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.
