American Financial Exchange (AFX) Announces Citizens Trust Bank As The First African American Minority-Owned Bank To Join Exchange
American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American financial institutions, announced today that Citizens Trust Bank located in Atlanta, Georgia, has joined the Exchange. Citizens Trust Bank is the first African American minority-owned bank to become a member of the AFX.
Other minority-owned banks which are members of AFX include New York City-based Abacus Federal Savings Bank; Los Angeles-based Bank of Hope and Pacific City Bank (Asian-American); and Lone Star National Bank of Texas (Hispanic) and FirstBank of Puerto Rico.
“As a minority-owned bank, Citizens Trust Bank is acutely aware of the needs of our community,” said Cynthia Day, President and CEO of Citizens Trust Bank. “By becoming a member of the American Financial Exchange our ability to gain access to a network of banks will help us serve our customers even better.”
AFX facilitates the determination of AMERIBOR®, a transaction-based interest rate benchmark for financial institutions via its electronic trading platform. The rate is calculated as the weighted average daily volume in the AFX overnight unsecured loan market. The rate is denoted as a 360-day annualized percentage rate up to the fifth decimal.
AFX has transacted more than $485 billion cumulatively since it opened in December 2015. AFX’s 151 members have a presence in 50 states. Current active AFX markets are overnight, thirty-day, and three-month unsecured loans; and 7-day secured loans.
In addition, a futures contract based on the AMERIBOR three-month and 7-day loan contracts, followed by other short-term interest rate products, will begin trading on August 16, 2019.
“We are proud and honored to announce Citizens Trust Bank as an AFX member,” said Dr. Richard Sandor, Chairman and CEO of the AFX. “We are pleased when a new member joins our exchange, but especially pleased when a bank such as Citizens Trust Bank — one that is actively involved in their community — becomes part of our membership roster.”Back to News