LEAWOOD, Kan., March 20 /PRNewswire/ -- Gold Banc, (Nasdaq: GLDB), one of
the country's fastest growing community banking and financial services
companies, today announced the closing of its acquisition of American
Bancshares, Inc. (Nasdaq: ABAN), Bradenton, Florida. American Bancshares is
the holding company for American Bank, which is one of the largest community
banks on the west coast of Florida, and serves customers through 10 branch
offices primarily in Manatee County, one of the nation's fastest growing
counties over the past ten years.
"It is with great excitement and anticipation that we begin our
partnership with American Bank," said Michael W. Gullion, Gold Banc Chairman
and CEO. "American has built a solid customer base in a strong, growing
market by emphasizing customer service, a theme we also value at Gold Banc.
American Bank customers should anticipate the same standard of customer
service that they have come to expect, along with the opportunity to receive
additional products and services such as including insurance, investment, and
trust services, as well as Internet-based banking technology. American Bank
has always been, and will continue to be, a true community bank."
Jerry L. Neff, American's President and CEO, added, "We look forward to a
very fruitful and prosperous affiliation with Gold Banc. American Bank will
continue serving its customers in the fashion they have come to expect, and we
are excited to be able to offer additional products and services that Gold
will help us to provide."
The closing of the American acquisition represents the completion of its
final pending transaction by Gold Banc. Gold approached the end of 1999 with
five pending acquisitions, at a time when bank stock valuations were in
decline. Since then, Gold has closed four of these five pending acquisitions,
terminating only one, the acquisition of Union Bankshares, Ltd., Denver,
Colorado, which could not be renegotiated at terms that would keep the
transaction accretive to Gold's earnings per share. In addition to American,
Gold acquired Linn County Bank, LaCygne, Kansas, First Business Bancshares,
Kansas City, Missouri, and CountryBanc Holding Company, Edmond, Oklahoma, all
closing on or since December 31, 1999.
When considering all of these transactions, Gold's total assets are
expected to increase to over $2.6 billion, total deposits to over $2.0 billion
and shareholders equity to over $200 million.
Gullion commented, "We are extremely pleased to have closed four
acquisitions at a time when the bank stock market as a whole is down, and our
currency has suffered accordingly. Each of these acquisitions fits into our
strategic rationale of adding financial services providers in our current
market area, expanding into contiguous states and counties and following our
customers. These transactions are also all in high growth markets, another
important facet of our philosophy. Finally, and most importantly, each will
be accretive to the earnings per share of Gold Banc. We welcome these new
shareholders, customers and employees to the Gold Banc family."
At Gold's closing stock price of $6.63 per share on March 17, 2000, the
transaction is worth $10.95 per share, or approximately 22 times American's
recurring last twelve months earnings, with American shareholders receiving a
fixed exchange of 1.6527 shares of Gold Banc common stock for each American
share.
American Bancshares currently has outstanding approximately $16.25 million
of $10 par value trust preferred securities (Nasdaq: ABANP), issued on May 21,
1998 through American's subsidiary, ABI Capital Trust. As part of its
acquisition of American, Gold will acquire ABI Capital Trust and assume the
obligation of the trust preferred securities, which will remain outstanding,
subject to the security's existing terms and conditions.
Safe Harbor Statement
This news release contains comments or information that constitute
forward-looking statements (within the meaning of the Private Securities
Litigation Reform Act of 1995), which involve significant risks and
uncertainties. Actual results may differ materially from the results
discussed in the forward-looking statements. Factors that might cause such a
difference include, but are not limited to: (1) expected cost savings from
acquisitions cannot be fully realized or realized within the expected time
frame; (2) revenues following the merger are lower than expected; (3)
competitive pressures among depository institutions increase significantly;
(4) costs or difficulties related to the integration of the business of the
organizations are greater than expected; (5) changes in the interest rate
environment reduce interest margins; (6) general economic conditions, either
nationally or in states in which the combined company will be doing business,
are less favorable than expected; and (7) legislation or regulatory changes
adversely affect the businesses in which the combined company would be
engaged.
For more information on Gold Banc toll-free via fax, simply dial
1-800-PRO-INFO, follow the voice menu prompts and enter the company code
"GLDB" on any touch tone phone, or visit the Gold Banc page on FRB's website
at http://www.frbinc.com .
Visit Gold Banc at http://www.goldbanc.com .
SOURCE Gold Banc Corporation, Inc.
 back to top
Related links:
http://www.goldbanc.com
CONTACT:
Malcolm M. Aslin, President, email,
micka@goldbanc.com, Keith E. Bouchey, EVP-M&A, email,
keithb@goldbanc.com, both of Gold Banc, 913-451-8050; or Jerry L.
Neff, President and CEO of American Bank, 941-795-3050, email,
jerryneff@ambankfl.com; General Information, Todd Tarbox,
312-640-6742, email, ttarbox@frb.bsmg.com, or Media Inquiries,
Joyce Hanson, 606-272-7322, email, hanson2000@aol.com, both of
The Financial Relations Board-BSMG, for Gold Banc Corporation,
Inc.
|
