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ASB Said No To Bail Out Funds
FOR IMMEDIATE RELEASE(December 5, 2008)
As a part of the U.S. Treasury Department's efforts to strengthen the overall financial market, banks like American State Bank (ASB) were given the opportunity to apply for Federal Bailout Funds. However, ASB's Board of Directors and Management has decided not to apply for funds available through the Troubled Asset Relief Program (TARP).
"We understand the goal of the Treasury Department, however after careful consideration, we've determined that due to ASB's stability and well capitalized state, there is no need for TARP funds at this time," said W.R. Collier, ASB President and Chairman of the Board. "With a greater than 9% leveraged capital ratio, ASB is capitalized at almost twice the FDIC's "well capitalized" rating. This, coupled with the fact that we operate solely in Texas, has allowed us to maintain our strength in the midst of national economic uncertainty. ASB's prudent commercial and mortgage lending practices kept us out of the risky sub-prime market. Here at ASB, it is business as usual; we've got money to loan."
ASB was recently named one of the strongest banks in the U.S. by respected Weiss Research, Inc. Two of the nation's most prominent bank rating companies have also acknowledged ASB's stability by honoring them with their highest ratings. BauerFinancial, Inc. has rated American State Bank a 5-Star Superior Rating for over 78 consecutive quarters. This places ASB in an exclusive circle of Exceptional Performance Banks. Veribanc rated ASB with their top honor of Blue Ribbon Bank® Commendation of Excellence.
As of September 30, 2008, American State Bank reported an asset size of $2.1 billion. They have 35 locations in 20 communities throughout Texas.