Allegiance Bank of North America Hold Annual Shareholders Meeting on June 8, 2005
June 14 2005 - 6:44PM
PR Newswire (US)
Allegiance Bank of North America Hold Annual Shareholders Meeting
on June 8, 2005 BALA CYNWYD, Pa., June 14 /PRNewswire-FirstCall/ --
Allegiance Bank of North America (OTC:ABPA) (BULLETIN BOARD: ABPA)
, held its annual shareholders meeting on June 8, 2005. The
following Directors of the Bank were re-elected: C. Andrew Cook and
Edgar D. Landis were re-elected as Class I directors, each of whose
term will expire in 2006, Lawrence A. Isdaner and Thomas J.
MacCrory were re-elected as Class II directors, each of whose term
will expire in 2007, Robert Kramer, Stanley Engle and Amos B.
Smith, III were re-elected as Class III directors, each of whose
term will expire in 2008. C. Andrew Cook, President and Chief
Executive Officer, also announced that the Bank's new branch,
located in the Old City section of Philadelphia which opened on
April 21, 2005, had already generated $3.6 million of deposits as
of May 31, 2005. The Bank is continuing its branching strategy with
plans to open a Loan Production Office in Frazer, PA followed by a
new branch in King of Prussia, PA by the end of this year.
Generally, the Bank intends to enter new markets by opening
relatively inexpensive Loan Production Offices to generate loans
prior to establishing a full service branch. Lastly, Allegiance
announced that its Chief Lending Officer, Alexander Kroll has been
promoted to Executive Vice President. Allegiance Bank of North
America is a Pennsylvania state-chartered full- service commercial
bank formed in 1999, headquartered in Bala Cynwyd, Pennsylvania.
The Bank offers a sophisticated package of services beyond
traditional bank services, such as escrow account management,
specialty real estate lending programs, internet banking and
non-bank services including title insurance, real estate settlement
services, financial planning, life and health insurance and
retirement programs through its three subsidiaries, Allegiance
Financial Services, Inc., AllSearch Abstract, LLC, and Paramount
Mortgage and Capital, LLC. The common stock of the Company is
traded on OTC Bulletin Board under the symbol ABPA. Statements
contained in this news release, which are not historical facts, are
forward looking statements, as that term is defined in the Private
Securities Litigation Reform Act of 1995. Amounts herein could vary
as a result of market and other factors. Such forward-looking
statements are subject to risks and uncertainties which could cause
actual results to differ materially from those currently
anticipated due to a number of factors. Such forward-looking
statements may be identified by the use of such words as "believe,"
"expect," "anticipate", "should," "planned", "estimated," and
"potential". Examples of forward-looking statements include, but
are not limited to, estimates with respect to the financial
condition, expected or anticipated revenue, results of operations
and business of the Company that are subject to various factors
which could cause actual results to differ materially from these
estimates. These factors include, but are not limited to, general
economic conditions, changes in interest rates, deposit flows, loan
demand, real estate values, and competition; changes in accounting
principals, policies, or guidelines; changes in legislation or
regulation; and other economic, competitive, governmental,
regulatory, and technological factors affecting the Company's
operations, pricing, products and services. DATASOURCE: Allegiance
Bank of North America CONTACT: C. Andrew Cook, President and Chief
Executive Officer for Allegiance Bank of North America,
+1-610-949-0760
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