Newport Beach-based American Bancshares Inc. agreed to sell its American Security Bank subsidiary to CVB Financial Corp. for $57 million.
American Security will be absorbed by Citizens Business Bank, a subsidiary of Ontario-based CVB Financial.
The all-cash deal is expected to close in the third quarter.
American Security ranked No. 10 on the Business Journal’s 2013 list of the largest Orange County-based banks.
It had $412 million in assets at the end of last year, including nearly $253 million in loans, plus $356 million in deposits.
It operates through five branches, including locations in Laguna Niguel and Apple Valley.
The acquisition is expected to help Citizens Business Bank bolster its presence in “key local markets” in Southern California, according to a statement.
