Los Angeles-based American Plus Bank is acquiring the Long Beach, Calif. branch of United Fidelity Bank, which currently does business as International City Bank.
American Plus Bank will acquire all the premises and equipment at the branch, most of the deposits totaling approximately $107 million, and selected loans totaling approximately $86 million. The transaction is subject to regulatory approval and is expected to be finalized in the first quarter of 2025.
This strategic acquisition expands American Plus Bank’s footprint within the Los Angeles area into the Long Beach market.
“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.”
The Long Beach branch will operate under the American Plus Bank name. It will also maintain the same team of experienced professionals. The bank said it will be a seamless transition for customers, who will gain access to a broader array of banking products and services.
“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, 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.”
When the deal closes, American Plus Bank plans to invest in local initiatives and engage in community outreach efforts that foster economic growth and development.
Until the transaction closes in the first quarter of 2025, International City Bank will continue to operate as a division of United Fidelity Bank.