Two Local Banks Given OK to Merge

The largest community bank in Ventura County will be created when Channel Islands Bank merges with American Commercial Bank at the end of the year, officials said Monday.

Members of the two boards of directors signed the merger agreement Thursday after being given approval by state and federal regulators. Final regulatory approval is expected on Dec. 31. American Commercial Bank signs should replace the Channel Islands Bank signs in March.

“The merger combines two very strong local, independent banks,” said Jerry Lukiewski, president of Americorp, which has $240 million in assets and owns American Commercial Bank. “There is no institutional money in this, and no out-of-town owners.”

Approvals by the California Department of Financial Institutions and the Federal Deposit Insurance Corp. came on the heels of shareholder approval of the merger earlier this month.

Lukiewski said the union of the two banks will mean higher lending limits, more convenient bank locations and better technology for customers, without forsaking personal service and local ownership.

“This bank will still be owned by local shareholders and run by local directors and management,” Lukiewski said. “And it will continue with the same personalized services.”

Layoffs, he added, are also to be expected.

“There will be a small number of layoffs due to this merger,” said Lukiewski, citing an overlap in administrative areas. But he added that the creation of a larger bank may also bring new career opportunities.

American Commercial Bank operates in three locations in Ventura and one in Camarillo. Channel Island Bank has two locations in Oxnard and one in Camarillo.

Lukiewski said there are no immediate plans to close any branches, although officials will consider the possibility of shutting down one of the two Camarillo locations. Lukiewski also said expanding into Thousand Oaks is a possibility.