American Financial Exchange (AFX) Announces People’s Bank of Seneca as the First Native-American Minority-owned Bank to Join Exchange

September 26, 2019 – 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 AFX.

With the addition of the People’s Bank of Seneca the AFX has members in all categories of minority-owned banks as defined by the 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.”

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 $550 billion cumulatively since it opened in December 2015. AFX 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 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, 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 AFX member,” said Dr. Richard Sandor, Chairman and CEO of the AFX. “With the addition of People’s Bank of Seneca, AFX 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.”

For more information about AFX or AMERIBOR benchmark, or to request an interview, contact Laura LaBarbera at (312) 554-4904 or via email at [email protected]. Or log onto www.ameribor.net

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About AFX

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. AFX seeks to offer a suite of innovative products that improve transparency and efficiency in the current interbank loans marketplace. AFX also facilitates the determination of a market-based interest rate benchmark – the American Interbank Offering Rate (AMERIBOR). AFX has self-certified that AMERIBOR 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 AMERIBOR's conformance with IOSCO 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