Alamerica Bank Achieves Profitability in Record Time
August 4, 2000
Lawrence R. Tate, President and Chief Executive Officer of Alamerica Bank, announced that the bank achieved an unprecedented operating profit in late July, 2000, only six months after opening in the Alamerica Bank Building at 2170 Highland Avenue, Birmingham, Alabama. Tate stated, "The hard work of our capable, dedicated staff and Board of Directors has resulted in achievement of profitability at a historically early time and well in advance of our original projections to State and Federal regulators. While July was the first month of profitability, the fact that it is sustainable and based on sound banking principles provides a solid foundation for the bank's future growth."
According to Tate, "Alamerica Bank uniquely serves banking needs of businesses and professionals in a highly personalized, technologically advanced manner."
Dr. Wayne Curtis, Director of Education and Regulatory Affairs of the Community Bankers Association of Alabama and former Superintendent of Alabama Banks stated: "We generally expect start-up banks to incur losses for the first two years of their existence. It is unusual for them to be profitable in six months. That Alamerica was able to show a profit in such a short period of time reflects positively on its management team as well as its overall business plan."
Donald V. Watkins, Chairman of the Board of Directors, said, "Alamerica Bank's first milestone was achieved when it went from concept to open doors in record time. This new milestone of early profitability within Alamerica's first six months of operation is even more gratifying. Our focus has been the delivery of personal services directly with the banks decision makers, in a prompt and professional manner. We grow businesses. That is our business. We discovered early on that the Birmingham business community was thirsty for a bank that focused on growing businesses."
Watkins concluded, "Alamerica Bank's strategic partnerships within the industry have enabled the bank to service virtually any size financial need."
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