Item 1. Business
American Bancorp, Inc. (the Company) was incorporated under the laws of the State of Louisiana in 1982. On October 1, 1983, American Bank and Trust Company (the Bank) was reorganized as a subsidiary of the Company. Prior to October 1, 1983, the Company had no material activity. The Company is currently engaged, through its subsidiary, in banking and related business. The Bank is the Company’s principal asset and primary source of revenue.
The Bank
The Bank, incorporated under the State Banking Laws on August 1, 1958 is in the business of gathering funds by accepting checking, savings, and other time-deposit accounts and reemploying these by making loans and investing in securities and other interest-bearing assets. The Bank is a full service commercial bank. Some of the major services which it provides include checking, NOW accounts, Money Market checking, savings, and other time deposits of various types, loans for business, agriculture, real estate, personal use, home improvement, automobile, and a variety of other types of loans and services including letters of credit, safe deposit boxes, bank money orders, wire transfer facilities, and electronic banking facilities.
The Company’s primary assets are loans. At December 31, 2003, loans represented 39% of the Company’s total assets.
The reserve for loan losses is comprised of specific reserves (assessed for each loan that is reviewed for impairment or for which a probable loss has been identified), general reserves and an unallocated reserve.
The Company continuously evaluates its reserve for loan losses to maintain an adequate level to absorb loan losses inherent in the loan portfolio. Reserves on loans identified as impaired are based on discounted expected cash flows using the loan’s initial effective interest rate, the observable market value of the loan or the fair value of the collateral for certain collateral-dependent loans. Factors contributing to the determination of specific reserves include the financial condition of the borrower, changes in the value of pledged collateral and general economic conditions. General reserves are established based on historical charge-offs considering factors which include risk, industry concentration and loan type, with the most recent charge-off experience weighted more heavily. The unallocated reserve, which is judgmentally determined, generally serves to compensate for the uncertainty in estimating loan losses, particularly in times of changing economic conditions, and considers the possibility of improper risk ratings and possible over or under allocations of specific reserves. It also considers the lagging impact of historical charge-off ratios in periods where future charge-offs are expected to increase or decrease significantly. The results of reviews performed by external examiners are also considered.
The State of Louisiana, through its various departments and agencies, deposits public funds with the Bank. However, as of December 31, 2003, the State of Louisiana did not have any funds on deposit with the Bank.
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Competition
The Bank’s general market area is in St. Landry Parish, which has a population of approximately 81,939. Its primary market is Opelousas, which has a population of approximately 19,540, and has experienced little population growth over the past several years.
The commercial banking business in St. Landry Parish is highly competitive. The Depository Institutions Deregulation and Monetary Control Act of 1980 and the Garn-St. Germain Depository Institutions Act of 1982 have eliminated most, if not all, substantive distinctions between the services of commercial banks and thrift institutions. The Bank competes with two banks and two savings and loan institutions located in St. Landry Parish. The following is a list of banks and savings associations in this market with the total deposits and assets as of December 31, 2003.
In addition to the institutions listed above, further competition is provided by banks and other financial institutions located in Lafayette, Louisiana, which is 20 miles south of Opelousas and Baton Rouge, Louisiana, the state capital, which is 60 miles east of St. Landry Parish.
Supervision and Regulation
The financial services industry is extensively regulated under both federal and state law. The Company is subject to regulation and examination by the Board of Governors of the Federal Reserve System (FRB) and the Federal Reserve Bank of Atlanta. The Bank is subject to regulation and examination by the Louisiana Office of Financial Institutions. The Company is subject to the Bank Holding Company Act (BHCA), which requires the Company to obtain the prior approval of the FRB to acquire a significant equity interest in any banks or bank holding companies. Under the provisions of the Gramm-Leach-Bliley Act (GLBA), the Company is eligible to engage in nonbanking activities which are financial in nature by notifying, or in certain cases obtaining the prior approval of, the FRB. Under the GLBA, subsidiaries of financial holding companies engaged in nonbank activities would be supervised and regulated by the federal and state agencies which normally supervise and regulate such functions outside of the financial holding company context. Although the FRB continues to be the primary “umbrella” regulator of financial holding companies, the GLBA limits the ability of the FRB to order a financial holding company subsidiary which is regulated by the SEC or a state insurance authority to provide funds or assets to an affiliated depository institution under the FRB’s “source of strength” doctrine.
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The Bank is subject to a number of laws regulating depository institutions, including the Federal Deposit Insurance Corporation Improvement Act of 1991 which expanded the regulatory and enforcement powers of the federal bank regulatory agencies, required that these agencies prescribe standards relating to internal controls, information systems, internal audit systems, loan documentation, credit underwriting, interest rate exposure, asset growth, compensation, fees and benefits, and mandated annual examination of banks by their primary regulators. The Bank is also subject to a number of consumer protection laws and regulations of general applicability. In addition, President Bush has signed into law the USA Patriot Act, which is designed to identify, prevent and deter international money laundering and terrorist financing. The President also signed the Sarbanes-Oxley Act of 2002 which is directed towards improving financial reporting.
The banking industry is affected by the monetary and fiscal policies of the FRB. An important function of the FRB is to regulate the national supply of bank credit to moderate recessions and to curb inflation. Among the instruments of monetary policy used by the FRB to implement its objectives are: open-market operations of U.S. Government securities, changes in the discount rate and the federal funds rate (which is the rate banks charge each other for overnight borrowings) and changes in reserve requirements on bank deposits.
The Board of Directors of the Company have no present plans or intentions to cause the Company to engage in any substantial business activity which would be permitted to it under the Act or the Louisiana Act but which is not permitted to the Bank; however, a significant reason for formation of the one-bank holding company is to take advantage of the additional flexibility afforded by that structure if the Board of Directors of the Company concludes that such action would be in the best interest of stockholders.
During 2003, the average number of full-time equivalent employees at the Bank was 45. This includes the officers of the Company that are listed under Item 10 below.
There are no unions or bargaining units that represent the employees of the Bank. The relation between management and employees is considered to be good.
Statistical Information
The following tables contain additional information concerning the business and operations of the Registrant and its subsidiary and should be read in conjunction with the Consolidated Financial Statements of the Registrant and Management’s Discussion and Analysis of Financial Condition and Results of Operations. The 2003 Annual Report to Shareholders is incorporated herein by reference under Items 5, 6, 7, 7a, and 8.
Investment Portfolio
The following table sets forth the carrying amount of Investment Securities at the dates indicated (in thousands of dollars):
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The following tables set forth the maturities of investment securities at December 31, 2003, 2002, and 2001 and the weighted average yields of such securities (in thousands of dollars):
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Loan Portfolio
Loans outstanding at the indicated dates are shown in the following table according to type of loan (in thousands of dollars):
Selected Loan Maturities
The following table shows selected categories of loans outstanding as of December 31, 2003 which, based on remaining scheduled repayments of principal, are due in the amounts indicated. Also, the amounts are classified according to the sensitivity to the changes in interest rates (in thousands).
(l)
Includes demand loans, loans having no stated schedule of repayments and no stated maturity and overdrafts.
(2)
The floating interest rate loans generally fluctuate according to a formula based on a prime rate.
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The following table presents information concerning the aggregate amount of nonperforming loans. Nonperforming loans comprise: (a) loans accounted for on a nonaccrual basis; (b) loans contractually past due ninety days or more as to interest or principal payments [but not included in the nonaccrual loans in (a) above];(c) other loans whose terms have been restructured to provide a reduction or deferral of interest or principal because of a deterioration in the financial position of the borrower [exclusive of loans in (a) or (b) above]; and (d) loans now current where there are serious doubts as to the ability of the borrower to comply with present loan requirement terms (in thousands of dollars).
At December 31, 2003, the recorded investment in loans that were considered to be impaired under SFAS No. 114 was $12,000, with the related allowance for loan losses of $-0-.
The effect of nonperforming loans on interest income has not been substantial in the past five years. Had interest been accrued on the nonperforming loans, interest income would have been recorded in the amount of $400, $200, $500, $3,857 and $9,501 for the years 2003, 2002, 2001, 2000 and 1999, respectively. Interest income in the amount of $-0-, $-0-, $-0-, $2,490 and $2,733 on nonperforming loans during 2003, 2002, 2001, 2000 and 1999, respectively, was recorded.
At December 31, 2003, 2002, 2001, 2000 and 1999, there were no significant commitments to lend additional funds to debtors whose loans were considered to be nonperforming.
The Bank places loans on nonaccrual when the borrower is no longer able to make periodic interest payments due to a deterioration of the borrowers financial condition.
At December 31, 2003, the Bank has an insignificant amount of loans for which payments are current, but the borrowers are experiencing financial difficulties. These loans are subject to constant management attention, and their classification is reviewed on a monthly basis.
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Summary of Loan Loss Experience
The following table summarizes loan balances at the end of each period and average loans based on daily average balances for 2003, 2002, 2001, 2000, and 1999; changes in the allowance for possible loan losses arising from loans charged off and recoveries on loans previously charged off by loan category; and additions to the allowance which have been charged to expense (in thousands of dollars):
Allowance for Possible Loan Losses (In thousands of dollars)
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The allowance for possible loan losses has been allocated according to the amount deemed to be reasonably necessary to provide for the possibility of losses being incurred within the following categories of loans at the date indicated:
Allocation of Allowance for Possible Loan Losses (In thousands of dollars)
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Deposits
The average amount of deposits, using daily average balances for 2003, 2002, and 2001, is summarized for the periods indicated in the following table (in thousands of dollars):
Maturities of Large-Denomination Certificate of Deposits
The following table provides the maturities of time certificates of deposit of the Bank in amounts of $100,000 or more (in thousands):
Short-Term Borrowing
The Company did not have any short-term borrowing during the last three years ended December 31, 2003.
Return on equity and assets
The ratio of Net Income to Average Shareholders’ Equity and to Average Total Assets, and certain other ratios, are as follows:
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Forward-Looking Statements
Statements in this Report Form 10-K that are not historical facts should be considered forward-looking statements with respect to the Company. Forward-looking statements of this type speak only as of the date of this 10-K. By nature, forward-looking statements involve inherent risk and uncertainties. Various factors, including, but not limited to, economic conditions, asset quality, interest rates, loan demand and changes in the assumptions used in making the forward-looking statements, could cause actual results to differ materially from those contemplated by the forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect subsequent circumstances, events or information, or for any other reason.
Item 2.
Item 2. Properties
The main office of the Company and the Bank are presently located at 321 East Landry Street, Opelousas, Louisiana, in the downtown business district. The Bank leases three branch sites. The building in which the main office is located is free of all mortgages.
For information with respect to the Company obligations under its lease commitments, see Note 9 to the Consolidated Financial Statements, which are incorporated herein by reference under Item 8.
Item 3.
Item 3. Legal Proceedings
The Company is not involved in any legal actions; however, there are presently pending by the Bank a number of legal proceedings. It is the opinion of management that the resulting liability, if any, from these actions and other pending claims will not materially affect the consolidated financial statements.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders
No matters were submitted during the fourth quarter of the fiscal year covered by this report to a vote of security holders, through the solicitation of proxies or otherwise.
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PART II
Item 5.
Item 5. Market for Registrant’s Common Stock and Related Security Holder Matters
MARKET PRICE AND DIVIDENDS DECLARED
Note: The primary market area for American Bancorp, Inc.’s common stock is the Opelousas, Louisiana area with American Bank and Trust Company acting as registrar and transfer agent. There were approximately 503 shareholders of record at December 31, 2003.
Source of market price - American Bank & Trust Company acts as the transfer agent for the Company. The stock is thinly traded and the price ranges are based on stated sales price to the transfer agent, which does not represent all sales.
RESTRICTIONS ON CASH DIVIDENDS PAYABLE BY THE REGISTRANT:
The only source of funds by the Company to pay dividends is dividends paid by the Subsidiary Bank, the payment of which is restricted by applicable federal and state statutes.
Federal bank regulatory authorities have authority under the Financial Institutions Supervisory Act to prohibit a bank from engaging in an unsafe or unsound practice. The payment of a dividend by the Bank could, depending upon the financial condition of the Bank and other factors be deemed an unsafe or unsound practice.
Applicable Louisiana law prohibits a state bank subsidiary from paying a dividend if its surplus remaining after payment of the dividend would be less than half the aggregate par value of its outstanding stock. In addition, a state bank subsidiary is required to obtain the prior approval of the Commissioner of Financial Institutions of Louisiana before declaring or paying a dividend in a given year if the total of all dividends declared or paid during that year would exceed the total of its net profits for that year combined with the net profits from the immediately preceding year less dividends paid during these periods.
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Item 6.
Item 6. Selected Financial Data
The information called for by Item 6 is included in Registrant’s Annual Report on page 4 in the Section titled “Summary of Operations for the Last Five Years” and is incorporated herein by reference.
Item 7.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The information called for by Item 7 is included in the Registrant’s Annual Report in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and is incorporated herein by reference.
Item 7a.
Item 7a. Quantitative and Qualitative Disclosure About Market Risk
The information called for by Item 7a is included in Registrant’s Annual Report on pages 9 and 10 in the Section titled “Market Risk” and is incorporated herein by reference.
Item 8.
Item 8. Financial Statements and Supplementary Data
The following consolidated financial statements of the Registrant and its subsidiary included on pages 29 through 60 in the Annual Report are incorporated herein by reference:
Independent Auditors’ Report
Consolidated Balance Sheets - December 31, 2003 and 2002
Consolidated Statements of Income - Years Ended December 31, 2003, 2002, and 2001
Consolidated Statements of Shareholders’ Equity - Years Ended December 31, 2003, 2002, and 2001
Consolidated Statements of Cash Flows - Years Ended December 31, 2003, 2002, and 2001
Notes to Consolidated Financial Statements
Selected Quarterly Financial Data
Item 9.
Item 9. Changes in and Disagreements in Accounting and Financial Disclosure
There have been no changes or disagreements with an independent accountant on any matter of accounting principles or practice, financial disclosure, auditing scope or procedure.
Item 9a.
Item 9a. Controls and Procedures
(a) Evaluation of disclosure controls and procedures. Based on their evaluation as of a date within 90 days of the filing date of this Annual Report on Form 10-K, the registrant’s principal Executive Officer and principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rules 13a-14(c) and 15d-14(c) under the Securities Exchange Act of 1934 (the “Exchange Act”)) are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms.
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(b) Changes in internal controls. There were no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
PART III
Item 10.
Item 10. Directors and Executive Officers
The Executive Officers of the Corporation are as follows:
Executive Officers are chosen by the Board of Directors to hold office at the pleasure of the Board. Both Mr. Salvador L. Diesi, Sr. and Mr. Ronald J. Lashute have been officers of the Corporation and the Bank for more than five (5) years. Mr. Comeau has been an Executive Officer of the Corporation and the Bank for less than five (5) years.
The family relationships among the Executive Officers of the Corporation are indicated in the list of Directors.
The following table lists the current Directors of the Company, their principal occupation for the last five (5) years and the beneficial ownership (as determined in accordance with Rule 13d-3 of the Securities and Exchange Commission) of the Company’s outstanding common stock of each.
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(1)
J.C. Diesi is Salvador L. Diesi, Sr.’s uncle.
(2)
Executive Officer of the Corporation who participates in major policy making functions.
(3)
Ronald J. Lashute is a cousin of Salvador L. Diesi, Sr. and a nephew of J.C. Diesi.
(4)
Of the 15,621 shares of common stock beneficially owned by Salvador L. Diesi, Sr., 10,534 shares (9.1% of the Corporation’s outstanding common stock) are owned at record by corporations of which Mr. Diesi owns 51% or more.
(5)
Of the 16,428 shares of common stock beneficially owned by Ronald J. Lashute, 16,000 shares (13.8% of the Corporation’s outstanding common stock) are owned at record by The Diesi Family Trust. Mr. Ronald J. Lashute is the trustee of The Diesi Family Trust. The trust document gives Mr. Lashute sole voting authority with respect to the shares of the Corporation’s common stock held by the trust and authorizes him to distribute dividends in respect to shares of such stock. The trust provides that, as to each beneficiary, it will remain in effect for the life of the beneficiary or the maximum period allowed by Louisiana law, whichever is longer. See Item 12 of this Form 10-K for additional information regarding the trust.
(6)
All figures represent the number or percentage of outstanding shares of common stock.
(7)
Owns shares of common stock directly.
(8)
Owns shares of common stock directly and indirectly.
Item 11.
Item 11. Executive Compensation
Directors Fees. Directors of the Corporation received a board fee of $200 per month in 2003 for their services as Directors of the Corporation. In 2003, each Director of the Bank received a board fee of $650 per month for their services as Directors of the Bank. In addition, each Director of the Bank received a cash bonus of $3,750 in 2003. Directors serving on the Bank’s Loan Discount Committee received an additional $150 per month in 2003 for their services on that committee.
Compensation. The following table sets forth all compensation paid, distributed or accrued for the account of the persons listed below for the fiscal years ended December 31, 2001, December 31, 2002 and December 31, 2003 by the Bank to the Executive Officers of the Corporation and the Bank.
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SUMMARY COMPENSATION TABLE
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Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The following table sets forth, as of February 19, 2004, information concerning the beneficial ownership of voting stock of American Bancorp, Inc., by persons who are known to the Corporation to be beneficial owners of more than five percent (5%) of the Corporation’s outstanding shares of voting common stock:
(1)
Mr. Salvador L. Diesi, Sr. directly owns 5,087 shares or 4.4% of the outstanding shares of the common stock of the Corporation. In addition, he owns 10,534 shares, which is equal to 9.1% of the outstanding shares of the Corporation, indirectly, through his associations with his business.
(2)
Mr. Ronald J. Lashute directly owns 428 shares or .4% of the outstanding shares of the common stock of the Corporation. Mr. Lashute is the trustee of The Diesi Family Trust. The trust owns 16,000 shares or 13.8% of the outstanding shares of the Corporation. The trust is for the benefit of the grandchildren of Frank Diesi (a former Director of the Corporation) and Marie Diesi.
Item 13.
Item 13. Certain Relationships and Related Transactions
The Bank has had, and expects to have in the future, banking transactions in the ordinary course of business with directors, officers and principal stockholders of the Corporation and of the Bank and their associates, affiliates or members of their immediate families. The transactions have been and will continue to be made on the same terms, including interest rates and collateral on loans, as those prevailing at the same time for comparable transactions with others and do not involve more than the normal risk of collectibility or present other unfavorable features.
In addition, the Bank has had other transactions, as indicated below, with certain directors of the Bank. Such transactions were made in the ordinary course of business and were on terms competitive with those existing in the community at the time made.
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The Bank is obligated under a lease for the South Branch location with Little Capitol of Louisiana, Inc., which corporation is owned by Salvador L. Diesi, Sr. and a trust set up by Frank Diesi (a former Director of the Bank) and Marie Diesi for the benefit of their grandchildren. For the year ended December 31, 2003, the Bank paid Little Capitol of Louisiana, Inc. $23,071 under the terms of the lease. The initial lease expired on May 31, 1997, and was then renewed through May 31, 2002, and was renewed again through May 31, 2007.
Additionally, the Bank had its vehicles repaired by Diesi Pontiac-Cadillac-Buick, Inc. and paid an aggregate amount of $1,566 for such repairs. Mr. J.C Diesi, a Director of the Corporation and the Bank is an owner of the car dealership.
During 2003, the Bank purchased a vehicle at Diesi Pontiac-Cadillac-Buick, Inc. for $24,856.
Item 14.
Item 14. Principal Accountant Fees and Services
Audit Fees. The aggregate fees billed by Broussard, Poche’, Lewis & Breaux, L.L.P. for professional services rendered for the audit of the Corporation’s annual financial statements for the last two (2) years and the review of the financial statements included in the Corporation’s Forms 10-Q for the last two (2) fiscal years, or for services that are normally provided by Broussard, Poche’, Lewis & Breaux, L.L.P. in connection with statutory and regulatory filings or engagements for those fiscal years, were $33,910 for 2003 and $43,400 for 2002.
Tax Fees. The aggregate fees billed by Broussard, Poche’, Lewis & Breaux, L.L.P. for professional services rendered for tax compliance, tax advice and tax planning, which services comprised solely the preparation of the Corporation’s federal and state tax returns, were $3,000 in 2003 and $2,400 in 2002.
Financial Information Systems Design and Implementation Fees. Broussard, Poche’, Lewis & Breaux, L.L.P. did not bill the Corporation for, or render, professional services related to financial information systems design or implementation for or on behalf of the Corporation during the most recent fiscal year.
Audit-Related Fees. The aggregate fees billed in each of the last two (2) fiscal years of the Corporation for assurance and related services by Broussard, Poche’, Lewis & Breaux, L.L.P. that are or were reasonably related to the performance of the audit or review of the Corporation’s financial statements and that are not reported under the caption “Audit Fees” were $-0- in 2003 and 2002.
All Other Fees. The aggregate fees billed for services rendered by Broussard, Poche’, Lewis & Breaux, L.L.P. for services, other than those described above in “Audit Fees,” “Tax Fees,” and “Audit-Related Fees,” were $12,725 for 2003 and $8,985 for 2002, which fees were billed in connection with reviews of the Corporation’s Forms 10-K, research concerning changes of organizational status, a review of investment practices, evaluations of employee benefit plans, restatement of retirement and cafeteria plan documents and an examination of electronic data processing operations.
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Other Matters. The Audit Committee of the Corporation has considered whether the provision of the services by Broussard, Poche’, Lewis & Breaux, L.L.P., other than the services described above under “Audit Fees,” is compatible with maintaining the independence of Broussard, Poche’, Lewis & Breaux, L.L.P. and has determined that the provision of such services is compatible with the independence of Broussard, Poche’, Lewis & Breaux, L.L.P. The percentage of the hours expended in Broussard, Poche’, Lewis & Breaux, L.L.P.’s engagement to audit the Corporation’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the full-time permanent employees of Broussard, Poche’, Lewis & Breaux, L.L.P. was not in excess of fifty percent (50%).
Part IV
Item 15.
Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a)
1. Financial Statements
The following consolidated financial statements of American Bancorp, Inc. and Subsidiary, included in pages 29 through 60 of the Registrant’s Annual Report are incorporated by reference in Item 8:
Independent Auditors’ Report
Consolidated Balance Sheets - December 31, 2003 and 2002
Consolidated Statements of Income - Years Ended December 31, 2003, 2002 and 2001
Consolidated Statements of Shareholders’ Equity - Years Ended December 31, 2003, 2002 and 2001
Consolidated Statements of Cash Flows - Years Ended December 31, 2003, 2002 and 2001
Notes to Consolidated Financial Statements
Selected Quarterly Financial Data
(a)
2. Financial Statement Schedules
The Schedules to the consolidated financial statements required by Article 9, and all other schedules to the financial statements of the Registrant required by Article 9 of Regulation S-X are not required under the related instructions or are inapplicable and therefore have been omitted.
(a)
3. Exhibits
(13) 2003 Annual Report to Shareholders
(23) Consent of Independent Auditors
(31) Certification required by Rule 13a-14(a) or Rule 15d-14(a)
(32) Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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Signatures
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
American Bancorp, Inc.
(Registrant)
By: /s/ Salvador L. Diesi, Sr.
Salvador L. Diesi, Sr., Chairman
of the Board of the Company
and the Bank; President of
the Company and the Bank
Date:
March 24, 2004
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
/s/ Salvador L. Diesi, Sr.
/s/ Jasper J. Artall, Sr.
Salvador L. Diesi, Sr., Chairman of the Board of the Company and the Bank; President of the Company and the Bank
Jasper J. Artall, Sr., Director
Date: March 24, 2004
Date: March 24, 2004
/s/ Ronald J. Lashute
/s/ J. C. Diesi
Ronald J. Lashute, Executive Vice- President and Chief Executive Officer of the Bank; Chief Executive Officer and Secretary/Treasurer of the Company
J. C. Diesi, Director
Date: March 24, 2004
Date: March 24, 2004
/s/ Alvin A. Haynes, II
/s/ Charles R. Jagneaux
Alvin A. Haynes, II, Director
Charles R. Jagneaux, Director
Date: March 24, 2004
Date: March 24, 2004
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EXHIBIT INDEX
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