Glendale’s Americas United Bank, which primarily caters to the Latino community, announced Monday afternoon it had agreed to acquire two branches from Irvine’s Banc of California Inc. Terms of the deal were not disclosed.
The branches, in Commerce and Santa Fe Springs, have about $50 million in deposits and $35 million in loans between them. Banc of California acquired them in November as part of a deal to buy 20 branches from Puerto Rico’s Popular Community Bank.
Americas United Chairman Manuel J. Remón, a former Popular executive, said the deal will significantly expand the Glendale bank’s presence in the southern part of Los Angeles.
“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,” Remón said in a press release announcing the deal. “We believe Americas United Bank is well positioned to serve and grow this customer base.”
Banc of California Chief Executive Steve Sugarman, who’s repeatedly talked of his desire to focus on the Latino community, said he expected the two banks to continue to work together beyond this deal.
“We hope this transaction will be the beginning of a long and successful relationship between our organizations working toward strengthening the communities we serve,” Sugarman said in the release.
Pacific Commerce Bank Names New COO
Pacific Commerce Bank in downtown Los Angeles named former Bank of Manhattan President and Chief Credit Officer John Nerland as president and chief operating officer on Tuesday.
Nerland, who has more than 30 years of experience as a community banker, will replace Scott Andrews in that role.
“(Nerland’s) strong sales and credit background coupled with his years of executive management experience will assist us in achieving the future goals we have set for the bank,” Pacific Commerce Chief Executive Frank J. Mercardante said in a press release announcing the hire.
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