Americas United Bank Acquires Lancaster BranchMonday, December 30, 2013
Americas United Bank announced Monday an agreement to purchase the deposits and branch office of Silvergate Bank in Lancaster.
The acquisition will bring Americas United a third location in addition to its headquarters in Glendale and a branch in Downey. The Lancaster branch at 539 West Lancaster Blvd. comes with $46 million in deposits.
Americas United will pay a deposit premium of 0.5 percent. Loan assets tied to the branch were not included in the transaction, but no further financial details were disclosed.
“We are very pleased to announce our entry into the Lancaster market,” said Adriana Boeka, chief executive officer of Americas United Bank, in a statement. “Our vision is to provide a full range of business and personal banking services to small- to medium-sized businesses, professionals and entrepreneurs.”
Silvergate is a La Jolla bank that after the acquisition will have four remaining branches, all in San Diego County. Chief Executive Alan Lane said in a statement that the divestiture will allow Silvergate to focus on its core geography.
Shares of Americas United closed down 5 cents, or nearly 1 percent, to $5.65 in over-the-counter trading.