American Bank has announced a transition of its Chief Executive Officer, effective December 31, 2018. The bank recently announced a five-year strategic plan designed to leverage its strength as a community bank and reputation for solutions-oriented client relationships, as well as to define the path toward becoming a leading Texas regional bank by 2022. As part of the bank’s strategic and long-term succession plan, the Bank is transitioning the role of Chief Executive Officer from Richard Scanio to Stephen Raffaele, currently the bank’s President and Chief Operating Officer. Making the announcement was Ben B. Wallace, Chairman of the Board, and Patricia Hawn Wallace, Chairman of American Bank Holding Corporation, Chairman of Borden Insurance and an American Bank board member.
Richard Scanio has been with American Bank for 29 years and has served as Chief Executive Officer for the last 2 ½ years. “Since joining the bank in 1989, Richard has been critical to our success. During his tenure, the bank has grown ten-fold while expanding from one to seven communities,” Ben Wallace said. “Richard has been, and will continue to be, an important part of the American Bank family as an impassioned leader in the Coastal Bend banking industry. He has helped form many of the relationships American Bank has had the privilege of serving for decades. Richard will continue his involvement with the bank as Vice Chairman of the Board and will remain actively engaged with customer relations, community engagement and business development,” added Wallace. In 2007, Scanio was appointed Executive Vice President and Chief Operating Officer. In 2009, he was promoted to President and Chief Operating Officer and in 2016, he was appointed Chief Executive Officer. “This is an exciting time at American Bank. Our future is one of growth and prosperity – for our employees, our clients, our communities, and our shareholders,” Richard Scanio said.
“Steve has been the architect of our vision to become a leading Texas regional bank,” said Patricia Hawn Wallace. Key elements of the bank’s vision include loan and deposit growth in existing markets, entrance into Houston in April of this year, and the planned entrance into San Antonio before year-end, as well as investments in technology to improve client experience and productivity, a newly-designed website which went live earlier this year, and an upgrade in the bank’s online banking platform planned for late July. “While the bank is evolving, we will continue to provide the personal service and deep local market knowledge we are known for, along with the sophisticated products, services and technologies typically found in much larger banks. Steve is a strong and compassionate leader who has recruited a talented team of executives to lead the bank,” said Ms. Wallace.
Stephen Raffaele’s experience includes over 30 years in the financial services industry. He joined the bank in September 2016 as Executive Vice President and was promoted to President and Chief Operating Officer in May of 2017. Raffaele is a longtime and well-known Texas banker. Prior to joining the bank, Raffaele held various executive positions with both publicly-traded and private banking organizations throughout Texas. Raffaele’s career includes positions as president, chief financial officer, chief operations/operating officer, chief strategy and chief development officer, as well as serving as a board member and investor in various banks. In addition to his new role (effective December 31) as Chief Executive Officer, Raffaele will continue as President of the bank. He is a Chartered Financial Analyst (CFA) and received a B.A. in Business from Baylor University.
“American Bank has a history as a leader in community banking, serving South and Central Texas for over 47 years. I am honored to be given the opportunity to lead American Bank and I look forward to delivering on our commitment to serve the needs of our clients and our communities well into the future,” said Raffaele.
About American Bank
American Bank was founded in Corpus Christi, Texas in 1970. It is an independent financial institution with assets totaling nearly $1.4 billion as of March 31, 2018. The bank currently has 14 locations in the communities of Austin, Corpus Christi, Goliad, Houston, Port Aransas, Rockport and Victoria. It also operates a network of 18 ATMs. Expansion into the San Antonio market is planned for 2018. The bank’s strategic plan includes growth in the size and scope of the bank’s operations and geographic footprint; an enhanced, exceptional banking experience for clients; and a position as a leading regional Texas bank by 2022. Services include commercial banking, with Centers of Excellence specializing in commercial real estate, medical, energy, SBA and technology lending; a full range of business and personal deposit accounts and loans; Private Banking for executives and professionals; Treasury Management services; home-related loans; and a full range of electronic banking services. In addition, the bank’s subsidiaries and other partners offer trust and asset management, insurance, and non-bank investment services. Those partners include American Bank Trust and Asset Management, the American Financial Insurance Services affiliate Borden Insurance, and American Investment Services, a division of Herndon Plant Oakley Ltd., member FINRA/SIPC.