American Plus Bank has reached a definitive agreement to acquire the Long Beach, California, branch of United Fidelity Bank, currently doing business as International City Bank.
The move marks an expansion for American Plus Bank within the Los Angeles Area and facilitates its entry into the Long Beach market.
Go deeper with GlobalData
This deal will see American Plus Bank acquiring the branch premises and equipment.
The bank will also acquire most of the branch’s deposits, which amount to nearly $107m as of 31 October 2024, as well as selected loans totalling around $86m as of the same date.
American Plus Bank president John Nerland said: “We are thrilled to enter the Long Beach market and welcome new customers into the American Plus Bank family.
“This acquisition reflects our dedication to providing outstanding banking services and support to communities throughout the Southern California Market.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe Long Beach branch will continue to operate with its existing team of professionals under the American Plus Bank brand. Customers are assured of a smooth transition and access to an expanded portfolio of banking products and services.
The deal, which is contingent on regulatory approval, is slated for completion in the first quarter of 2025, until which time International City Bank will remain a division of United Fidelity Bank.
American Plus Bank board chairman Johnson Yang said: “We are thrilled to enter the Long Beach market and welcome new customers into the American Plus Bank family.
“This acquisition reflects our dedication to providing outstanding banking services and support to communities throughout the Southern California Market.”
MJC Partners provided financial advisory services, and Loren Hansen, Esq., of Loren P. Hansen, APC, Newport Beach, California, acted as legal counsel for American Plus Bank.
United Fidelity Bank received financial advice from Piper Sandler, with legal counsel from John Tanselle, Esq. of Amundsen Davis, Indianapolis, Indiana.
