Profits up at Atlantic Bank

When it first came on the scene some three decades ago its was referred to as “the piggy bank”, due to it’s diminutive size when compared to the foreign branches of giants like Barclays, Scotia and The Royal Bank of Canada. But today Atlantic Bank is thriving. An announcement from manager Sandra Bedran indicates that profits for the latest year more than doubled to 2.5 million dollars. Total assets reached 163 million and Atlantic now boasts a total of 9 branches or automatic banking locations. Work has already commenced on an expansion of the bank’s Freetown Road Headquarters with the construction of a new 4th floor. At Wednesday night’s shareholders meeting it was decided that almost half of the year’s profit–some 1.2 dollars–would be distributed as dividends. In related news another local financial institution–the Holy Redeemer Credit Union–is expected to announce a banner year when its members gather for their annual general meeting on April 26th. With assets of around 120 million dollars the nation’s largest credit union earned net income of an impressive 7.9 million. The bulk of those funds will be returned to HRCU’s savers and borrowers in the form of higher interest, dividends and rebates.