American Bank of the North, Financial Information

Terms and Definitions

• Domestic deposits

  The sum of all domestic deposits, including demand deposits, money market deposits and time deposits.
• Equity capital

  Total equity capital (includes preferred and common stock, surplus and undivided profits).
• ROA

  Return on assets, net income after taxes and extraordinary items (annualized) as a percent of average total assets.
• ROE

  Return on equity, annualized net income as a percent of average equity on a consolidated basis.

American Bank of the North is privately held and is a subsidiary of Mesaba Bancshares, a multi-bank holding company. The total operations has 12 branch offices and 2 administrative offices in Northeastern Minnesota.

The current structure of American Bank is actually made up of three banks—Itasca State Bank, American Bank of the North, and Mt. Iron First State Bank. Itasca State Bank opened in 1980 in Calumet, MN. In 1982, Itasca State Bank opened their second locations in Grand Rapids, MN and in Bovey, MN in 2002.

American National Bank in Nashwauk, MN, was purchased in 1989 and the name was changed to American Bank of the North. Offices were acquired in Keewatin in 1993, in downtown Hibbing in 1998, and a branch was opened in the Wal-Mart store in 2001. In 1992, American Bank purchased Mt. Iron First State Bank; however, the name remained the same. Branch offices were acquired or opened in Biwabik, Orr and Cook. In April of 2002, the three Mesaba Banks merged to form the present day American Bank of the North. Since the merger, American Bank of the North has re-aligned duties and functions to act as one bank.