First US Bancshares, Inc. Announces Branch Closures at Acceptance Loan Company Subsidiary
First US Bancshares, Inc. (FUSB)
US:NASDAQ Investor Relations:
firstusbank.com/investors
Company Research
Source: GlobeNewswire
BIRMINGHAM, Ala., Sept. 03, 2021 (GLOBE NEWSWIRE) -- First US Bancshares, Inc. (Nasdaq: FUSB) (the “Company”), the parent company of First US Bank (the “Bank”), today announced that, effective immediately, the Bank’s wholly owned subsidiary, Acceptance Loan Company, Inc. (“ALC”), will cease new business development and permanently close its 20 branch lending locations in Alabama and Mississippi to the public. ALC will continue to service its remaining portfolio of loans from its headquarters in Mobile, Alabama, and management will begin to prepare for the subsidiary’s eventual closure. The cessation of new business and closure of ALC’s branch locations was approved by the boards of directors of ALC, the Bank and the Company on August 25, 2021. These efforts are being undertaken by the Company as part of a long-term strategy to reduce expenses, fortify asset quality, and focus the Company’s loan growth efforts in other areas, including the Bank’s commercial lending and consumer indi
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FUSB
Sec Filings
- 4/2/24 - Form 4
- 4/2/24 - Form 4
- 4/2/24 - Form 4
- FUSB's page on the SEC website