American Business Bank's New Achievements
American Business Bank, known by its ticker symbol OTCQX: AMBZ, has made significant strides recently, earning a noteworthy spot in the financial industry. Recently, this bank was recognized in S&P Global Market Intelligence’s inaugural deposit rankings, which evaluated institutions with assets between $3 billion and $10 billion. The results, as of a recent September evaluation, showed that American Business Bank captured the 9th position among the top 225 banks in the nation for this year.
Insights from Leadership
CEO Leon Blankstein's Perspective
Leon Blankstein, the bank's Chief Executive Officer and Director, expressed satisfaction over this recognition, stating, "We are pleased to be recognized in the S&P ranking for 2024. American Business Bank has been built on strong, closely held small to middle-market operating companies which bolsters our fortress deposit franchise. This accomplishment is a direct result of our loyal client relationships and talented bankers." Blankstein's vision for the bank has been instrumental in its growth and success.
Financial Health Overview
American Business Bank reported a robust $4.04 billion in assets with a cost of deposits at 1.33%. The institution demonstrates strong asset management with nonperforming assets comprising just 0.18% of total assets, and significant growth in total deposits by $147 million or 4.2% as of the end of the year.
Understanding Deposit Metrics
The rankings from S&P Global are derived from eight distinct metrics to gauge the strength and value of banks, particularly focusing on the concentration of noninterest-bearing deposits. The ranking gives higher importance to these deposits as they are considered most valuable to banks. However, with the Federal Reserve's increase of short-term rates since early 2022, attracting these types of deposits has become notably challenging. Industry-wide trends indicate that noninterest-bearing deposits have almost dropped by 30% since 2021, contrasting with a nearly 8% increase in interest-bearing deposits.
S&P Global's Role
S&P Global Market Intelligence, a key division of S&P Global (NYSE: SPGI), is recognized as a leading provider of credit ratings, benchmarks, and analytics worldwide. It delivers crucial intelligence that aids in unlocking opportunities and fostering growth across industries, with over 160 years of experience in the market.
About American Business Bank
Established in downtown Los Angeles, American Business Bank proudly caters to a diverse range of clients, including wholesalers, manufacturers, service businesses, professionals, and non-profit organizations. The bank has developed a robust presence through eight Loan Production Offices strategically located across various regions, including North Orange County, Irvine, Torrance, Woodland Hills, and more. This extensive reach ensures that American Business Bank remains attuned to the needs of its clients regardless of their business landscape.
Frequently Asked Questions
What is the recent ranking of American Business Bank?
American Business Bank is ranked 9th among U.S. banks with assets between $3 billion and $10 billion according to S&P Global's inaugural deposit rankings.
Who is the CEO of American Business Bank?
Leon Blankstein serves as the Chief Executive Officer and Director of American Business Bank.
What financial metrics does American Business Bank report?
As of the latest report, American Business Bank has $4.04 billion in assets and a cost of deposits at 1.33% with low nonperforming assets making up 0.18% of total assets.
What does S&P Global Market Intelligence do?
S&P Global Market Intelligence provides credit ratings, analytics, and benchmarks to support business decision-making and is recognized as a leader in the financial intelligence sector.
How does American Business Bank support its clients?
The bank offers a broad range of financial services tailored to various sectors, maintaining strong relationships with small to middle-market companies to help grow their businesses.
