The American Bank & Trust Company, American affiliate of the Swiss-Israel Trade Bank and of the Foreign Trade Bank of Tel Aviv, announced today a 20 per cent stock dividend payable to stockholders of record as of Feb. 15. Philip M. Klutznick, chairman of the board, forecast that 1968 earnings per new share would be equal to that of shares outstanding in 1967. He said the bank’s total assets had increased to $176.4 million in 1967, 38.8 percent over 1966. Deposits, as of Dec. 31 were $176.42 million, as compared to $127 million in the previous year.
Saul Kagan, president of the bank, said that its Fifth Avenue office, opened last October, would be self-supporting within a year of its opening although the norm, he said, was approximately three years. The Israel Central Trade and Investment Company is the largest stockholder in the bank.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
