UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1996
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, WV 26003 26003
(Address of principal executive offices) (Zip Code)
Registrants 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 filed such reports), and (2) has been subject to
the filing requirements for the past 90 days.
Yes X No
Indicate by check mark if disclosure to delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K. [ x ]
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.
$31,973,508 at February 28, 1997
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 25, 1997
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, 1996. With the
exception of the pages listed in the index and hereby incorporated by
reference, the 1996 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 1996. 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
10-K to 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 2 - 27 -
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 companies engaged in bank related activities.
The Registrant presently owns all the capital stock of Wheeling National Bank.
Wheeling National Bank, ("WNB") acquired by the company in 1988, is a national
banking association organized in 1978. On March 29, 1996 the Company merged
its former bank subsidiary, Columbus National Bank, into Wheeling National
Bank, under the charter of WNB. WNB, with its headquarters situated in
St. Clairsville, Ohio, conducts its operations through offices located in
Wheeling, Weirton, New Martinsville and Pine Grove in West Virginia, and St.
Clairsville, Flushing, Shadyside, Barnesville, Freeport, Cambridge, Gahanna,
Reynoldsburg, Steubenville and Columbus in Ohio. WNB employs 175 full time
equivalent employees and at December 31, 1996 had total assets of $457
million.
WNB conducts general commercial banking businesses. Assisting individuals,
business and government, the bank provides a full range of depository services
including demand, savings and time deposits, negotiable orders 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 affiliate, 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 and mortgage banking. American Bancdata Corporation
("ABD"), located in Wheeling West Virginia, provides data processing
services to the Company and WNB. ABD employs 5 full time equivalent employees.
American Mortgages, Inc., ("AMI") also located in Wheeling, West Virginia,
conducts mortgage banking activities including making and servicing mortgage
loans. AMI employs 11 full time equivalent employees. In addition, AMI owns
51% of Premier Mortgage, Ltd., ("Premier"). Premier, located in Columbus,
Ohio, originates mortgage loans and has 10 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
were 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 bank has a national charter and accordingly, is subject to the
National Banking Act and supervision and examination by the Comptroller of the
Currency. The subsidiary bank is a member of the Federal Deposit Insurance
Corporation and is 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 bank makes loans subject to state usury laws that provide maximum interest
rates that may be charged for specific classes of loans. The bank is 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 regulations 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 banking offices compete in their areas with
commercial banks and other financial intermediaries such as saving and loan
associations, credit unions, consumer finance companies, insurance companies
and mortgage bankers. The principal methods of bank competition are interest
rates and services. The subsidiary bank of the Company pays interest on
deposits and charges rates and fees on loans which are competitive in the
general areas served.
E. Personnel
The Registrant, its affiliate bank, and non-banking subsidiaries employed 205
full-time equivalent employees at December 31, 1996.
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 bank and management fees from its affiliate bank
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 28 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, interest 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 - 32-33
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, 1996,
incorporated by reference herein.
Allowance Percent
amount in each category
(000's omitted) to total loans
December 31, 1996
Commercial, financial and agricultural . . . $ 871 30.5%
Real estate - construction . . . . . . . . . - 0.7
Real estate - mortgage . . . . . . . . . . . 515 50.3
Installment. . . . . . . . . . . . . . . . . 434 18.5
Leases . . . . . . . . . . . . . . . . . . . - 0.0
Unallocated. . . . . . . . . . . . . . . . . 1,744 N/A
$3,564 100.0%
December 31, 1995
Commercial, financial and agricultural . . . $ 984 25.2%
Real estate - construction . . . . . . . . . - 0.7
Real estate - mortgage . . . . . . . . . 358 51.4
Installment. . . . . . . . . . . . . . . . . 513 22.7
Leases . . . . . . . . . . . . . . . . . . . - 0.0
Unallocated. . . . . . . . . . . . . . . . . 1,999 N/A
$3,854 100.0%
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%
ITEM 2. PROPERTIES
The Company and its non-banking subsidiaries conduct business from the
Company's administrative headquarters in Wheeling, West Virginia and the Bank
conducts business from its 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,
1996 was $9.7 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
branch offices of the Bank that were operating as of December 31, 1996, as
well as any 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
Mull Center, Wheeling, West Virginia
Executive and non-bank subsidiary offices 1987 4,000 (1)
Wheeling National Bank
OHIO
Cambridge 1974 5,840
Cambridge - Drive-in 1989 14,000
Gahanna 1990 3,200 (1)
Gahanna - StoneRidge Plaza 1996 1,600 (1)
Reynoldsburg 1990 6,000
Flushing 1953 5,400 (1)
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 (1)
Steubenville 1994 1,400 (2)
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)
Premier Mortgage, Ltd.
Worthington, Ohio 1996 2,250 (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.
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, 1996, 1995 and 1994. . . . . . 27
Consolidated financial statements
Consolidated balance sheet at December 31, 1996 and 1995. . . . 2
Consolidated statement of operations for the years ended
December 31, 1996, 1995 and 1994. . . . . . . . . . . . . . . 3
Consolidated statement of stockholders' equity for the years
ended December 31, 1996, 1995 and 1994. . . . . . . . . . . . 4
Consolidated statement of cash flows for the years ended
December 31, 1996, 1995 and 1994. . . . . . . . . . . . . . . 5
Notes to consolidated financial statements including condensed
financial information of Registrant . . . . . . . . . . . . 6 - 26
2. Financial Statement Schedules
All schedules have been omitted since the required information is not present
in amounts sufficient to require 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)
10.8 American Bancorporation Senior Management
Incentive Compensation Plan (f)
10.9 Savings Assumption and Purchase Agreement -
Buckeye Savings Bank Branches (g)
10.10 Agreement to Merge between Wheeling National Bank and
Columbus National Bank (h)
10.11 Office Purchase and Assumption Agreement by and between
Columbus National Bank and Bank One, Steubenville, NA (i)
13.1 1996 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
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%
Premier Mortgage, Ltd Ohio 51% *
*Through the Company's ownership in American Mortgages, Inc.
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 (12/31/93) - Exhibit No. 10.8
(g) Form 10-Q (06/30/94) - Exhibit No. 10.9
(h) Form 10-K (12/31/95) - Exhibit No. 10.10
(i) Form 10-Q (03/31/96) - Exhibit No. 10.11
B. Reports on Form 8-K:
Date Item Number Description
None
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 March 31, 1997.
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 March 31, 1997.
/s/ Jack O. Cartner /s/ Jolyon W. McCamic
Jack O. Cartner Jolyon W. McCamic
Director Director and Vice Chairman
/s/ Paul W. Donahie /s/ Robert C. Mead
Paul W. Donahie Robert C. Mead
Director and President Director and
Chief Operating Officer
/s/ Jay T. McCamic /s/ Brent E. Richmond
Jay T. McCamic Brent E. Richmond
Director Secretary, Treasurer,
Executive Vice President and
Chief Financial Officer
/s/ Jeremy C. McCamic
Jeremy C. McCamic
Director, Chairman and
Chief Executive 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)
10.8 American Bancorporation Senior Management Incentive
Compensation Plan. . . . . . . . . . . . . . . . . . . . (f)
10.9 Savings Assumption and Purchase Agreement -
Buckeye Savings Bank Branches . . . . . . . . . . . . . (g)
10.10 Agreement to Merge between Wheeling National Bank and
Columbus National Bank. . . . . . . . . . . . . . . . . (h)
10.11 Office Purchase and Assumption Agreement by and between
Columbus National Bank and Bank One, Steubenville, NA. . (i)
13.1 1996 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
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%
Premier Mortgage, Ltd Ohio 51% *
*Through the Company's ownership in American Mortgages, Inc.
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 (12/31/93) - Exhibit No. 10.8
(g) Form 10-Q (06/30/94) - Exhibit No. 10.9
(h) Form 10-K (12/31/95) - Exhibit No. 10.10
(i) Form 10-Q (03/31/96) - Exhibit No. 10.11
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<PERIOD-END> DEC-31-1996
<CASH> 11,550,133
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<FED-FUNDS-SOLD> 17,870,000
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