECURITY BANK OPENS NEWPORT BEACH BRANCH
Santa Ana, Calif. – July 3, 2008 – American Security Bank- David T. Blankenhorn, President/CEO of American Security Bank, announced that the Bank will relocate its full-service banking office and Administrative offices, currently housed at 1 MacArthur Place, Santa Ana, and its Commercial Real Estate Division, located at 1451 Quail Street, Newport Beach, to a new 10,000 square foot commercial office building located at 1401 Dove Street, Newport Beach, in the heart of the financial district. The move to the new location, under consideration since early 2007, will more effectively position the organization to conveniently serve business owners in the Newport Beach, Irvine, and Costa Mesa markets.
Shirley Wentzel, Senior Regional Vice President, and her Relationship Banking team, Lisa Gorelick, Sylvia Ucciferro and Robin Schmidt-Brown, will personally assist business clients from a state-of-the-art facility featuring ATM access, ample parking, and comfortable, sit-down teller stations. The Relationship Banking team, led by Ms. Wentzel, is strongly established in the Newport Beach market, having served the Newport Beach community for more than sixteen years before joining American Security Bank in June 2005.
“The Bank’s search for the right location, one large enough to consolidate three of our largest divisions, with good visibility and portraying an image that represents the strength and character of our franchise, has had extremely productive results. Not only does Shirley Wentzel and her talented Relationship Banking team have a history in the financial corridor, but our Executive Vice President, Manager of Commercial Real Estate, Jim Roberson, and I have both worked in this particular geographic area in the past with very successful results,” states David T. Blankenhorn, President and CEO.
American Security Bank provides a full complement of business and personal banking services, referring to themselves as the “Right-Sized” bank - large enough to handle even your most aggressive business plan, and personal enough to make the process simple.
The new location of American Security Bank will be open for business on July 7th. The first 50 business owners to establish relationships with the bank in the new office will receive a $100 Visa Gift Card to thank them for supporting the Bank in its new location, as well as becoming Charter Account Holders and enjoying deeply discounted checking and cash management services.
American Security Bank’s headquarters office is now located in Newport Beach, CA. The Bank has assets totaling $464 million (as of June 30, 2008.) It operates full-service banking offices in Newport Beach, Laguna Niguel, Apple Valley (Spirit River and Jess Ranch), Lancaster, Victorville and Corona. Loan Production offices serve the cities of Covina, Newport Beach and Palmdale; giving the Bank a footprint in four counties: Los Angeles, Orange, Riverside, and San Bernardino.
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| April 29, 2008 |
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AMERICAN SECURITY BANK
OPENS SECOND BANKING OFFICE IN APPLE VALLEY
Santa Ana, Calif. – April 29, 2007 – American Security Bank- David T. Blankenhorn, President/CEO of American Security Bank, announced that the Bank’s full-service banking office located at 16020 Apple Valley Road, Suite B-1, in the Spirit River Business Complex, opened for business on Monday,
April 28, 2008. The branch is the second location of American Security Bank to open in Apple Valley. The first office, the original headquarters office of the Bank, is located at 19181 Town Center Drive in Apple Valley. The Bank also has an office in Victorville and will now serve the Victor Valley community from three convenient locations.
Douglas Fowler, Senior Vice President, will manage the Spirit River location. Fowler is a well established business banking professional who has served the financial needs of the Victor Valley community for nearly two decades. He has been with the Bank since May, 2006 and operated out of the Victorville office while a new location was identified.
“Apple Valley is growing and the business growth on the north end of town suggested an expanded need for the types of services American Security Bank provides. Doug Fowler has a strong connection to the community and is looking forward to continuing the Bank’s commitment to the Victor Valley in this new office,” stated David Blankenhorn, CEO.
American Security Bank provides a full complement of business and personal banking services. The bank is positioned as the “Hometown” bank you’d find on any Main Street in any town in the U.S., the one managed by your neighbors and friends. They refer to themselves as the “Right-sized” bank - large enough to handle even your most aggressive business plan, and personal enough to make the process simple.
American Security Bank is headquartered in Santa Ana, CA. The Bank, the third largest independent bank in Orange County, has assets totaling $446 million (as of March 31, 2008.) It operates full-service banking offices in Santa Ana, Laguna Niguel, Apple Valley, Lancaster, Victorville and Corona. Loan Production offices serve the cities of Covina, Newport Beach and Palmdale; giving the Bank a footprint in four counties; Los Angeles, Orange, Riverside and San Bernardino.
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| February 26, 2008 |
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AMERICAN SECURITY BANK
REPORTS 2007
EARNINGS
Santa Ana, Calif. – February 26, 2008 – American Security Bank- David T. Blankenhorn, President/CEO of American Security Bank, announced today that 2007 was a year of opportunity and achievement for American Security Bank.
Net earnings were $7.5 million
This reflects a decrease of $1.2 million for the year 2007 when compared to 2006. The decrease in net earnings is mainly attributable to the negative impact of a $1.9 million increase in interest expense between 2006 and 2007 that was offset by a $1.3 million increase in interest and loan fee income for the same period. During the second half of the year, faced with an industry willing to pay premium rates to attract new deposits, the bank strategically increased rates on key customer accounts to ensure retention. This strategy, although prudent in the long-run, caused our short-term interest expense to outpace the increase in interest income.
Average deposits increased $11.8 million between December 2006 and December 2007
Total deposits reported at the end of 2007 were $341.3 million. This represents a decrease of $95.7 million over the prior year-end. The decrease was the result of a single, short-term deposit that was accepted during the final days of 2006. Average deposits, a better indicator of the bank’s stability, increased $11.8 million, or 3.3% between December 2006 and December 2007.
Total Loans increased by $57.2 million between December 2006 and December 2007During 2007 total loans increased by $57.2 million, or 18.2% to $372.6 million. Given the events of the latter half of 2007, the bank’s adherence to traditional banking principals and products proved to be a wise course of action as actual loan delinquencies declined from 2006 to 2007 in an environment where many financial institutions are reflecting rising delinquencies.
The bank reached some significant milestones in our development during 2007, these included:
The opening of a full-service banking office in the city of Corona
The successful negotiation of a lease on a building in Newport Beach that will become the Bank’s headquarters during the first half of 2008
Commencement of construction on a second office in Apple Valley, located in the Spirit River business complex
A new and rapidly growing technology (Remote Deposit) was implemented in all six of our full-service banking offices. This technology, used in the branches and offered to select customers of the bank, electronically expedites the movement of funds, provides the convenience of making deposits in the customer’s place of business and facilitates expedited credit for deposits into customer accounts.
Each of these steps evidenced our continued confidence in the Southern California Economy and its ability to recover from the challenges that emerged during the last half of the year.
As an organization, “We look forward to the challenges of 2008 and strongly believe that we have the tools to make the most of opportunities presented to us,” states David T. Blankenhorn, President/CEO. “Our bank’s capital levels are well above minimum regulatory requirements, our business practices are sound, we have an extremely loyal customer base and we have no sub-prime loans or securities backed with sub-prime products. Our new offices will enable us to service customers conveniently and our cadre of innovative, experienced bankers continues to be focused on one thing – delivering a banking experience for every customer that exceeds their expectation.”
American Security Bank is headquartered in Santa Ana, CA and has assets totaling $425 million (as of December 31, 2007). The Bank opened in September of 1990, and operated under the name Sun Country Bank until June, 2005. Full-service banking offices are located in Santa Ana, Laguna Niguel, Corona, Apple Valley, Lancaster and Victorville and Loan Production offices serve the cities of, Covina, Newport Beach and Palmdale, giving the Bank a footprint in four counties; Los Angeles, Orange, Riverside and San Bernardino.
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| January 3, 2008 |
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SHELDON RALPH PROMOTED TO SVP/MANAGER
LANCASTER OFFICE OF AMERICAN SECURITY BANK
SANTA ANA, Calif. – January 3, 2008 – American Security Bank- David T. Blankenhorn, President/CEO of American Security Bank, and Wayne Rosenberger, Senior Vice President/Regional Manager of the Bank’s Antelope Valley markets made a joint announcement today; Sheldon Ralph has been promoted to Senior Vice President, Manager of the Lancaster Office. Ralph currently manages the Bank’s Palmdale Loan Production Office and will now assume responsibility for both Antelope Valley locations. Ralph, who will assume responsibilities previously managed by Wayne Rosenberger as Manager of the Antelope Valley Markets, was personally selected by his predecessor in August, 2006, with this transition in mind.
Wayne Rosenberger will not be leaving the American Security Bank. “I will be retiring, at some point in the future, he comments, but the current plan is for me to spend my time in business development and customer retention, doing what I enjoy most …. cultivating new relationships. “Wayne is American Security Bank in the Antelope Valley,” says President/CEO, David T. Blankenhorn. “We respect his decision to prepare for retirement, but are extremely pleased by the transition plan he has orchestrated.” Both Rosenberger and Blankenhorn feel confident that Ralph, who was raised in the Lancaster area, is a strong choice for the role of Manager as “he has a keen insight into both the history and the future of the area.”
As of September 30, 2007, American Security Bank had total assets of $439.8 million and operates in Los Angeles, Orange, Riverside and San Bernardino counties. They have six full-service banking offices in Santa Ana, Laguna Niguel, Apple Valley, Lancaster, Victorville and Corona. They also have Loan Production Offices in Newport Beach, Covina and Palmdale.
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| September 21, 2007 |
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AMERICAN SECURITY BANK
OPENS FULL-SERVICE OFFICE IN CORONA
Ana, Calif. – September 21, 2007 – American Security Bank- David T. Blankenhorn, President/CEO of American Security Bank, announced that the Bank’s full-service banking office located at 2163 Compton Avenue will open for business on Monday, September 24, 2007. The branch will be the second location American Security Bank has opened in Corona. The Bank moved their Loan Administration and Marketing department to Corona in 2005 in anticipation of establishing the branch and meeting the expanding need for business financing in the community.
Jim Verplancke, Senior Vice President, will manage the Compton Avenue location. Verplancke has banked the Corona business community for two decades. He has been operating out of offices in Upland and in Corona while identifying a site for a Corona branch and through a year of negotiation and build-out. The local business community has already been extremely responsive to Verplancke and to the business philosophy of Bank.
Mr. Verplancke is supported in his development of the branch by Cynthia Schneider, Senior Vice President, Corporate Marketing Director, who is a long-term Corona resident and who has helped develop two previous financial organizations in the city. Schneider is known for her strong community ties and her role as a leader in several non-profit and community organizations.
Bank President, David T. Blankenhorn joined Mr. Verplancke and Mrs. Schneider at the Corona Chamber of Commerce Quarterly Luncheon and Awards Ceremony on September 20th, to announce the September 24th branch opening. “An audience of more than 500 attendees, the timeliness of the event and the fact that both Cynthia and Jim have very strong ties to the Chamber made this the perfect forum for our announcement,” said Blankenhorn.
American Security Bank provides a full complement of business and personal banking services. Our service philosophy is based on a concept of “Main Street Banking”, says Verplancke. We want to be the hometown bank you’d find on Main Street in any town in the U.S., the one managed by your neighbors and friends. The corporate video shown at the September 20th event identified the bank as the “right sized” bank - large enough to handle even your most aggressive business plan, but small enough to make the process simple.”
American Security Bank is headquartered in Santa Ana, CA. It is the second largest independent bank headquartered in Orange County with assets totaling $470 million (as of June 30, 2007). The Bank celebrates its seventeenth birthday this year and operates full-service banking offices in Santa Ana, Laguna Niguel, Apple Valley, Lancaster, Victorville and Corona. Loan Production offices serve the cities of Covina, Newport Beach and Palmdale; giving the Bank a footprint in four counties; Los Angeles, Orange, Riverside and San Bernardino.
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| May 7, 2007 |
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BLANKENHORN REPORTS STRONG FIRST QUARTER EARNINGS
FOR AMERICAN SECURITY BANK
SANTA ANA, Calif. – May 7, 2007 – American Security Bank - American Security Bank reported net earnings of $2.2 million for the first quarter of 2007. “It was a strong first quarter for American Security Bank. Our record first quarter performance continues a three-year growth trend and follows one of the organization’s strongest years ever,” announced David T. Blankenhorn, President/CEO. Growth in earnings represented an increase of 18 percent over earnings reported for the same time period in 2006 and was positively impacted by a sustained growth in assets and by the recovery of a loan previously charged to loan loss reserves.
Average assets for the first quarter of 2007 increased $47 million or 12 percent over total average assets for the first quarter 2006. Total Assets of the organization increased to $582 million. The Bank has more than doubled in size over a three year period.
Loans, net of the allowance for potential losses, increased to $320 million at March 31, 2007, representing a 4 percent increase over net loans at the end of the first quarter 2006. “We have concentrated our efforts on developing long term relationships with strong commercial and retail clients”, stated Blankenhorn.
Deposits totaled $522 million at the end of the most recent quarter, representing an increase of 45 percent over total deposits of one year ago. The Bank’s growth continues to be funded by core deposit relationships, with non-interest bearing checking accounts representing over 33 percent of the Bank’s total deposit base.
American Security Bank operates offices in a four-county footprint that covers the fastest growing regions in the nation: Orange, Los Angeles, San Bernardino and Riverside counties. They have six full-service banking offices; Santa Ana, Laguna Niguel, Upland, Apple Valley, Lancaster and Victorville and two loan production offices, one in Newport Beach and one in the city of Covina. The Bank will open a Corona, CA location in the summer of 2007 and expects to break ground on a new building in Apple Valley.
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| February 13, 2007 |
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AMERICAN SECURITY BANK REPORTS
RECORD EARNINGS FOR 2006
Santa Ana, Calif. – February 13, 2007 – American Security Bank- David T. Blankenhorn, President/CEO of American Security Bank, today reported earnings for the year ended December 31, 2006 of $8.7 million. This represents a 30% increase over earnings of $6.7 million in 2005 and record performance for the Bank. The growth in earnings is primarily attributable to increased net interest income of $21.2 million, an increase of 15.7% over 2005 totals, and a reduction in the provision for loan losses.
Year-End 2006 Operating Highlights:
• Total Assets of $497 million, an increase of $120 million or 32% over 2005
• Net Loans of $315 million, up $27 million, or 9.4% from the previous year
• Total Deposits were $437 million, an increase of $110 million or 33% over year-end 2005 deposits
• The provision for loan losses for 2007 reflects lower net loans charged to the reserve and a decrease in the overall delinquency ratio in the Bank’s loan portfolio
2006 was a banner year for American Security Bank in many respects. “Despite a sluggish economy, American Security Bank surpassed all prior performance records”, stated David T. Blankenhorn, President/CEO. During the second half of the year it became evident that the infrastructure carefully constructed during the past 18 to 24 months was having the desired result, as both loan and deposit growth accelerated and remained strong through year-end.
During the second quarter of 2006, the Bank’s ownership injected an additional $9 million in capital to support additional growth. As a result, the Bank capitalized on one of the fastest growing communities in Southern California by expanding its presence in the Antelope Valley with the opening a Loan Production Office in Palmdale. The Loan Production office compliments the full-service banking facility already in place in the city of Lancaster and provides the foundation for a possible second branch as the community and its need for banking services grows.
A state-of-the-art Central Operations facility was opened in the High Desert community of Victorville. The facility was opened in anticipation of increased operational demands stemming from the Bank’s expansion into new markets and the adoption of sophisticated delivery technologies, including Remote Capture.
American Security Bank is headquartered in Santa Ana, CA. It is the second largest independent bank headquartered in Orange County with assets totaling $497 million (as of December 31, 2006). The Bank opened in September of 1990, and operated under the name Sun Country Bank until June, 2005. Full-service banking offices are located in Santa Ana, Laguna Niguel, Upland, Apple Valley, Lancaster and Victorville and Loan Production offices serve the cities of Corona, Covina, Newport Beach and Palmdale, giving the Bank a footprint in four counties; Los Angeles, Orange, Riverside and San Bernardino.
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| February 2, 2007 |
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AMERICAN SECURITY BANK PROMOTES ROBERSON
TO EXECUTIVE VICE PRESIDENT
Santa Ana, Calif. – February 2, 2007 – American Security Bank - David T. Blankenhorn, President/CEO of American Security Bank, announced today that the Board of Directors has approved the promotion of James (Jim) Roberson to Executive Vice President, Manager of the Bank’s Commercial Real Estate Lending division.
Roberson joined American Security Bank in April, 2004 as Senior Vice President, Manager of Commercial Real Estate Lending. Mr. Roberson has more than thirty years of real estate lending experience, primarily with community banks in the Orange County area. He has developed business for numerous financial institutions, including; Imperial Bank, Commerce Bank, First Bank and Trust, Southern California Bank and Pacific Crest Bank. Most recently Roberson spent four years, from 2000 to 2004, at Harbor National Bank.
“Jim is an experienced commercial real estate lender who is widely respected in the Orange County market”, states Blankenhorn. “In the three years since he has joined American Security Bank, he has significantly contributed to its growth and profitability. His promotion recognizes both his past performance and his future value to the organization.”
American Security Bank is headquartered in Santa Ana, CA. It is the second largest independent bank headquartered in Orange County with total assets of $496 million (as of December 30, 2006). The bank operates in Los Angeles, Orange, Riverside and San Bernardino counties and has full-service banking offices in Santa Ana, Laguna Niguel, Upland, Apple Valley, Lancaster and Victorville and Loan Production offices in the cities of Corona, Covina, Newport Beach and Palmdale.
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| October 20, 2006 |
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GREGOIRE PROMOTED TO VICE PRESIDENT, MANAGER
VICTORVILLE BANKING OFFICE
Santa Ana, Calif. – October 20, 2006 – American Security Bank- David T. Blankenhorn, President/CEO of American Security Bank, announced today that Doreen Gregoire has been promoted to Vice President, Manager of the Victorville Banking office.
Ms. Gregoire first joined the bank in April of 2006 as a business development officer. She is a seasoned community banker whose most recent experience includes positions as a Relationship Manager for both Vineyard Bank and Southwest Community Bank. Her area of expertise includes working with business owners to identify opportunities where treasury management services can improve business cash flow or where lending programs can assist with growth objectives. Ms. Gregoire also works with individuals, assisting them in meeting personal financial goals.
“Doreen’s knowledge of commercial banking and her familiarity with the Victorville market in particular, represent significant opportunity for customers in the high desert, and for American Security Bank”, states Blankenhorn. The Bank strongly adheres to a regional banking concept where each banking unit operates independently. “We’re pleased to find someone as talented as Ms. Gregoire, a local resident and a seasoned banker, to manage our Victorville office”, states Blankenhorn, “Doreen is a strong proponent of the Bank’s “Main Street banking philosophy”; serving both businesses and residents of the high desert with equal enthusiasm.
As of September 30, 2006, American Security Bank (formerly Sun Country Bank) is headquartered in Santa Ana, CA. It has assets of $429 million and operates in Los Angeles, Orange, Riverside and San Bernardino counties. The Bank has six full-service banking offices in Santa Ana, Laguna Niguel, Upland, Apple Valley, Lancaster and Victorville and four Loan Production offices in the cities of Corona, Covina, Newport and Palmdale.
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| August 18, 2006 |
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SHELDON RALPH OPENS AMERICAN SECURITY BANK
LOAN PRODUCTION OFFICE IN PALMDALE
SANTA ANA, Calif. – August 18, 2006 – American Security Bank- David T. Blankenhorn, President/CEO of American Security Bank, and Wayne Rosenberger, Sr. Vice President/Regional Manager of the Bank’s Lancaster office made a joint announcement today. They announced that the Bank has opened a Loan Production Office in the City of Palmdale and that Sheldon Ralph has been hired as Regional Vice President/Manager, to head the operation.
Mr. Ralph received his Juris Doctorate and Masters of Business Administration from Pepperdine University in 1997. He was admitted to the State Bar of California during the same year. He has practiced law, taught at Pepperdine’s Graziadio School of Business Management and worked in the private sector as a statistical consultant. “Sheldon brings enormous talent as well as a history in the Valley to his new position with American Security Bank” says Wayne Rosenberger, Sr. RVP/Manager.
His expertise in finance and business management will be invaluable tools in Mr. Ralph’s ability to develop the Palmdale Loan Production Office and work with Mr. Rosenberger to support client service and the growth objectives in the established Lancaster Office.
David T. Blankenhorn, President and CEO sites Sheldon’s stellar educational background and the breadth of his business acumen as, “A strong match for the Bank’s plan to increase our commercial client base in the Antelope Valley. We’re very pleased to have someone of his caliber working with us.”
As of June 30, 2006, American Security Bank had total assets of $426.7 million and operates in Los Angeles, Orange, Riverside and San Bernardino counties. They have six full-service banking offices in Santa Ana, Laguna Niguel, Upland, Apple Valley, Lancaster and Victorville. They also have Loan Production Offices in Corona, Newport Beach, Covina and Palmdale.
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| July 27, 2006 |
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AMERICAN SECURITY BANK REPORTS RECORD GROWTH AND EARNINGS
Santa Ana, Calif. - July 27, 2006 American Security Bank - American Security Bank is pleased to announce continued strong growth of loans and deposits coupled with record earnings for the second quarter of 2006. At June 30, 2006, the Bank reported total assets of $426.7 million. This represents an increase of $69.9 million, or 19.6 percent over total assets one year prior. Loans, net of a provision for losses, totaled $312.2 million at the end of June 2006, an increase of $26.9 million, or 9.4 percent over the previous year. Over the past 12 months, total deposits have grown $63.1 million or 20.8 percent, to $366.5 million at June 30, 2006. The strong growth in assets, loans and deposits reflects in part the continued development of new products and services specifically designed to meet the expanding needs of the individuals and businesses in the communities we serve.
For the six months ended June 30, 2006, American Security Bank reported record earnings of $4.0 million. This represents an increase of $991,000, or 32.5 percent, over earnings of $3.1 million for the first six months of 2005. The increase in earnings was primarily driven by the growth of loans. Net interest income, the income the Bank generates on loans and other assets less the expense it pays for deposits and borrowed funds, totaled $10.5 million for the six months ended June 30, 2006. This represents an increase of $1.8 million, or 21.0 percent, over net interest income of $8.6 million for the first six months of last year.
American Security Bank also reported record earnings for the quarter ended June 30, 2006. For the most recent three month period, the Bank reported net earnings of $2.2 million. This represents an increase of $499,000, or 30.1 percent, over earnings for the second quarter of last year. Again, the increase in earnings for the quarter was driven by an increase in net interest income resulting primarily from growth of loans.
American Security Bank’s strategic objectives include expansion into new market territories over the coming months. To achieve this objective, the Bank opened a new loan production office in the City of Corona last year and a second loan production office in the City of Palmdale this year. In anticipation of increased growth from these dynamic communities, the Bank’s parent company American Bancshares, Inc. contributed $9.8 million in additional capital to the Bank during the second quarter of this year. At June 30, 2006, American Security Bank reported total capital of $54.6 million. This represents an increase of $12.2 million, or 28.8 percent, over total capital at June 30, 2005.
According to Mr. Blankenhorn, “The increase in capital makes American Security Bank one of the strongest capitalized independent banks in the Southern California market place”. At June 30, 2006, the Bank reported a ratio of capital to assets of 10.7 percent, compared to a ratio of 8.4 percent one year ago.
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