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Dividend
Check Letter |
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July 2003 |
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July 15, 2003
Dear Stockholders:
Your second
quarter dividend check in the amount of 35¢ per share is enclosed.
We are very pleased to report that AMB Financial Services Corporation
is right on budget at mid-year 2003!
- Net Income
Up Substantially Over 2002! After six months, Net Income is $1,517,646
compared to $1,002,011 for the first six months of 2002, a 51%
improvement!
- Despite Very
Low Interest Rates, Deposits, Loans and Total Assets Grow Significantly!
Deposits at 6/30/03 grew 16% to $230.3 million from $198 million
at 6/30/02. Our efforts to recruit new loans and retain existing
loans are paying off as total loans increased to $200.5 million
from $183.8 million a year ago, a growth rate of over 9%. Total
assets are up to $286.3 million from $260.5 million at 6/30/02.
- Earnings
Per Share Up Over First Six Months of 2002! EPS for the first
six months of 2003 are estimated to be $2.62 compared to $1.71
at mid-year 2002.
- AMB Closes
Purchase Of Kingston property! We now own an excellent site right
on SR104 that will make a very favorable location for future expansion
of American Marine Bank. Design work has already begun, so watch
for future details about our move back into Kingston!
Because margins
continue to compress as interest rates remain at record low levels,
your management team is focusing on active asset-liability management
as well as non-interest income growth to sustain high levels of
profitability. In addition, the new direction that we have taken
in residential mortgage production is beginning to reap rewards.
We are thrilled at the high level of personal service now offered
by all of our mortgage loan officers, and that business is really
growing! As always, we are most appreciative of all your personal
business and enthusiastically encourage any and all recommendations
and referrals you can send us.
Sincerely,
Rex Townsend
President and CEO
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American
Marine Bank Announces Promotion |
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June 2003 |
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Rex
Townsend, President and CEO of American Marine Bank announced Brian
Winkelman has been promoted to Vice President/Residential Loan Officer
of the bank's Home Lending Center in Silverdale. Winkelman has been
with AMB for four years and has 25 years experience in the financial
services industry. Winkelman, who resides in Olympia with his wife
Becky and son Evan enjoys golf, baseball and boating. |
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Al
Saliba Joins American Marine Bank |
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June 2003 |
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President
Rex Townsend has announced that Al Saliba has joined the staff of
American Marine Bank as Vice President and Commercial Loan Officer.
Saliba will be serving commercial customers on Bainbridge Island.
Saliba brings
12 years experience in commercial and investment banking. Saliba
and his wife Liz, who runs the catering business Without Reservations,
reside in Port Townsend with their son.
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American
Marine Bank Announces Staff Promotions |
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June 2003 |
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Rex
Townsend, President and CEO of American Marine Bank announced the
following officer promotions.
Gary Winter,
Senior Vice President/Senior Credit Administrator has been promoted
to Executive Vice President/Chief Credit Officer. Winter, with the
bank since1998, has assisted AMB in achieving their strong loan
growth. Winter, current Board Member and Past President of the Bainhridge
Chamber of Commerce, resides in Bremerton with his wife Marge.
Renzo Lucioni, Vice President and CFO has been promoted to Senior
Vice President/ CFO. Lucioni has over 15 years of local and international
experience in banking and business. Lucioni resides on Bainbridge
Island with his wife Angela and 3 children.
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American
Marine Bank Home Office to Begin Remodel |
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March 2003 |
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President/CEO
Rex Townsend announced that American Marine Bank would begin the remodel
of their Home Office on Winslow Way in mid-April. The project team
includes Dennis Kirkpatrick - Kirkpatrick Architects, Bruce Woolever
- Toilsome Construction and Jackie Scherer as Project Manager. When
completed the remodel will greatly enhance the banks retail presence
as well as improving intercompany effectiveness. The bank will remain
open during the remodel. |
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American
Marine Bank Renews Commitment to Home Mortgage Customers |
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March 2003 |
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President
Rex Townsend has announced that Lori Hansen has accepted the position
of Regional Loan Manager/Vice President for Bainbridge Island and
the North Kitsap area. Hansen has been with AMB since 1979 and was
the manager of their Island Village Office before accepting her new
position. Hansen is experienced in all aspects of residential lending.
Hansen, an Island
native, currently lives in Hansville. She has one daughter who attends
BHS.
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Shirley
Casteel Joins American Marine Bank as Vice President & Resiential
Loan Manager for Silverdale |
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March 2003 |
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President Rex Townsend has announced that Shirley Casteel has been
named Vice President &Residential Loan Manager for Silverdale.
Casteel has more than 14 years experience in all aspects of residential
lending including conventional, spec and custom construction, VA and
FHA as well as many first-time buyer programs.
Casteel is currently
serving on the Silverdale Chamber of Commerce Board of Directors.
She is also an active member of the Silverdale Rotary, Kitsap County
Homebuilders Association and the Association of Realtors.
Casteel and
her husband Randy, Public Works Director for Kitsap County, are
life-long residents of Kitsap County. Their daughter Jennifer and
husband Marc are the proud parents of their first grandchild, Haley,
born March 13th.
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