Dallas-based American Bank is commemorating its two-year anniversary under new ownership with milestone moments, opening a second location in the Valley Ranch area of Irving, tripling its assets and introducing a new range of online services. Established in 1974, American Bank has served the metroplex for almost four decades with one location in North Dallas. NewcrestImage, a privately owned Grapevine-based real estate investment firm, purchased the boutique bank in 2019. Following the acquisition, the bank has opened its second banking center, tripled its assets from $55 million to $170 million, expanded its commercial lending capabilities and closed $50 million in commercial loans, and added SBA lending, including more than 300 Paycheck Protection Program loans. In addition, American Bank has doubled its legacy consumer lending business from $25 million to $50 million.
“These achievements are a testimony to the American Bank team’s dedication to the vision established two years ago,” says Jeff Weaver, American Bank president and CEO. “We are focused on providing innovative services and a new standard of banking.”
Committed to elevating the consumer and business banking experience, American Bank incorporated a series of tech-forward conveniences, including treasury management products, implementing cloud technology and the ability to open accounts securely online. It further bolstered business banking capabilities with the addition of American Bank Business Finance, a skilled team offering accounts-receivable financing services.
“During a year of unforeseen challenges, we are proud of our team and their accomplishments,” says Chirag Patel, chairman of the board. “With our customized solutions and expansion of locations, we look forward to delivering personalized service to our clients and enriching our communities.”
Pictured above: John Goforth, CFO and director; Chirag Patel, chairman of the board; Zane Smith, executive vice president of credit and risk management; and Jeff Weaver, president, CEO and director