Mr. Johnson: Five of us left First Business Bank, in Los Angeles, in approximately March 1998 to start a middle-market corporate bank. First Business Bank was being taken over by Mellon, a big bank in Pittsburgh. We did not want to work for a large, diverse financial institution. We opened the doors to American Business Bank Oct. 1, 1998, with the original capital of $14.2 million, which at that time was the second largest management-formed bank in California.
TWST: What are you up to now?
Mr. Johnson: The bank has approximately $900 million in assets and has $60 million in tangible book net worth, with a market cap of $92 million.
TWST: Tell me about your background and those of some key members of your team.
Mr. Johnson: Five of us came from three different banks to First Business Bank. Our Chief Financial Officer, Wes Schaefer, and I came from Union Bank to First Business Bank. Bob Schack, our Chairman, and Robin Paterson, our Chief Credit Officer, came from Security Pacific to First Business Bank. Leon Blankstein, our Executive Vice President and Head of corporate banking, was at Bank of America for two years and came to First Business Bank. That's where we worked together and stepped off to form the management team of American Business Bank.
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