FinPro Advises Americas United in Silvergate Office Acquisition
Americas United Bank and Silvergate Bank, a wholly owned subsidiary of Silvergate Capital, announced they entered into a purchase and assumption agreement for Americas United Bank to acquire the deposits and branch facility of Silvergate Bank’s full service branch office in Lancaster, CA.
Western Financial served as financial advisor, and McKenna Long & Aldridge served as legal advisor for Silvergate Bank. FinPro Capital Advisors served as financial advisor; and King, Holmes, Paterno & Berliner served as legal advisor for Americas United Bank.
Under the terms of the agreement, Americas United Bank will assume substantially all of the deposits and purchase certain assets associated with the Lancaster regional office. As of November 30, 2013, deposits at this branch totaled approximately $45.7 million; no loans are included in this transaction. Americas United Bank will pay a deposit premium of approximately 0.50% in this transaction.
According to Alan J. Lane, president and CEO of Silvergate Bank, “It was a difficult decision to proceed with the sale of the deposits of the Lancaster Regional Office, as we have enjoyed wonderful relationships with our customers in the region. The transaction will allow us to redirect our full focus to our core geography in the greater San Diego area. We are confident we have found an institution that mirrors our customer service philosophy and are excited to introduce our depositors to Americas United Bank.”
Adriana M. Boeka, president and CEO of Americas United Bank, stated, “We are very pleased to announce our entry into the Lancaster market, and we look forward to welcoming the employees and depositors of the Lancaster Regional Office to the Americas United Bank family. At Americas United Bank, our vision is to provide a full-range of business and personal banking services to small-to-medium-sized businesses, professionals and entrepreneurs. We are excited to serve the greater Lancaster area, as we believe it is a natural complement to our other full service regional branches in Glendale and Downey, California.”
The transaction is expected to be completed in late Q1 2014 or early Q2 2014 subject to regulatory approval and other customary closing conditions.