American River Bankshares Announces its 2016 Annual Meeting Results
May 23 2016 - 4:55PM
The Board of Directors of American River Bankshares (NASDAQ:AMRB),
announced the re-election of all eight Director nominees at its
Annual Meeting held Thursday, May 19th in Rancho Cordova,
California.
Shareholders re-elected Kimberly A. Box, Charles D. Fite, Robert
J. Fox, William A. Robotham, David T. Taber, Stephen H. Waks,
Philip A. Wright and Michael A. Ziegler as Directors, each of whose
current term expired at the 2016 Annual Meeting and their new term
will expire in 2017.
The shareholders also approved the advisory vote concerning
named executive officer compensation. In addition, the selection of
Crowe Horwath LLP as independent registered public accountants for
American River Bankshares was ratified by a majority of votes
cast.
In his address to shareholders, David Taber, President and CEO
of American River Bankshares, reviewed the Company’s performance in
2015 and its strategic direction.
“American River Bank is steadily climbing back to a place we
were at once – the pinnacle of our industry,” said Taber.
“Much like a climb up the Sierra Nevada Mountains, the path
can be treacherous and the factors that are making the banking
industry difficult today include persistent low interest rates and
excessive liquidity in the system.”
Taber continued, "The leaders and team of American River Bank
are up to the challenge of the uphill climb and as was the case in
2015, long term success requires an appropriate balance of quality,
growth and profit."
He noted that as of December 31, 2015, success indicators
included growth of $23 million and $31 million in core deposits and
loans, respectively; an increase of $1.2 million in net interest
income; and a decrease of $800,000 in noninterest expense. These
were the key contributing factors in 2015 to the Company’s 21%
increase in net income and 31% increase in EPS.
In addition to Taber's comments, The Board of Directors led a
tribute to Dr. Roger Taylor, founding Board Member of American
River Bank, who retired from the Board after 35 years of
service.
"Dr. Roger Taylor's dedication to the Bank and overall business
expertise has been instrumental in our ability to grow,
spearheading a culture of loyal employees, well-compensated
shareholders and satisfied clients," said Stephen Waks, Secretary
of the Board of Directors and Attorney-at-Law and Owner, Waks Law
Corporation.
To view the American River Bankshares 2015 Annual Report and
Proxy Statement, visit www.envisionreports.com/AMRB.
About American River Bankshares American River
Bankshares (NASDAQ:AMRB) is the parent company of American River
Bank, a regional bank serving Northern California since 1983. We
give business owners more REACH by offering financial expertise and
exceptional service to complement a full suite of banking products
and services. Our honest approach, commitment to community and
focus on profitability is intended to lead our clients to greater
success. For more information, call (800) 544-0545 or visit
AmericanRiverBank.com.
Forward-Looking Statements Certain statements
contained herein are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934 and subject to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
that involve risks and uncertainties. Actual results may differ
materially from the results in these forward-looking statements.
Factors that might cause such a difference include, among other
matters, changes in interest rates, economic conditions,
governmental regulation and legislation, credit quality, and
competition affecting the Company’s businesses generally; the risk
of natural disasters and future catastrophic events including
terrorist related incidents; and other factors discussed in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2015, and in subsequent reports filed on Form 10-Q and Form
8-K. The Company does not undertake any obligation to publicly
update or revise any of these forward-looking statements, whether
to reflect new information, future events or otherwise, except as
required by law.
Media Contact:
Diana La Point
Corporate Communications
(916) 231-6717
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