UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
[x] Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934
[Fee Required]
For the fiscal year ended December 31, 1994
Commission file number 0-5893
American Bancorporation
(Exact name of registrant as specified in its charter)
Ohio 31-0724349
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1025 Main Street, Suite 800, Wheeling, West Virginia, 26003
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (304) 233-5006
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Common stock, without par value
(Title of Class)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to the filing
requirements for the past 90 days.
Yes x No
State the aggregate market value of the voting stock held by nonaffiliates of
the Registrant. The aggregate market value shall be computed by reference to
the price at which the stock was sold, or the average bid and asked prices of
such stock as of a specified date within 60 days prior to the date of filing.
$16,392,636 at February 28, 1995
Indicate the number of shares outstanding of each of the Registrant's classes
of common stock, as of the latest practicable date.
1,564,837 shares of Common stock without par value at March 27, 1995
-1-
Number of pages Exhibit Index
comprising this Located at
report.......60 Page...12 & 14
DOCUMENTS INCORPORATED BY REFERENCE
Certain of the items listed in the table below are included in the Annual
Report to Stockholders for the year ended December 31, 1994. With the exception
of the pages listed in the index and hereby incorporated by reference, the 1994
Annual Report to Stockholders is not to be deemed filed as part of this report.
The Registrant will file a Definitive Proxy Statement with the Securities and
Exchange Commission pursuant to Regulation 14A within 120 days after the close
of fiscal year 1994. Information contained therein is hereby incorporated by
reference as indicated in the table below.
CROSS REFERENCE INDEX AND TABLE OF CONTENTS
Page Reference
Form Annual Report Proxy
10K Shareholders statement
Part I
Item 1 Business. . . . . . . . . . . . 3 - 9 IFC -
Item 2 Properties. . . . . . . . . . . 10 - -
Item 3 Legal proceedings . . . . . . . 11 - -
Item 4 Submission of matters to a
vote of security holders . . . . . N/A
Part II
Item 5 Market for Registrants common stock and
related security holders matters . . - IFC, IBC, 28 2 - 3, 9
Item 6 Selected financial data . . . - 28 -
Item 7 Management's Discussion and analysis of
financial condition and results of
operations - 29 - 42 -
Item 8 Financial statements and
supplementary data 11 3 - 26 -
Item 9 Changes and disagreements with
Accountants on accounting and
financial disclosures N/A
Part III
Item 10 Directors and executive officers
of the Registrant. . . - - 4 - 7
Item 11 Executive Compensation. . . . - - 8 - 9
Item 12 Security ownership of certain beneficial
owners and management. - - 3
Item 13 Certain relationships and related
transactions. . . - - 12
Part IV
Item 14 Exhibits, Financial statement schedules
and reports on Form 8K . . 11 - 12 - -
Part I
Item 1. Business
A. General
American Bancorporation ("the Registrant or the Company") is a bank holding
company registered under the Bank Holding Company Act of 1956, as amended. The
Registrant was incorporated under the laws of the State of Ohio on August 10,
1966. The Registrant is engaged in the business of organizing, acquiring
and developing a system of affiliate banks and companies engaged in bank related
activities. The Registrant presently owns all the capital stock of two
commercial banks.
The Wheeling National Bank ("WNB") is a national banking association, organized
in 1978, and acquired by the Company in 1988. WNB is located in West Virginia
and has offices in Wheeling, Weirton, New Martinsville and Pine Grove. WNB
employs 117 full time equivalent employees. At December 31, 1994, WNB had total
assets of $176.5 million.
The Columbus National Bank ("CNB") was formerly known as Quaker City National
Bank and was acquired by the Company in 1982. CNB, with its headquarters
situated in Franklin County, conducts its operations through offices in St.
Clairsville, Flushing, Shadyside, Morristown, Barnesville, Freeport, Cambridge,
Quaker City, Gahanna, Reynoldsburg, Steubenville and Columbus, Ohio. CNB has 89
full time equivalent employees and was chartered as a national bank in 1872.
At December 31, 1994, CNB had total assets of $157.9 million.
WNB and CNB conduct general commercial banking businesses. Assisting
individuals, business and government, the banks provide a full range of
depository services including demand, savings and time deposits, negotiable
order of withdrawal and money market deposit accounts and lending services
including mortgage, commercial and consumer loans. WNB is also authorized to
exercise fiduciary powers.
In addition to its bank affiliates, the Company has organized four non-bank
subsidiaries. The non-bank subsidiaries are authorized to provide various
services including: data processing, equipment and real estate leasing, transfer
agent services to affiliates and mortgage banking. American Mortgages, Inc.,
("AMI") which is located in Wheeling, West Virginia, conducts mortgage banking
activities including making and servicing mortgage loans. AMI employs 12 full
time equivalent employees. American Bancdata Corporation ("ABD") provides data
processing services to the Company and the affiliate banks. ABD employs 5 full
time equivalent employees.
B. Supervision and Regulation
1. Registrant
The activities of the Registrant are governed by the provisions of the Bank
Holding Company Act of 1956, as amended, the "Act", and the regulations
promulgated thereunder by the Board of Governors of the Federal Reserve System.
The Act requires the submission of bank holding companies to the supervision
and examination of the Board of Governors. Pursuant to the obligations imposed
by the Act, the Registrant files annual and interim reports and such additional
information as the Board of Governors may require.
Prior approval of the Board of Governors is required for any acquisition by the
Registrant of substantially all the assets of any bank, or the ownership or
control of any voting shares of any bank, if, after such acquisition, it would
own or control, directly or indirectly, more than 5% of the voting shares of
such bank. As an Ohio bank holding company, the Registrant is not permitted to
acquire voting shares of a bank located in another state unless that state has
specifically authorized such an acquisition by statute. The Board of Governors,
in evaluating a proposed acquisition, is required to examine the effects on
competition as well as the public interest to be served.
The Registrant is prohibited from acquiring more than 5% of the voting shares of
any company that is not a bank and from engaging in any business, other than
banking or performing services for its subsidiaries, without the prior approval
of the Board of Governors. The Board of Governors is authorized to approve,
among other things, the ownership of shares by a bank holding company in any
company, the activities of which the Board of Governors has determined to be so
closely related to banking or managing or controlling banks as to be a proper
incident thereto. In making such a determination, the Board of Governors is
required to weigh the expected benefit to the public, such as greater
convenience, increased competition or gains in efficiency, against the risks of
possible adverse effects, such as undue concentration of resources, decreased
or unfair competition, conflicts of interest or unsound banking practices.
In October, 1988 Ohio's regional interstate banking restrictions ended and
reciprocal nationwide banking became permitted, with any state having interstate
banking laws paralleling Ohio's.
The Riegal-Neal Interstate Banking and Efficiency Act of 1994, Public Law
103-328, provides that, among other things, substantially all state law barriers
to the acquisition of banks by out-of-state bank holding companies will be
eliminated effective September 29, 1995. The law will also permit interstate
branching by banks effective as of June 1, 1997, subject to the ability of
states to opt out completely or to set an earlier effective date. The Company
anticipates that the effect of the new law may be to increase competition within
the market in which the Company operates, although the Company cannot predict
the effect to which competition will increase in such markets or the timing of
such increase.
2. Banking Affiliate of the Registrant
The subsidiary banks have national charters and accordingly, are subject to the
National Banking Act and supervision and examination by the Comptroller of the
Currency. The subsidiary banks are members of the Federal Deposit Insurance
Corporation and are subject to the Federal Deposit Insurance Act.
Areas subject to regulation by Federal authorities include reserves on deposits,
interest rates and other terms of deposits, investments, loans, payment of
dividends, establishment of branches and other aspects of operations, as well
as mergers and the issuance of securities.
The banks make loans subject to state usury laws that provide maximum interest
rates that may be charged for specific classes of loans. The banks are also
subject to a variety of other laws which impose limitations on loans to a single
borrower, to insiders, and to others, and to other laws which impose various
requirements concerning certain types and classes of loans.
Subsidiary banks of a bank holding company are subject to certain restrictions
imposed by the Federal Reserve Act on any extensions of credit to the bank
holding company or any of its subsidiaries; on investments in the stock or other
securities thereof and; on the taking of such stock or securities as collateral
for loans to any borrower. Further, under the Bank Holding Company Act and
regulations of the Board of Governors, a bank holding company and its
subsidiaries are prohibited from engaging in certain tie-in arrangements in
connection with any extension of credit, sale of property or furnishing of
services. The Act further requires that any bank controlled by a bank holding
company be insured by the Federal Deposit Insurance Corporation.
C. Government Monetary Policy and Conditions Affecting the Industry
The earnings of commercial banks, and consequently the earnings of the
Registrant, are affected by the policies of regulatory authorities, including
the Board of Governors of the Federal Reserve System. An important function of
the Federal Reserve Board is to regulate the national supply of money and credit
in an effort to prevent recession and restrain inflation. Among the vehicles
used to achieve these objectives are open market operations in U.S. government
securities, changes in the discount rate on member bank borrowings, changes in
reserve requirements against member bank deposits, and limitations on interest
rates which member banks may pay on time and savings deposits. These policies
are used in varying combinations to influence overall growth and distribution
of bank loans, investments and deposits, and their use also affects interest
rates charged on loans or paid for deposits.
The monetary policies of the Federal Reserve Board have had a significant impact
on the operating results of commercial banks in the past and are expected to
continue to do so in the future. The effect, if any, of such policies upon the
future business and earnings of the Registrant cannot be predicted.
The Depository Institutions Deregulation and Monetary Control Act of 1980
significantly changed the regulatory environment of financial institutions in
the United States. Regulations implementing the 1980 Act included (i)
significant changes in reserve requirements and the services provided by the
Federal Reserve System; (ii) phased elimination of the regulation limiting the
rate of interest payable on savings and time deposits; (iii) validation of NOW
accounts, automatic transfer accounts, and share draft accounts; and
(iv) significant changes in the types of loans and the nature of the services
which thrift institutions can offer to the public.
On August 9, 1989, the Financial Institution Reform, Recovery and Enforcement
Act of 1989 ("FIRREA") established a mechanism for providing funding for the
Resolution Trust Corporation ("RTC") and authorizes the RTC to act as receiver
to liquidate savings associations placed in receiverships. It is possible that
the activities of RTC could result in a significant reduction in the size of the
thrift industry and increased concentration of business of depository
institutions in the hands of large depository institutions and holding
companies. FIRREA allows both bank and savings and loan holding companies to
acquire savings associations. It is also possible that RTC's activities could
impact upon the market value of real estate in areas where a large number of
savings associations are placed into receivership.
In 1991, the Federal Deposit Insurance Corporation Improvement Act of 1991
("FDICIA") was enacted, which among other things, was intended to protect the
federal deposit insurance fund by requiring regulators to take specific prompt
actions with respect to institutions that do not meet minimum capital standards.
FDICIA requires Federal regulators to promulgate regulations to implement the
law's provisions. Certain of these egulations became effective in 1992,
including the adoption by federal regulatory agencies of definitions of the five
capital tiers which define the implementing regulation for each institution,
while others became effective in 1993.
Under FDICIA, new regulations became effective governing the receipt of broker
deposits based on the institutions capital rating. Other revisions included
specific accounting and reporting requirements and risk-based assessments for
FDIC insurance, which are based on the level of risk activities the institution
is involved. Some provisions include termination of "too big to fail" doctrine,
limitations on FDIC's payment of deposits at foreign branches and revised
regulatory standards for, among other things, real estate lending and capital
adequacy.
D Competition
The Registrant's affiliate banks compete in their areas with commercial banks
and other financial intermediaries such as saving and loan associations, credit
unions, consumer finance companies, factors and insurance companies. Competition
among banks is generally conducted, in an effort to expand deposits and credits.
The principal methods of bank competition are interest rates and services. The
subsidiary banks pay interest on deposits and charge rates and fees on loans
which are competitive in the general area served.
E. Personnel
The Registrant, its affiliate banks, and non-banking subsidiaries employed 228
full-time equivalent employees at December 31, 1994.
F. Miscellaneous
Research and development is not a significant portion of the Registrant's
business. The Registrant has no foreign operations or income, no material
patents, licenses, franchises or concessions, and materials are not essential
to its business. Environmental regulations do not materially affect the capital
expenditures, income or competitive position of the Registrant.
The Registrant's business is not subject to material seasonal fluctuation. The
business of the Registrant's affiliate bank is not dependent on any one or a
few customers. The Registrant, as a holding company, relies predominately on
dividends from its affiliate banks and management fees from its affiliate banks
for its working capital requirements.
Selected Statistical Information
The following tables and schedules, referenced in the index presented below, set
forth certain consolidated statistical information of American Bancorporation,
required of bank holding companies pursuant to Guide 3. Selected tables are set
forth on pages 29 through 42 in the annual report to stockholders, which pages
are hereby incorporated by reference in this Form 10-K. The information
contained in the tables should be read in conjunction with the consolidated
financial statements of American Bancorporation and the notes thereto appearing
elsewhere in this Form 10-K.
Page Reference
Form Annual report
10K to stockholders
I. Distribution of assets, liabilities and
stockholders' equity, interests rates and
interest differential
a Average balance sheet . . . . . . . . . . . - 29
b. Average earning assets and interest bearing
liabilities, interest earned and paid,
yield and rates. . - 29
c. Interest variances . . . . - 32
II. Investment portfolio
a. Carrying value of investment securities
by type. . . . . - 39
b. Maturity and weighted average yield. . . . . . - 39
III. Loans
a. Types of loans . - 36
b. Maturity and sensitivity to change in
interest rates. . . - 36
c. Non-performing loans . . . - 37
IV. Summary of loans loss experience. . . . . . 9 38
V. Deposits
a. Average amount . - 39
b. Maturity of time certificates of deposits in
excess of $100,000. . . . . . . . . . . . - 39
VI. Return on equity and assets . . . . . . . . - 28
The following table summarizes the balance of the allowance for loan losses by
the major loan categories. The table supplements that on page 38 of the
Company's annual report to stockholders for the year ended December 31, 1994,
incorporated by reference herein.
Allowance Percent
amount in each category
(000's omitted) to total loans
December 31, 1994
Commercial, financial and agricultural . . . $1,165 22.6
Real estate - construction . . . - 0.5
Real estate - mortgage . . . . 407 52.3
Installment . . . . . . . . . 913 24.6
Leases . . . . . . . . . . . . . - 0.0
Unallocated. . . . . . . . . . . . 1,252 N/A
$3,737 100.0%
December 31, 1993
Commercial, financial and agricultural . . . . $2,099 28.2%
Real estate - construction . . . - 1.2
Real estate - mortgage . . . . . . 246 35.5
Installment. . . . . . . . . . . . 645 35.1
Leases . . . . . . . . . . . . . - 0.0
Unallocated. . . . . . . . . . . . 554 N/A
$3,544 100.0%
December 31, 1992
Commercial, financial and agricultural . . . . $2,532 28.1%
Real estate - construction . . . - 1.1
Real estate - mortgage . . . . . . 143 31.2
Installment. . . . . . . . . . . . 926 39.6
Leases . . . . . . . . . . . . . - 0.0
Unallocated. . . . . . . . . . . . 80 N/A
$3,681 100.0%
December 31, 1991
Commercial, financial and agricultural . . . . $1,492 30.3%
Real estate - construction . . . - 1.0
Real estate - mortgage . . . . . . 202 28.4
Installment. . . . . . . . . . . . 464 40.3
Leases . . . . . . . . . . . . . - 0.0
Unallocated. . . . . . . . . . . . 305 N/A
$2,463 100.0%
December 31, 1990
Commercial, financial and agricultural . . . .$ 965 26.4%
Real estate - construction . . . - 1.1
Real estate - mortgage . . . . . . 91 26.5
Installment. . . . . . . . . . . . 685 46.0
Leases . . . . . . . . . . . . . - 0.0
Unallocated. . . . . . . . . . . . 109 N/A
$1,850 100.0%
ITEM 2. PROPERTIES
The Company and its non-banking subsidiaries conduct business from the Company's
administrative headquarters in Wheeling, West Virginia and the Banks conduct
business from their various office locations. The net book value of the
Company's office facilities, furniture and equipment, including leasehold
improvements and property held for future expansion (less accumulated
depreciation and amortization) at December 31, 1994 was $8.7 million. The
Company does not believe that the termination of any of its leases would have a
material effect on its operations.
Listed below are the locations of the Company's executive offices and the Bank's
branch offices that were operating as of December 31, 1994, as well as proposed
branch office locations. All buildings are owned by the Company unless
otherwise indicated. Except as noted, the Company believes its property is
suitable and adequate for its current and proposed needs.
Approximate
Office Year Opened Sq. Feet
American Bancorporation
Hawley Building, Wheeling, West Virginia
Executive and non-bank subsidiary offices 1987 4,000 (1)
Columbus National Bank, Ohio
Cambridge 1974 5,840
Cambridge - Drive-in 1989 14,000
Gahanna 1990 3,200 (1)
Reynoldsburg 1990 6,000
Flushing 1953 4,000
St. Clairsville 1991 8,000 (2)
St. Clairsville - Ohio Valley Mall 1994 3,088 (2)
Shadyside 1980 4,200
Freeport 1988 1,500
Barnesville 1994 2,000
Columbus 1993 1,350 (1)
Columbus (Administrative offices) 1994 1,069
Steubenville 1994 1,400 (2)
Wheeling National Bank, West Virginia
Wheeling 1969 29,515
Wheeling - Drive-in 1991 18,583
New Martinsville 1978 2,800
Pine Grove 1983 1,125
Wheeling Island 1984 1,280
Elm Grove 1986 2,420 (1)
Weirton 1986 15,214
Weirton - Drive-in 1989 4,800
Weirton Heights 1990 1,500 (1)
American Mortgages, Inc.
Elm Grove 1994 4,700 (1)
(1) Leased
(2) Ground leased
ITEM 3. LEGAL PROCEEDINGS
The Registrant and its affiliates are not involved in any material pending
legal proceedings outside the normal conduct of business (including proceedings
arising from environmental quality statutes) to which the Registrant is a party,
or of which its property is the subject, nor are any proceedings known to be
contemplated, except as follows.
On March 7, 1995, the U.S. District Court for the Northern District of West
Virginia entered an Order granting Defendants' Motion for Summary Judgment
against American Bancorporation Retirement Plan, resolving a dispute concerning
the proper earnings formula used to determine the retirement benefits due
a former employee of the Registrant and its affiliated subsidiaries. The
Registrant has appealed this Order. The Registrant is unable to conclude whether
it will prevail on appeal. Accordingly, pending resolution of the appeal, the
Registrant has recalculated the benefits for vested Plan participants and
determined that an additional $500,000 should be reserved for the Plan's
probable additional liability under the grant of Summary Judgment. This amount
has been charged to earnings in 1994. See Note Q of Notes to Consolidated
Financial Statements in the Company's 1994 Annual Report.
PART IV
ITEM 14 . EXHIBITS, FINANCIAL STATEMENT SCHEDULES,
AND REPORTS ON FORM 8-K
A. The following documents are filed as part of this report:
1. Financial Statements
Page reference
Annual report
to stockholders
Independent Auditors' Report
For the years ended December 31, 1994, 1993 and 1992 27
Consolidated financial statements
Consolidated balance sheet at December 31, 1994 and 1993 3
Consolidated statement of operations for the years ended
December 31, 1994, 1993 and 1992 4
Consolidated statement of stockholders' equity for the years
ended December 31, 1994, 1993 and 1992 5
Consolidated statement of cash flows for the years ended
December 31, 1994, 1993 and 1992 6
Notes to consolidated financial statements including condensed
financial information of Registrant 7 - 26
2. Financial Statement Schedules
All schedules have been omitted since the required information is not present
in amount sufficient to equire submission or because the information required
is included in the financial statements, including the notes thereto.
3. Exhibits Page No. in
Form 10-K
Number
3.1 Fifth Amended Articles of Incorporation (a)
3.3 Amended Code of Regulations (a)
3.5 1987 Amendment to Fifth Amended Articles of Incorporation (b)
3.6 1987 Amendment to Amended Code of Regulations (b)
3.7 1988 Amendment to Amended Code of Regulations (c)
3.8 1990 Amendment to Amended Code of Regulations (e)
4.2 Specimen Common Share Certificate as of December 15, 1988 (d)
10.6 Agreement to Merge between Columbus National and
Citizens National Bank, Flushing-St. Clairsville (f)
10.8 American Bancorporation Senior Management Incentive
Compensation Plan (g)
10.9 Savings Assumption and Purchase Agreement -
Buckeye Savings Bank Branches (h)
13.1 1994 Annual Report to Security Holders 15-60
22.1 Subsidiaries:
The following is a list of all subsidiaries of American
Bancorporation, the jurisdiction of incorporation or organization,
and the percentage of shares owned by American Bancorporation for
each such subsidiary.
Jurisdiction Percentage
Name
Columbus National Bank. . . . U.S. 100%
Wheeling National Bank. . . U.S. 100%
American Bancservices, Inc. . Ohio 100%
American Mortgages, Inc . . . Ohio 100%
American Bancleasing, Inc . . Ohio 100%
American Bancdata Corporation . . Ohio 100%
The following footnote references are to documents incorporated by reference
herein:
(a) Form 10-K (12/31/82) - Index on page 12
(b) Form S-4 (effective 9/3/87) - Exhibit Nos. 3.5 and 3.6
(c) Form 10-K (12/31/88) - Exhibit No. 3.7
(d) Form 10-K (12/31/88) - Exhibit No. 4.2
(e) Form 10-K (12/31/89) - Exhibit No. 3.8
(f) Form 10-K (12/31/91) - Exhibit No. 10.6
(g) Form 10-K (12/31/93) - Exhibit No. 10.8
(h) Form 10-Q (6/30/94) - Exhibit No. 10.9
B. Reports on Form 8-K:
Date Item Number Description
March 7, 1995 Item 5. Other Events - Pension Matter
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized on April 17, 1995.
AMERICAN BANCORPORATION
/s/ Jeremy C. McCamic
Jeremy C. McCamic
Chairman and Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
this report has been signed by the following persons on behalf of the Registrant
and in the capacities indicated as of April 17, 1995.
/s/ Jack O. Cartner /s/ Jeremy C. McCamic
Jack O. Cartner Jeremy C. McCamic
Director Director, Chairman and
Chief Executive Officer
/s/ Paul W. Donahie /s/ Robert C. Mead
Paul W. Donahie Robert C. Mead
Director and President Director and
Chief Operating Officer
/s/ John E. Wait
John J. Malik, Jr. John E. Wait
Director Director
/s/ Jolyon W. McCamic /s/ Brent E. Richmond
Jolyon W. McCamic Brent E. Richmond
Director and Vice Chairman Secretary, Treasurer,
Executive Vice President and
Chief Financial Officer
EXHIBIT INDEX
Number Description SEC Page #
3.1 Fifth Amended Articles of Incorporation (a)
3.3 Amended Code of Regulations (a)
3.5 1987 Amendment to Fifth Amended Articles of Incorporation (b)
3.6 1987 Amendment to Amended Code of Regulations (b)
3.7 1988 Amendment to Amended Code of Regulations (c)
3.8 1990 Amendment to Amended Code of Regulations (e)
4.2 Specimen Common Share Certificate as of December 15, 1988 (d)
10.6 Agreement to Merge between Columbus National and
Citizens National Bank, Flushing-St. Clairsville (f)
10.8 American Bancorporation Senior Management Incentive
Compensation Plan (g)
10.9 Savings Assumption and Purchase Agreement -
Buckeye Savings Bank Branches (h)
13.1 1994 Annual Report to Security Holders (15-60)
22.1 Subsidiaries:
The following is a list of all subsidiaries of American
Bancorporation, the jurisdiction of incorporation or organization,
and the percentage of shares owned by American Bancorporation
for each such subsidiary.
Jurisdiction Percentage
Name
Columbus National Bank. . . . U.S. 100%
Wheeling National Bank. . . U.S. 100%
American Bancservices, Inc. . Ohio 100%
American Mortgages, Inc . . . Ohio 100%
American Bancleasing, Inc . . Ohio 100%
American Bancdata Corporation . . . . . Ohio 100%
The following footnote references are to documents incorporated by reference
herein:
(a) Form 10-K (12/31/82) - Index on page 12
(b) Form S-4 (effective 9/3/87) - Exhibit Nos. 3.5 and 3.6
(c) Form 10-K (12/31/88) - Exhibit No. 3.7
(d) Form 10-K (12/31/88) - Exhibit No. 4.2
(e) Form 10-K (12/31/89) - Exhibit No. 3.8
(f) Form 10-K (12/31/91) - Exhibit No. 10.6
(g) Form 10-K (12/31/93) - Exhibit No. 10.8
(h) Form 10-Q (6/30/94) - Exhibit No. 10.9
