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Citizens Business Bank Completes Merger with Suncrest Bank

January 10, 2022, 07:14 AM
Filed Under: Mergers & Acquisitions

CVB Financial Corp. announced the planned merger between CVBF’s wholly owned banking subsidiary, Citizens Business Bank, and Suncrest Bank was completed, effective on Jan. 7. Suncrest was merged with and into Citizens, in accordance with the terms and conditions of that certain Agreement and Plan of Reorganization and Merger, dated as of July 27, 2021, in a stock and cash transaction valued at approximately $237 million in aggregate.

“We would like to welcome Suncrest Bank’s customers, associates and shareholders to Citizens Business Bank and CVB Financial Corp. This merger is an exciting opportunity for Citizens Business Bank to expand our presence northward to the Sacramento area and to bolster our already strong position in the important Central Valley region of California. We look forward to building on the strong customer and community relationships established by Suncrest Bank with our expanded branch network and wider array of products and services,” said David Brager, President and Chief Executive Officer of CVB Financial Corp. and Citizens Business Bank.

Suncrest Bank, headquartered in Visalia, CA, had approximately $1.4 billion in total assets, $800 million in net loans, $1.2 billion in total deposits and $179.0 million in total equity as of Dec. 31, 2021. Suncrest’s seven branch locations and two loan production offices in California’s Central Valley and the Sacramento area will open as Citizens Business Bank locations on Jan. 10.

CVB Financial Corp. is the holding company for Citizens Business Bank. CVBF is one of the 10 largest bank holding companies headquartered in California with over $16 billion in total assets.

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