Acquisition Will Mark TCB’s Entrance Into the Attractive Greater Los Angeles Metropolitan Area and USA Market
Key Highlights of the Proposed Transaction:
- Provides TCB with an initial foothold in the Greater Los Angeles Metropolitan market
- Highly compatible business model and shared credit culture
TAIPEI, Taiwan and CITY OF INDUSTRY, Calif., Sept. 30, 2022 /PRNewswire/ — Taichung Commercial Bank Co., Ltd., Taipei, Taiwan (“TCB”), announced today that it has entered into a definitive merger agreement with American Continental Bancorp, the bank holding company of American Continental Bank (collectively referred to herein as the “Company”), whereby TCB will acquire the Company in a cash transaction valued at approximately $82.1 million or approximately $41.48 per share calculated as of June 30, 2022. The actual cash consideration will be determined at closing based upon a multiple of 1.83 times adjusted book value of the Company at closing after subtracting costs of the transaction and other items.
American Continental Bank, a commercial bank based in the City of Industry, California, had total assets of $324.4 million, total gross loans of $245.7 million, and total deposits of $271.3 million as of June 30, 2022. Principally serving the Chinese-American communities in the City of Industry and surrounding communities located in Los Angeles, Orange, Riverside, and San Bernardino Counties, American Continental Bank has 5 branches located in City of Industry, Alhambra,
