American Bank & Trust will soon have a new president and CEO.
Jeff Rose recently announced he will retire from the leadership role at the bank, effective Saturday, May 31, after nine years of service and more than 40 years in the financial services industry.
Chuck Sorensen, the bank’s chief operating officer and president of its Private Banking division, has been appointed the bank’s new president and CEO.
“I am incredibly proud of our achievements, and we owe our success to the quality and dedication of the employees who have embraced our core values. I am grateful for my management team and the board of directors for their vision and support and am confident they will continue to build on our success,” Mr. Rose said in a recent news release.
John Timmer, chairman of the bank’s board of directors, stated: “American Bank has experienced significant loan and asset growth under Jeff’s leadership. Jeff has been immersed in our communities, enhanced our brand, and fortified our standing in the industry.”
He continued: “We wish Jeff a long and prosperous retirement and look forward to new and exciting ideas as Chuck Sorensen leads us into the future. The board is confident that under Chuck’s leadership, American Bank will thrive and achieve new milestones.”
Mr. Sorensen will begin transitioning duties immediately. He brings much experience and a track record in the financial industry, having served in various leadership roles at American Bank for more than 20 years.
“I am honored to follow in the footsteps of Jeff and lead American Bank & Trust into its next chapter,” he said in a statement. “I look forward to working closely with our talented team to continue delivering exceptional value to our customers and shareholders.”
Founded in 1968, American Bank began as a neighborhood bank in Rock Island’s Hilltop neighborhood. According to the company’s history, It began with a simple idea – that customers should receive the same kind of friendly and personalized service we would appreciate ourselves.
Guided by that philosophy, the bank – now headquartered at 4301 E. 53rd St., Davenport – has grown to become a locally owned regional financial services company in the Quad Cities, Illinois/Iowa and northeast Illinois market areas (Kane County).
In June of 2024, American Bank received one of the QCBJ’s Connect for a Cause awards. It was named the Corporate Citizen 2024 for its longtime support of the YWCA Quad Cities, including construction of the YW’s new facility in downtown Rock Island.
With $500 million in assets, American Bank employs 95 people at its headquarters and branch locations including Davenport, Moline, three locations in Rock Island, and in Elburn and Geneva, both in Illinois.
