First Interstate Bank Acquires Bank of A. Levy, Doubles Local Branch Network and Customer Base

Strategic Insights -

The acquisition of Bank of A. Levy by First Interstate Bank has brought about a significant expansion of the bank's presence in Ventura County. The merger, which was completed on February 1, has more than doubled First Interstate's local branch network and customer base. As of April 22, customers of the former Bank of A. Levy will be able to access their accounts and financial services at any of the 19 First Interstate branch offices across the county. The acquisition is expected to offer expanded financial services to former Bank of A. Levy customers, including increased lending capacity and additional services previously unavailable to them.

Key Takeaways:

  • The merger between First Interstate Bank and Bank of A. Levy resulted in the conversion of over 65,000 customer accounts to First Interstate accounts.
  • First Interstate's local branch network and customer base have more than doubled with the acquisition, increasing from 8 local offices to 19 across the county.
  • Former Bank of A. Levy customers will have uninterrupted access to their accounts, with their First Interstate ATM cards working as of 7 o'clock the same evening.
  • The bank is providing severance benefits to about 100 former Bank of A. Levy employees, most of whom are headquarters staff.
  • First Interstate is waiving the regular monthly service charge on checking accounts for three months to welcome the thousands of new customers from the former Bank of A. Levy.
  • The bank is actively marketing or in negotiations to sell or lease the vacated offices, including the former Levy Bancorp headquarters building in Ventura.
  • First Interstate Bank is California's third-largest bank and the largest based in Southern California, with over $25 billion in assets and more than 400 offices and 675 ATMs.

Statistics:

  • Over 65,000 customer accounts were converted from Bank of A. Levy to First Interstate Bank.
  • First Interstate's local branch network in Ventura County increased from 8 to 19 with the acquisition.
  • The bank employed approximately 250 people in Ventura County following the merger.
  • First Interstate provides over $25 billion in assets and has more than 400 offices and 675 ATMs.
  • The merger resulted in the waiving of regular monthly service charges on checking accounts for three months.

Sources:

  • Business Wire, April 21, 1995. "First Interstate Bank Acquires Bank of A. Levy".