FOR IMMEDIATE RELEASE:
May 7, 2008
For more information contact:
Michael E. Bell, EVP
(563) 441-6520
mbell@ambankqc.com
American Bank and Trust Company
plans to close East Moline Jewel In-Store Branch
Davenport, IA - American Bank and Trust Company, N.A., confirmed today it has notified its customers of plans to close its In-Store banking facility located within the Jewel Food Store at 107 Avenue of the Cities in East Moline, IL effective at the end of business on August 1st, 2008. The decision to close the facility was based solely on the bank’s in-store branching operations model.
"In-Store branch banking is and will continue to be an important part of our retail delivery strategy," commented Harry S. Coin, American Bank and Trust Company’s chairman, president and chief executive officer. "The decision certainly wasn’t spontaneous. After several months of closely monitoring deposit and loan growth and transaction activity, the Jewel branch did not meet industry standards regarding client traffic counts and households served, two of the most important factors regarding In-Store branch model profitability and sustainability." Mr. Coin also mentioned that having a full-service branch location in Moline just over a mile west of the leased Jewel location made the decision easier with the availability of a convenient alternative bank location for affected customers. "Having two facilities within a mile of one another along the Avenue of the Cities doesn’t make sense long-term unless the traffic numbers at Jewel were higher and more consistent," he said.
Clients will be welcomed at any of the Bank’s seven additional Quad City locations in Rock Island, Milan, Moline, Bettendorf or Davenport. "We will make every effort to assure this is a seamless transition for our clients," Mr. Coin said. "I know that our team will assist them with courtesy, competency and concern for their financial success at any of our other locations." Employees have been notified, and some have already accepted opportunities to fill position vacancies at the bank’s other offices.
Celebrating its 40th Anniversary in 2008, American Bank and Trust Company, N.A. is a locally-owned, regional financial institution with over $670 million in assets. The Bank offers a full array of personal, private, mortgage & commercial banking, trust, insurance and investment solutions. Our goal is to make each client’s experience a success by offering the highest level of service, hospitality and expertise available while tailoring our products to exceed their financial needs and expectations. For more information, www.ambankqc.com
  
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