American Federal Bank has received a "buy on weakness" in investment opinion from Wheat, First Securities Inc.

The Richmond, Va.-based brokerage firm expects operating earnings to increase 5.6% this year and and 7% next year.

The firm said future earnings could increase by as much as 20 cents a share annually if the Greenville, S. C.-based institution writes off goodwill.

Wheat said American, which has $1.1 billion of assets, has solid fundamentals, according to recently released analyst report.

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