American Plus Bank Announces Definitive Agreement to Acquire United Fidelity Bank’s Long Beach Branch
American Plus Bank has entered into a definitive agreement to acquire the Long Beach, California branch of United Fidelity Bank, fsb, which operates under the name International City Bank. Under the terms of the agreement, American Plus Bank will take over the premises and equipment at the Long Beach branch, along with most of its deposits, amounting to approximately $107 million as of October 31, 2024. Additionally, selected loans totaling around $86 million will be acquired. The transaction is pending regulatory approval and is projected to be finalized by the first quarter of 2025.
This strategic move marks a key milestone for American Plus Bank as it strengthens its presence in the Los Angeles area and makes its entry into the dynamic Long Beach market.
With a reputation for delivering exceptional financial services and personalized customer experiences, American Plus Bank aims to enhance the banking options available to Long Beach residents and businesses. The acquisition aligns with the bank’s mission to expand its footprint while maintaining a strong focus on community engagement.
“We are excited to enter the Long Beach market and welcome new customers to the American Plus Bank family,” stated John Nerland, President of American Plus Bank. “This acquisition reflects our ongoing commitment to offering top-tier banking services and supporting the Southern California community.”
Johnson Yang, Chairman of the Board at American Plus Bank, added, “We look forward to introducing our innovative solutions and personalized service to Long Beach. We anticipate a smooth transition with no changes to the branch staff, and we are eager to expand the branch’s offerings with our comprehensive range of loan and deposit products.”
The Long Beach branch will be rebranded under the American Plus Bank name while retaining its experienced team. Customers can expect a seamless transition with continued access to a broad suite of banking products and services.
As part of its commitment to the Long Beach community, American Plus Bank plans to invest in local initiatives and engage in outreach efforts that promote economic growth and development.
The transaction is expected to close by the first quarter of 2025. Until then, the branch will continue to operate as part 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.
