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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