TCB All Set To Acquire American Continental
After months of negotiations, Taichung Commercial Bank has announced their acquisition plans of American Continental Bancorp for $82.1 million in cash. The California-based commercial bank, American Continental Bank, has assets totaling $324.4 million, with gross loans and deposits amounting to $245.7 million and $271.3 million, respectively, as of June 30th. This acquisition is just one step in TCB’s strategic growth plan to expand their presence in the global market.
After serving the Chinese-American community in the City of Industry and Los Angeles for years, this bank now has five branches that offer loans in Washington, California, and Texas. Along with remote deposits, e-banking options, and traditional depository accounts, they also specialise in business loans and commercial and investor real estate loans.
TCB announced its acquisition of ACB, citing the complementary business models and strong platforms for producing residential mortgage loans, as well as a shared focus on serving the Chinese-American market. The acquisition is expected to help TCB grow and serve attractive Asian-American communities in Los Angeles, Washington, and Texas.
TCB president David Jia stated that both companies have a great cultural fit. The deal is subject to regulatory approval and other closing conditions, with an anticipated completion in the first quarter of 2023. As of June 30, TCB managed $26 billion in assets.
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