- March 28, 2024
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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.”
USAmeriBank is an independent, non-public bank that aims to serve middle-market individuals and businesses, and has managed to avoid many of the problems caused by bad loans in the difficult real estate markets on the Gulf Coast. The bank has grown to five branches since opening in February 2007 and is considered one of Florida's fastest-growing financial institutions.