American Financial Exchange
American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American financial institutions, announced today that People’s Bank of Seneca headquartered in Seneca, Missouri, has joined the Exchange. People’s Bank of Seneca is the first Native American minority-owned bank to become a member of the American Financial Exchange.
With the addition of the People’s Bank of Seneca the American Financial Exchange has members in all categories of minority-owned banks as defined by the Federal Deposit Insurance Corporation (FDIC). The other member banks are New York City-based Abacus Federal Savings Bank; Los Angeles-based Bank of Hope and Pacific City Bank (Asian-American); Lone Star National Bank of Texas and FirstBank of Puerto Rico (Hispanic); and Georgia-based Citizen’s Bank (African American).
“As a minority-owned bank, People’s Bank of Seneca is keeping the needs of our community top of mind,” said Deron Burr, President and CEO of People’s Bank of Seneca. “By becoming a member of the American Financial Exchange our ability to gain access to a network of banks will help us better serve our customers.”
The American Financial Exchange facilitates the determination of American Interbank Offering Rate (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 American Financial Exchange overnight unsecured loan market. The rate is denoted as a 360-day annualized percentage rate up to the fifth decimal.
The American Financial Exchange has transacted more than $550 billion cumulatively since it opened in December 2015. The American Financial Exchange has 163 members across the U.S., which includes 133 banks and approximately 1000 correspondent banks. In addition, membership includes 30 non-banks, which is comprised of broker-dealers, private equity firms, business development corporations, hedge funds, futures commission merchants, insurance companies, asset managers and finance companies.
Current active American Financial Exchange markets are overnight, thirty-day, and three-month unsecured loans; and 7-day secured loans.
In addition, a futures contract based on the American Interbank Offering Rate three-month and 7-day loan contracts, to be followed by other short-term interest rate products, began trading on August 16, 2019.
“We are proud and honored to announce People’s Bank of Seneca as an American Financial Exchange member,” said Dr. Richard Sandor, Chairman and CEO of the American Financial Exchange. “With the addition of People’s Bank of Seneca, American Financial Exchange strengthens its commitment to add minority-owned banks. These institutions play a critical role in serving communities all over the country. Commercial logic and social value are at the core of our mission.”
About American Financial Exchange
The American Financial Exchange (AFX) is a rules-based electronic exchange that provides a transparent, centralized marketplace to allow for American banks and other financial institutions to meet their funding needs. The American Financial Exchange seeks to offer a suite of innovative products that improve transparency and efficiency in the current interbank loans marketplace.The American Financial Exchange also facilitates the determination of a market-based interest rate benchmark – the American Interbank Offering Rate. The American Financial Exchange has self-certified that the American Interbank Offering Rate meets the Principles for Financial Benchmarks issued by International Organization of Securities Commissions (IOSCO) and is in the process of completing an independent third-party audit of the American Interbank Offering Rate's conformance with International Organization of Securities Commissions benchmark standards.
About People’s Bank of Seneca
With a 23-year history in Seneca, and now three more branch locations and two loan offices in Seneca & Joplin, People’s Bank of Seneca is bringing its trusted hometown banking experience to more people than ever. In an effort to better benefit their customers, they have branched out to the greater Joplin area beginning with Loma Linda in 2012, adding on the 20th Street location in 2017, and then introducing the Maiden Lane facility in 2018 along with two mortgage offices located within the top producing real estate offices of the four state region. Deposits at each People’s Bank of Seneca branch location are insured by the Federal Deposit Insurance Corporation. In addition to each of these branches, they are currently undergoing renovations at the original location in Seneca to ensure that they are not only growing but maintaining their culture of community as well.
For more information about People’s Bank of Seneca, go to https://www.peoplesbankofseneca.com/about-us