Americas United, a Minority-owned Banking Institution, to Expand
Presence and Outreach in Southeast Los Angeles
Company Website:
http://www.bancofcal.com
IRVINE, Calif. & GLENDALE, Calif. -- (Business Wire)
Banc of California, N.A., a wholly owned subsidiary of Banc of
California, Inc. (NYSE: BANC), and Americas United Bank (OTCQB: AUNB)
today announced a definitive agreement for Americas United Bank, a
minority-owned financial institution, to purchase two branch locations
from Banc of California, N.A. The branches are located in Commerce and
Santa Fe Springs, California.
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Highlights of the transaction include:
-
The acquisition of two branch locations by Americas United Bank
including approximately $50 million of deposits and $35 million of
loan balances
-
Manuel J. Remón, Chairman of Americas United Bank and former Banco
Popular executive, brings an extensive history and experience in
leading banking activities within these branches and markets
-
Banc of California and Americas United Bank, a minority-owned
community bank, are committed to improving access to banking services
to the under-banked throughout Los Angeles
The transaction is subject to regulatory approvals and is expected to
close in the third quarter of 2015. The transaction is expected to
result in the transfer of approximately $50 million of deposits and $35
million of loans to Americas United Bank. Certain other assets related
to the branches are being acquired as part of the transaction and the
leases related to both locations will be assumed by Americas United Bank.
The transaction will provide Americas United Bank with an expanded
branch presence in southeast Los Angeles County, while increasing its
branch network to five locations.
"This transaction will significantly increase our retail and commercial
presence in the southern Los Angeles area where we already have a branch
presence and a number of strong loan and deposit relationships," stated
Mr. Manuel J. Remón, Chairman of the Board, of Americas United Bank, and
previously a senior officer of Banco Popular. "Banco Popular, and now
Banc of California, served the same targeted customer base as Americas
United Bank and share our same focus on serving our customer's lending
and deposit needs. We believe Americas United Bank is well positioned to
serve and grow this customer base.”
Commenting on the acquisition, Adriana M. Boeka, Americas United
President and Chief Executive Officer noted, “We are committed to adding
value for both our shareholders and our customers through geographic
expansion as well as organic growth. With the addition of two new
branches in Santa Fe Springs and Commerce, Americas United Bank expands
its personal and business banking services to an ever-widening community
of primarily Hispanic customers that will be well served given our
Bank’s roots as a minority-owned institution. We are excited about
expanding banking opportunities to the underserved in these two
communities, through outreach, training and additional future
commitments as we grow.”
“The sale of the Commerce and Santa Fe Springs locations to Americas
United Bank will ensure the needs of depositors and borrowers in these
markets will be well served by a strong and growing financial
institution with deep roots in the community,” said Gaylin Anderson, EVP
and Chief Retail Banking Officer for Banc of California. “We are
committed to working with our customers to ensure a smooth transition to
Americas United Bank, which we believe shares our focus and commitment
to serving their needs.”
Steven Sugarman, CEO and President of Banc of California, states, “We
are thrilled to partner with Adriana and Americas United Bank and we
hope this transaction will be the beginning of a long and successful
relationship between our organizations working toward strengthening the
communities we serve.”
Americas United Bank and Banc of California have committed to continue
to work together towards meeting the banking needs of underserved
communities throughout Los Angeles and Southern California. This will
include activities and partnerships between the banks directly and
through their CRA affiliates such as Banc of California’s Halo Fund,
which seeks to further the commitment between Banc of California, Mayor
Antonio Villaraigosa and the California Reinvestment Coalition as made
at the recent CGI America conference to give a voice to community
leaders in bank CRA activities.
The branches will continue to operate as Banc of California until the
transaction is approved and completed. Upon closing of the transaction,
the branches will become part of Americas United Bank, and customers can
immediately take advantage of banking at any Americas United Bank
location. The banks will continue to work together to ensure a smooth
transition for the customers they serve. Over the next several weeks,
customers will begin receiving communications with additional
information to guide them through the process.
About Banc of California, Inc.
Banc of California, Inc. (NYSE: BANC) has total assets over $6.0
billion. The Company’s principal subsidiary, Banc of California, N.A.,
provides banking services and loans serving the diverse needs of private
businesses, entrepreneurs and homeowners. Banc of California operates
over 100 offices, including 37 full-service branch locations, in
California and the West.
About Americas United Bank
Americas United Bank (OTCQB: AUNB) was formed as a commercial bank with
a focused niche in the Hispanic marketplace. It was founded by a group
of respected and successful business leaders primarily from the Hispanic
community and was the second such formed bank in over thirty years. AUB
operates as a full-service commercial bank that provides business and
personal banking products and services. For more information on the
Bank, please visit www.aubank.com.
Forward-Looking Statements
This press release includes forward-looking statements within the
meaning of the “Safe-Harbor” provisions of the Private Securities
Litigation Reform Act of 1995. These statements are necessarily subject
to risk and uncertainty and actual results could differ materially from
those anticipated due to various factors, including those set forth from
time to time in the documents filed or furnished by Banc of California,
Inc. with the Securities and Exchange Commission. You should not place
undue reliance on forward-looking statements and Banc of California,
Inc. undertakes no obligation to update any such statements to reflect
circumstances or events that occur after the date on which the
forward-looking statement is made.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150706005856/en/
Contacts:
BANC OF CALIFORNIA
Investor Relations Inquiries:
Timothy
Sedabres, 855-361-2262
SVP, Director of Investor Relations
or
Media
Inquiries:
Vectis Strategies
David Herbst, 213-973-4113
x101
or
AMERICAS UNITED BANK
Adriana M. Boeka,
818-637-7000
President and Chief Executive Officer
or
Investor
Relations Inquiries:
Jeffrey Pollard, 818-637-7000
Source: Banc of California, Inc.
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