Americas United Bank (AUNB) in Glendale, Calif., has agreed to buy Silvergate Capital Corp.'s lone branch in Los Angeles county.
Americas United will acquire $45.7 million of deposits in the deal with the $616 million-asset Silvergate, paying a deposit premium of 0.5%, according to the companies' joint Monday press release. Loans are not included in the transaction.
After selling the Lancaster, Calif., branch, Silvergate, based in La Jolla, would be left with six branches in the San Diego area, according to Federal Deposit Insurance Corp. data.
"The transaction will allow us to redirect our full focus to our core geography in the greater San Diego area," Alan Lane, President and Chief Executive Officer of Silvergate, said in the release.
The deal is expected to close late in the first quarter or early in the second quarter. It would give the $121 million-asset Americas United three offices in the Los Angeles area.
Western Financial Corporation was Silvergate's financial advisor and McKenna Long & Aldridge LLP served as the company's legal advisor. FinPro Capital Advisors served as financial advisor and King, Holmes, Paterno & Berliner, LLP served as legal advisor for Americas United Bank.