In the wake of two recent bank collapses, Silicon Valley Bank in California and Signature Bank in New York, banking customers are understandably concerned about the security of their deposits. 

Two members of the senior management team at American Bank in Allentown have received promotions. 

American Bank of Allentown said it had record net income for 2022 as it announces its earnings for the year ended Dec. 31.   

Allentown’s American Bank Incorporated announced earnings for the quarter and nine months ended Sept. 30, 2022. 

The bank announced net income for the year ended Dec. 31 was $10.103 million, or $1.68 per diluted share. That’s an increase of $1.389 million, or $15.9% over its 2020 net income of $8.714 million. 

Fueled, in part, by loans designed to help small business through the pandemic, American Bank of Allentown reported record earnings for 2020, an increase of 11% over 2019.