TAIPEI and CITY OF INDUSTRY, Calif., Oct. 13, 2023 /PRNewswire/ — Taichung Commercial Bank Co., Ltd., Taipei, Taiwan (“TCB”), American Continental Bancorp and American Continental Bank (collectively referred to herein as the “Company”), announced today that all of the terms and conditions of the merger agreement entered into between the parties on September 30, 2022, as amended, have not been satisfied by the termination date and the parties have reached an agreement for the mutual termination of the merger agreement. The parties have also reached an agreement that TCB will pay the Company U.S. $500,000.00.
The Company’s mission is to serve its local community by providing a growing array of banking solutions to meet the needs of individuals and small business owners. The Company places great value on the integrity of its officers and employees and how it conducts business. The Company will continue to provide superior service to its customers and depositors. An emphasis on building strong client relationships and community involvement are cornerstones of the Company’s philosophy, and the Company will continue to explore strategic alternatives that it believes will provide superior value to its shareholders.
About American Continental Bancorp
American Continental Bancorp is a community-based bank holding company headquartered in the City of Industry, California. The Company had total assets of approximately $357.4 million as of June 30, 2023. Its wholly owned subsidiary, American Continental Bank, is a full-service commercial bank, which provides business banking services to the Chinese-American communities in Los Angeles, Orange, Riverside, and San Bernardino Counties in California, and in Bellevue, Washington. Bank services include remote deposit, E-banking, commercial and investor real estate loans, business loans and lines of credit, SBA 7A and 504 loans, 1-4 single family residential loans, and a full range of depository account products and services. The Bank has three branches in Los Angeles County, one branch in San Bernardino County, one branch in Bellevue, Washington, and three loan offices in Bellevue, Washington, Fremont, California, and Carrollton, Texas. The Company’s head office is located at 17700 Castleton Street, Suite 100, City of Industry, California. The Company’s website address is www.americancontinentalbank.com.
Forward-Looking Statements
Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to the Company’s current business plans, its future financial position and operating results and the Company’s expectations. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “target,” “estimate,” “continue,” “positions,” “prospects” or “potential,” by future conditional verbs such as “will,” “would,” “should,” “could” or “may”, or by variations of such words or by similar expressions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which change over time. Forward-looking statements speak only as of the date they are made and we assume no duty to update forward-looking statements.
These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, local, regional, national and international economic and market conditions and events and the impact they may have on the Company, on our customers and our assets and liabilities; our ability to attract deposits and other sources of funding or liquidity; supply and demand for real estate and periodic deterioration in real estate prices and/or values in California, Washington or other states the Company lends, including both residential and commercial real estate; a prolonged slowdown or decline in real estate construction, sales or leasing activities; changes in the financial performance and/or condition of our borrowers, depositors or key vendors or counterparties; changes in our levels of delinquent loans, nonperforming assets, allowance for loan losses and charge-offs; the costs or effects of acquisitions or dispositions we may make, whether we are able to obtain any required governmental approvals in connection with any such acquisitions or dispositions, and the Company’s ability to realize the contemplated financial or business benefits associated with any such acquisitions or dispositions; the effect of changes in laws, regulations and applicable judicial decisions (including laws, regulations and judicial decisions concerning financial reforms, taxes, banking capital levels, consumer, commercial or secured lending, securities and securities trading and hedging, compliance, employment, executive compensation, insurance, vendor management and information security) with which we and our subsidiaries must comply or believe we should comply; changes in estimates of future reserve requirements and minimum capital requirements based upon the periodic review thereof under relevant regulatory and accounting requirements, including changes in the Basel Committee framework establishing capital standards for credit, operations and market risk; inflation, interest rate, securities market and monetary fluctuations; changes in government interest rates or monetary policies; changes in the amount and availability of deposit insurance; cyber-security threats, including loss of system functionality or theft or loss of company or customer data or money; political instability; acts of war or terrorism, or natural disasters, such as earthquakes, drought, or the effects of pandemic diseases; the timely development and acceptance of new banking products and services and the perceived overall value of these products and services by our customers and potential customers; our relationships with and reliance upon vendors with respect to the operation of certain key internal and external systems and applications; changes in commercial or consumer spending, borrowing and savings preferences or behaviors; technological changes and the expanding use of technology in banking (including the adoption of mobile banking and funds transfer applications); the ability to retain and increase market share, retain and grow customers and control expenses; changes in the competitive and regulatory environment among financial and bank holding companies, banks and other financial service providers; volatility in the credit and equity markets and its effect on the general economy or local or regional business conditions; fluctuations in the price of the our common stock or other securities; and the resulting impact on our ability to raise capital or the Company’s ability to make acquisitions, the effect of changes in accounting policies and practices, as may be adopted from time-to-time by our regulatory agencies, as well as by the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard-setters; changes in our organization, management, compensation and benefit plans, and our ability to retain or expand our workforce, management team and/or our board of directors; the costs and effects of legal, compliance and regulatory actions, changes and developments, including the initiation and resolution of legal proceedings (such as securities, consumer or employee class action litigation), regulatory or other governmental inquiries or investigations, and/or the results of regulatory examinations or reviews; our ongoing relations with our various federal and state regulators; our success at managing the risks involved in the foregoing items.
Contacts:
Terry Lou
President and CEO
(626) 363-8988
Donald Dang
Executive Vice President and CFO
(626) 363-8988
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