LOS ANGELES--(BUSINESS WIRE)--American Plus Bank is pleased to announce its entry into a definitive agreement to acquire the Long Beach, California, branch of United Fidelity Bank, fsb, doing business as International City Bank.
The terms of the agreement provide for American Plus Bank to acquire all the premises and equipment at the Branch, most of the deposits totaling approximately $107 million as of October 31, 2024, and selected loans totaling approximately $86 million as of October 31, 2024. The transaction is subject to regulatory approval and is expected to be completed by the first quarter of 2025.
This strategic acquisition marks a significant milestone for American Plus Bank as it expands its footprint within the Los Angeles Area and enters the thriving Long Beach market.
American Plus Bank has built a strong reputation for providing exceptional financial services and personalized customer care. The transition is expected to enhance the range of services available to Long Beach residents and businesses, while also reinforcing American Plus Bank's commitment to community engagement.
“We are thrilled to enter the Long Beach market and welcome new customers into the American Plus Bank family,” said John Nerland, President of American Plus Bank. “This acquisition reflects our dedication to providing outstanding banking services and support to communities throughout the Southern California Market.”
“We look forward to bringing our innovative solutions and personalized service to the residents and businesses of Long Beach,” said Johnson Yang, Chairman of the Board, American Plus Bank, “We are expecting no disruptions to the Branch Staff and look forward to growing the Branch with the loan and deposit products, services and support that American Plus Bank provides.”
The Long Beach branch will operate under the American Plus Bank name and will maintain the same team of experienced professionals who are committed to serving the community. Customers can expect a seamless transition and access to a broader array of banking products and services.
As part of our commitment to the Long Beach community, American Plus Bank plans to invest in local initiatives and engage in community outreach efforts that foster economic growth and development.
The transaction is expected to officially close by the first quarter of 2025. Until then, International City Bank will continue to operate as a division of United Fidelity Bank, fsb.
Transaction Details
MJC Partners, LLC, served as financial advisor and Loren Hansen, Esq., of Loren P. Hansen, APC, Newport Beach, California, served as legal counsel to American Plus Bank. Piper Sandler, served as financial advisor and John Tanselle, Esq. of Amundsen Davis, Indianapolis, Indiana, served as legal counsel to United Fidelity Bank, fsb.
Safe Harbor
This press release contains statements that are considered forward-looking statements within the meaning of and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could” and the negative of these terms and similar words, although some forward-looking statements may be expressed differently. Forward-looking statements also include, but are not limited to, statements regarding plans, objectives, expectations or consequences of announced transactions, known trends and statements about future performance, operations, products and services of American Plus Bank. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the American Plus Bank’s historical experience and present expectations or projections.
There can be no assurance that other factors not currently anticipated by American Plus Bank will not materially and adversely affect its business, financial condition and results of operations. Readers are cautioned not to place undue reliance on the American Plus Bank’s forward-looking statements, which reflect management’s analysis and expectations only as of the date of such statements. Forward looking statements speak only as of the date they are made, and American Plus Bank does not intend, and undertake no obligation, to publicly revise or update forward looking statements, whether as a result of new information, future events or otherwise, except as required by federal securities law.
For more information about American Plus Bank and the services offered, please visit our website at www.Bankaplus.com.
