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American Savings Results
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Business New Haven
8/6/2001
By: BNH
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NEW BRITAIN - American Financial Holdings Inc. (NASDAQ: AMFH), holding company for American Savings Bank, reported earnings of 34 cents per diluted share for the quarter ended June 30, compared to earnings of 31 cents for the same period a year ago. Company directors declared a cash dividend of $0.165 per share for the quarter to shareholders of record on July 30, payable on August 14.
The bank's net loan portfolio grew to a record $1.2 billion, an increase of $49.2 million, or 4.3 percent, for the quarter. As well, core deposits increased $18.7 million (4.7 percent), while higher-priced time deposits decreased $18.9 million over the same period.
On July 19, the company also reported that it would acquire American Bank of Connecticut for $153 million. This acquisition, which is consistent with American Financial Holdings' pursuit of a “super-community” bank strategy, was intended to strengthen the third-largest publicly traded financial institution based in Connecticut. The deal will increase AMFH's assets from $1.9 billion to $2.8 billion.
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