Taiwan’s Taichung Commercial Bank to acquire American Continental for $82m
Taiwan’s Taichung Commercial Bank (TCB) has signed a definitive merger agreement to acquire American Continental Bancorp (ACB) for approximately $82.1 million in cash.
ACB to be bought by Taichung Commercial Bank
ACB is the bank holding company of American Continental Bank, a commercial bank based in the City of Industry, California with total assets of $324.4 million, total gross loans of $245.7 million, and total deposits of $271.3 million as of 30 June this year.
The bank primarily serves the Chinese-American community in the City of Industry and surrounding areas including Los Angeles. It has five branches in the region and loan production offices in Washington, California and Texas.
It offers services including remote deposits, e-banking, business loans, commercial and investor real estate loans, and depository account products.
David Jia, president of TCB, says the acquisition will help the firm expand into the “attractive” Los Angeles, Washington, and Texas markets and serve their Asian-American communities.
Jia adds that ACB is an “excellent cultural fit” with TCB as both share “complementary business models, strong residential mortgage loan production platforms, and a focus on the Chinese-American market”.
As of 30 June, TCB held over $26 billion in total assets under management.
The transaction is expected to close in the first quarter of 2023, subject to regulatory approvals and customary closing conditions.
