USAmeriBank on right track

USAmeriBancorp Inc., which started three years ago by adopting a cash-is-king philosophy, appears to have made the right call by outperforming many of the big banks that dominate the Gulf Coast landscape. The Largo-based financial institution (featured in the Business Review Dec. 10, 2009) posted a 74% over-the-year increase in first-quarter net income, rising from $917,000 to $1.6 million.

Based on results announced this past week, the bank's total assets as of March 31 were $866.3 million, a gain of $24.2 million or nearly 3% since the start of 2010. Loans grew by $34.7 million during the quarter to $652.4 million, while deposits were up $25.1 million to $676.1 million.

“We are growing with a smart, focused approach that concentrates on quality assets tied to the strength of our business borrowers,” says Joseph Chillura, CEO of USAmeriBank. “We are extremely well-positioned to continue our growth as the economy recovers.”