American Bank Opening New Location in Frisco
American Bank – Board of Directors: (L to R) Mehul Patel, Mital Patel, Chirag Patel, Jeff Deaver, Daxesh Patel, Sanjay Patel, Yogi Patel
FRISCO, TEXAS — American Bank of Dallas continues to expand with the opening of a new branch in Frisco on Monday, August 7. This becomes the bank’s third location, joining the main office on West Northwest Highway in Dallas and its branch in Irving’s Valley Ranch Neighborhood.
“Since being acquired by Bright Force Holding in 2019, we have grown from $55 million in assets to more than $400 million in assets by focusing on ‘boutique banking’ that delivers personalized service and innovative solutions for both business and consumer customers,” said Jeff Weaver, President and CEO of American Bank.
Chairman of the Board Chirag “Chuck” Patel added, “As one of the country’s fastest-growing community banks, it’s very appropriate for American Bank to now bring our convenient and competitive style of banking to Frisco, one of the country’s fastest-growing communities.”
To celebrate its new branch location, American Bank is offering a special “grand opening” interest rate of 6% APY on new six-month Certificates of Deposit (CDs) opened at any of its locations during the month of August.
“Many people feel disconnected with the routine impersonal service they receive at large banks, so we’ve changed that by creating a community bank that’s big on service — where customers are known by their names, not their account number,” explained Weaver.
Located at 3382 Preston Road in Frisco, the new branch will be managed by Stephanie San Miguel, who has almost 25 years of banking experience in management positions with community banks as well as regional and national banking institutions.
“We’re locally-owned and managed, which allows us to make faster loan decisions, avoiding the rigid policies and delays typically associated with larger banks,” explained Chairman Patel. “That’s very important for small business owners who need to move at the speed of business rather than the speed of bureaucracy.”
American Bank offers a full range of commercial and consumer services, including SBA and commercial real estate loans, auto loans, business financing, as well as business and personal deposit account options.
The bank was established in May of 1974 as Pan American National Bank of Dallas, changing its name to American Bank in May of 1987. It was acquired in March of 2019 by Bright Force Holding, an investment group based in the Dallas suburb of Grapevine that consists of six prominent Asian American business leaders – Chirag Patel, Daxesh Patel, Mehul Patel, Mital Patel, Sanjay Patel, and Yogi Patel.
These six investors are partners in NewcrestImage, a privately-held investment firm that currently owns an extensive portfolio of diversified real estate and alternate assets, including approximately 70 hotels across 26 states.
American Bank is a member of the Federal Deposit Insurance Corporation (FDIC). For more information, visit www.abdallas.bank