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SOURCE Silvergate Bank
LA JOLLA, Calif. and GLENDALE, Calif., Dec. 30, 2013 /PRNewswire/ -- Americas United Bank (OTCQB: AUNB) and Silvergate Bank, a wholly-owned subsidiary of Silvergate Capital Corporation, jointly announced today that they have 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, California. 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 Chief Executive Officer 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 Chief Executive Officer 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.
Western Financial Corporation served as financial advisor and McKenna Long & Aldridge LLP served as legal advisor for Silvergate Bank. FinPro Capital Advisors Inc. served as financial advisor and King, Holmes, Paterno & Berliner, LLP served as legal advisor for Americas United Bank.
About Silvergate Bank
Silvergate Bank is a San Diego-based bank that specializes in meeting the needs of small businesses through a comprehensive offering of lending products and personalized banking services. Silvergate Bank opened in 1988 and is a subsidiary of Silvergate Capital Corporation. Bank branches are located in Carlsbad, Escondido, La Jolla, La Mesa, and Lancaster. Silvergate Bank's headquarters office is located at 4275 Executive Square, Suite 800, La Jolla, CA 92037. The Bank's website is www.silvergatebank.com.
About Americas United Bank:
Americas United Bank (AUB) was formed as a commercial bank with a focused niche in the Hispanic marketplace. It was founded by a group of respected and successful business leaders primarily from the Hispanic community and was the second such formed bank in over thirty years. AUB operates as a full-service commercial bank that provides business and personal banking products and services. For more information on the Bank, please visit our website at www.aubank.com.
Forward Looking Statements: The numbers in this press release are unaudited. Statements such as those regarding the anticipated development of the banks' business, and the intent, belief or current expectations of the banks, their directors, or their officers, are "forward looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the banks' performance, including their ability to generate loan and deposit growth, changes in interest rates, and regulatory matters.
Alan J. Lane, President and Chief Executive Officer
Americas United Bank
Adriana M. Boeka, President and Chief Executive Officer
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