BOISE, Idaho - First Security Corp. said it signed a letter of intent to acquire American Ban Corp. and its unit, American Bank of Commerce.
Under the agreement, American Ban stock would be converted into the right to, receive cash at a conversion rate established by the board. The merger is subject to approval of American Ban shareholders and regulatory authorities.
First Security said American Bank of Commerce's four offices in the Boise area will operate as branches of First Security's unit First Security Bank of Idaho.
American Bank of Commerce, which specializes in lending to small businesses, has deposits of $55.4 million and total assets of $69.1 million.