USBNUnited States Business Network (e-commerce; Chelmsford, MA)
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In the 1990s, after USBN took over, the company was starved for capital and it was mismanaged.
2000 was a `clean-up' period for USBN, with a number of nonrecurring items booked in the fourth quarter and year 2000," noted Wes Colley, president and chief executive officer.
USBN believes it is poised to show a positive trend in our efficiency from future economies of scale and previous absorption of costs in our branch expansions.
2000 is a `clean-up' period for USBN as we eliminate some non-productive investments and businesses, and look at overall efficiency," Colley said, "Unfortunately, such efforts usually bring short term hits to the bottom line before paying off in long-term improvements.
After producing record net interest margins over 6% during 1999, we're seeing margins decline to historically more normal levels this year, although USBN is still outperforming most of our peers in that area.
Reflecting the impact of last year's nonrecurring gain, USBN revenues (net interest income before provision for loan losses, plus noninterest income) declined to $8.
We also are studying all facets of USBN for improvements.
USBN revenue (net interest income before provision for loan losses plus noninterest income) for the first quarter of 2000 was $8.
Colley was the founder of Walla Walla's Bank of the West, which was acquired by USBN in February 1999 and renamed AmericanWest Bank late last year.
In late December, USBN announced plans to repurchase 346,975 shares, representing approximately 5% of the company's outstanding common stock at December 31, 1999.
Dashiell was President and Chief Executive Officer of USBN from the holding company's formation in 1985 until Emery joined the company in 1997.