Glen Cove-based American Community Bank was fined about $5,400 by the Federal Deposit Insurance Corporation because the four-branch institution violated the federal Flood Protection Act. According to an FDIC document, American Community Bank, which has branches in Glen Cove, East Northport, Commack and Southold, violated the law by lending money to an individual whose loan was secured by structures located in a special flood hazard area without flood insurance coverage.
MountainBank, American Community Bank
Just because a bank says it's community-oriented doesn't mean it lives up to the claim. But nobody can say that Dennis Nathan doesn't put his money where his mouth is. Nathan, president and chief executive officer of American National Bank and Sturm Financial Group, the bank's owner with headquarters in Cherry Creek, is known for his community dedication.
In November, Habib American Bank, a New York-based bank that targets the South Asian community, opened a branch in Hicksville. The bank saw an opportunity, since the Hicksville area has a sizable South Asian population, and, according to Saleem Iqbal, the bank's chief operating officer, there were no other banks on Long Island targeting this demographic. But even Iqbal was shocked by the community's response. The number of accounts opened in the branch's first day equaled the number of accounts opened in the first three months at other branches, and business generated in the first month was unprecedented for the bank. "We have opened branches before, but this was a very unusual experience," Iqbal said. "We did not expect the response to be so overwhelming.
American Community Bancorp, Inc., the holding company for Bank of Evansville, has been chosen to participate in the U.S. Treasury Capital Purchase Program. Under the program, subject to the satisfaction of standard closing conditions, the Treasury Department is offering to invest up to about $7.5 million in newly issued preferred equity stock of American Community Bancorp, Inc.
In late April, all American Pacific Bank branches reopened under the Riverview Community Bank name after Riverview Bancorp Inc., parent company of Riverview Community Bank in Vancouver, Wash., acquired American Pacific Bank. As a result, American Pacific Bank, which operates three branches in Oregon, including two in metropolitan Portland, has been merged with and into Riverview Community Bank. Each American Pacific share of stock will be converted into either shares of Riverview common stock or cash at $11.94 per share, subject to the election and allocation process. American Pacific shareholders will receive 788,593 shares of Riverview common stock.
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