| The Board of Directors of AMB Financial Services Corporation, parent company of Bainbridge Island-based American Marine Bank, paid a Q1 cash dividend of 10 cents per share on April 15, to shareholders of record as of Mar. 31.
AMB remains strong and profitable in the bank’s 60th year, and in 2007, experienced its lowest rate of loan charge-offs since the year 2000. However, the current economic uncertainty and the nation-wide real estate slowdown have led the Board of Directors’ to reduce the dividend payout three cents a share for the first quarter to preserve capital as a precaution against further economic weakening. The Board of Directors will consider raising the dividend level as economic conditions improve.
“Proactive and conservative actions are particularly prudent for the bank at this time,” commented Rex Townsend, President and CEO of American Marine Bank. “We’ve been a trusted commercial and residential lender since our beginnings 60 years ago and it’s our willingness to respond appropriately in adverse times that has kept the bank strong and independent year in and year out.” |
