Americas United Reports First Quarter

Americas United Bank, the first Hispanic-owned bank to open in California in some three decades, said that its assets grew to $45.6 million as of the first quarter of 2006, up from $34.4 million at year end. The bank has more than $18.7 million in deposits as of the first quarter, up from $6.9 million at the end of 2006. Americas United, which is based in Glendale, began operations in November, 2006. In the first quarter of 2007 the bank lost $857,000, including $201,000 in stock compensation expense. “Of importance to note, the growth has come primarily from the Hispanic business and professional communities, a primary target market for the bank,” said Gilbert J. Dalmau, president and CEO of Americas United. “With staffing and full product roll-out almost complete, we expect our growth to continue as we execute our business plan.” In recent weeks, AUB appointed Arturo Concha to the position of senior vice president and manager of the SBA/Commercial Capital Division. Concha was formerly with Banco Popular.