Vietnamese-American Bank Sold to Filipino Buyers

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One of only two community banks serving “Little Saigon” in Orange County is being sold to a family-owned Filipino company, which will become effective upon approval by the FDIC. The buyers are Charles and Michael Lhuillier, brothers who run one of the largest pawn shop and jewelry operations in the Philippines.

An officer of the bank, speaking to Nguoi Viet Daily News on condition of anonymity, says that it’s not a purchase but is an infusion of capital.

Which may simply be a matter of semantics. Depending on the percentage of the ownership the Lhuilliers put into the bank, an infusion of capital can be an acquisition.

The officer said one of the two brothers was born in Hue, Vietnam, and was interested in Vietnamese banks.

First Vietnamese American Bank has been under financial stress for a while.