American Plus Bank entered into a definitive agreement to acquire the Long Beach, CA, branch of United Fidelity Bank, d/b/a 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 Oct. 31, 2024, and selected loans totaling approximately $86 million as of Oct. 31, 2024. The transaction is subject to regulatory approval and is expected to be completed by the first quarter of 2025.
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,” John Nerland, president of American Plus Bank, said. “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,” Johnson Yang, chairman of the board at American Plus Bank, said. “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. American Plus Bank plans to invest in local initiatives and engage in community outreach efforts.
The transaction is expected to officially close by Q1/25. Until then, International City Bank will continue to operate as a division of United Fidelity Bank.
MJC Partners served as financial advisor and Loren Hansen 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 of Amundsen Davis, Indianapolis, Indiana, served as legal counsel to United Fidelity Bank.
