United American Bank opened its doors at 101 South Ellsworth Avenue in San Mateo, California, in 2003. After a brief, highly successful capitalization campaign, the bank obtained approval to conduct banking business. ATBancorp is among the original investors.
In January 2005, American Trust & Savings Bank opened an office in the UAB headquarters in an affiliate relationship to offer wealth management, trust, and retirement planning services. UAB in 2006 opened both the South Bay Regional Office in Sunnyvale and the Coastal Regional Office in Half Moon Bay, California. The bank continued to grow, and in 2007 the Mid-Peninsula Regional Office opened in Redwood City, California. As the years passed, UAB continued to meet and exceed strategic objectives, and out of 100 banks formed in 2003, it ranked in the top 20 percent in asset, loan, and deposit growth in 2007.
In October of 2011, ATBancorp and United American Bank announced the completion of ATBancorp’s initial $10.0 million investment in UAB’s capital stock. The transaction received regulatory approval from the Federal Reserve Board and California Department of Financial Institutions. In addition, the United States Department of the Treasury, as a shareholder of UAB, voted to approve the transaction. With completion of the initial investment, UAB’s capital ratios would qualify as “well capitalized” as calculated under customary bank regulatory standards. In July of 2012, United American Bank announced a successful stock offering, raising $1.618 in additional capital.
As a community bank with local bank directors and community leaders, UAB finances new businesses, enables existing businesses to expand, and helps to bring jobs to the community. UAB is eager to help our clients maximize their opportunities and to lead our communities into the future.