Industrial Bank of Taiwan Co. Ltd. said Tuesday that it is buying the $331 million-asset EverTrust Bank in City of Industry, Calif., for $67 million.
The acquisition would be the first in the United States for the $3.4 billion-asset Industrial, which was founded in 1999 and is headquartered in Taipei.
EverTrust has four branches and caters to Chinese-Americans in southern California's Los Angeles and Orange counties.
EverTrust's shareholders have already voted in favor of the merger, but the deal still requires approval from banking regulators in both Taiwan and the U.S.
The deal is expected to close in the fourth quarter. EverTrust would become a wholly owned subsidiary of IBT Holdings, a U.S. unit of Industrial Bank, and the privately held EverTrust would retain its name.
Industrial Bank, which also provides investment banking services, said the acquisition would give it access to the U.S. financial markets.
