Merger of Ventura, Oxnard Banks Announced

A merger announced Tuesday between American Commercial Bank and Channel Islands Bank has created Ventura County’s largest independently owned bank, company officials said.

The new bank will be called American Commercial Bank with assets topping $220 million, said Allen W. Jue, chairman of the American Commercial Bank’s board of directors. The merged bank will have seven branches in Ventura, Oxnard and Camarillo.

American Commercial Bank is based in Ventura and Channel Islands Bank is headquartered in Oxnard. Company officials said both banks would operate on normal schedules as a merger team works to consolidate business operations by December.

Officials said a small number of layoffs is expected. No branch closures were announced.

“This transaction is clearly advantageous to both bodies of shareholders because it will provide the resources needed for growth,” said Joseph L. Priske, chairman of the Channel Islands Bank board of directors.

Jue will become chairman of the new bank while Priske will become vice chairman. Gerald J. Lukiewski will retain his title of president and chief executive officer at American Commercial.

Discussions about consolidation started early this year, company officials said. The deal is subject to the approval of shareholders and state and federal regulators.

“It’s the perfect marriage,” Lukiewski said. “Our collective understanding of the local market, and employee commitment to delivering superior service, will assure a smooth transition.”

Currently, American Commercial has $134 million in assets and employs 80 people who work at four branches in Ventura and Camarillo. Channel Islands Bank has $85 million in assets with 65 employees at three branches in Oxnard and Camarillo.

American Commercial has $82 million in outstanding loans while Channel Islands Bank has $54 million in loans, company officials said. Both banks are rated as “premier performing banks” with capital above minimum standards, according to bank-rating firm Findley Group.

American Commercial was formed 25 years ago by Emilio J. Lagomarsino and its first location was on the corner of California and Main streets in Ventura.

Channel Islands Bank was formed 13 years ago by the late Stanley E. Cohen. Other founders include Edward F. Paul and Jacqueline S. Pruner, who remain active on the board, and retired board member Richard D. McNish.