American River Bankshares Announces its 2017 Annual Meeting Results
20 May 2017 - 5:27AM
The Board of Directors of American River Bankshares (NASDAQ:AMRB),
announced the re-election of all eight Director nominees at its
Annual Meeting held Thursday, May 18th in Rancho Cordova,
California.
Shareholders re-elected Kimberly A. Box, Charles D. Fite,
Jeffery Owensby, William A. Robotham, David T. Taber, Stephen H.
Waks, Philip A. Wright and Michael A. Ziegler as Directors, each of
whose current term expired at the 2017 Annual Meeting and their new
term will expire in 2018.
The shareholders also approved the advisory vote concerning
named executive officer compensation and the frequency of future
votes for executive officer compensation. In addition, the
selection of Crowe Horwath LLP as independent registered public
accountants for American River Bankshares was ratified by a
majority of votes cast.
In his annual address to shareholders, David Taber, President
and CEO of American River Bankshares, reviewed the Company’s
performance in 2016 and vision for the coming year.
“American River Bank had a strong year,” said Taber. “We
are pleased to report ongoing profitable growth resulting from
increases in both loans and deposits, diligent management of
overhead and successful efforts in loan recoveries.”
Taber continued, “This year we reinstated our cash dividend
following a 43% appreciation in our shares last year. The leaders
and team of American River Bank are our greatest asset. We
celebrate their accomplishments and recognize that sustained growth
requires continued pursuit of increased client satisfaction, drive
for growth and focus on profitability.”
He noted that as of December 31, 2016, success indicators
included 12% growth in our loan portfolio and an increase of $16
million in core deposits. $1.3 million in loan recoveries
allowed the same number as a reduction to our provision for loan
losses and overhead was reduced modestly in 2016 but was a full
million dollars lower than just two years ago. These were the key
contributing factors in 2016 to the Company’s 34% increase in
EPS.
To view the American River Bankshares 2016 Annual Report and
Proxy Statement, visit www.envisionreports.com/AMRB.
About American River Bankshares American River
Bankshares (NASDAQ:AMRB) is the parent company of American River
Bank, a regional bank serving Northern California since 1983. We
give business owners more REACH by offering financial expertise and
exceptional service to complement a full suite of banking products
and services. Our honest approach, commitment to community and
focus on profitability is intended to lead our clients to greater
success. For more information, call (800) 544-0545 or visit
AmericanRiverBank.com.
Forward-Looking Statements Certain statements
contained herein are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934 and subject to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
that involve risks and uncertainties. Actual results may differ
materially from the results in these forward-looking statements.
Factors that might cause such a difference include, among other
matters, changes in interest rates, economic conditions,
governmental regulation and legislation, credit quality, and
competition affecting the Company’s businesses generally; the risk
of natural disasters and future catastrophic events including
terrorist related incidents; and other factors discussed in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2016, and in subsequent reports filed on Form 10-Q and Form
8-K. The Company does not undertake any obligation to publicly
update or revise any of these forward-looking statements, whether
to reflect new information, future events or otherwise, except as
required by law.
Media Contact:
Erica Dias
Vice President, Marketing
American River Bankshares
916-231-6717
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