American Bank closing Jewel branch
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By Times staff | Thursday, May 08, 2008 |
American Bank and Trust Co. will close its in-store banking facility at the Jewel Food Store in East Moline effective Aug. 1, the company announced Thursday.
Harry Coin, American Bank’s chairman, president and chief executive officer, said in a news release that the bank monitored deposit and loan growth as well as transaction activity for several months and decided “the Jewel branch did not meet industry standards regarding client traffic counts and households served — two of the most important factors regarding in-store branch model profitability and sustainability. The decision certainly wasn’t spontaneous.”
American Bank operates a full-service branch in Moline about a mile west of the leased Jewel branch. “Having two facilities within a mile of one another along the Avenue of the Cities doesn’t make sense long-term unless the traffic numbers at Jewel were higher and more consistent,” he said.
The closing comes on the heels of American Bank’s announcement last week that it is expanding with in-store branches at two new Hy-Vee stores, including the Rock Island store, which opened Tuesday, and the Moline store due to open in November at John Deere Road and 7th Street.
Bank officials said most of the five East Moline employees will be transferred into other positions in the company.
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