American Plus Bank, N.A. Agrees to Acquire Long Beach, California, Branch of United Fidelity Bank, fsb.
Los Angeles, CA – On November 7, 2024, American Plus Bank announced 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.
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.
“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.
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.
About American Plus Bank, N.A.
Founded in 2007, American Plus Bank, N.A. is an independent, customer- oriented community bank headquartered in Arcadia, California, providing financial solutions to the individuals and business communities in the San Gabriel Valley and surrounding areas in Los Angeles County.
About MJC Partners
MJC Partners’ investment banking team offers a full range of strategic, transactional, and valuation-related services across multiple industry groups with a focus on financial institutions, blockchain, and financial technology companies globally. For more information about MJC Partners, click here
?
For more information about this transaction, click here .