International City Bank merged with United Fidelity Bank. The completion of the merger transaction happened at the close of business on November 30, 2021.
About International City Bank and United Fidelity Bank
International City Bank (“ICB”) was established and headquartered in Long Beach, California and has been dedicated to serving the financial needs of businesses and business professionals throughout Southern California since 1984. The bank specializes in personal and commercial banking and lending with an emphasis in the creation of affordable housing. ICB also specializes in facilitating loans for the Small Businesses Administration (SBA). United Fidelity Bank, fsb. (“UFB”) located in Evansville, Indiana, was established in 1914 with a mission to be the premier community banking institution providing financial services for their market, by surpassing customer’s expectations and fulfilling community needs in a manner that enhances value. Today, UFB is a federal savings bank that specializes in personal and commercial banking and lending with an emphasis in the creation and preservation of affordable housing.
How does the merger affect the Banks and Pedcor Companies?
UFB President and CEO Don Neel note in a press release, “We are excited for the opportunity to join forces with the highly experienced and talented staff at ICB, and to continue to serve the Long Beach business community. Uniting the banks will enable ICB to offer much larger loans, as well as additions to ICB’s existing suite of products to serve the community and meet the financial needs of our customers.”
In a previous International City Bank blog post, the former ICB President & CEO, Mr. Michael C. Miller stated “for over two decades ICB has partnered with UFB on many real estate and related transactions due to the common ownership held by the Pedcor Companies. This relationship has been very beneficial for business clients of both banks. As a result, combining the banks will enable ICB to offer much larger loans, while preserving its local identity and focus.”
The merger of ICB into UFB opens new doors and more opportunities for both the combined bank and Pedcor to further invest in affordable housing and multifamily communities across the country
Pedcor Companies is a full-service development, construction, property management, banking and finance team committed to creating stable, inclusive, and quality rental housing across the nation. We are cultivating thriving communities. For more information, please visit our website.
Pedcor supports the federal fair housing act and all state and local laws prohibiting discrimination in housing with regard to race, color, religion, national origin, sex, familial status, handicap, creed, sexual orientation, gender identity, and lesbian, gay, bisexual, transgendered (LGBT+) individuals. Pedcor is an equal opportunity provider and employer.