Citizens Business Bank received regulatory approvals from the Federal Deposit Insurance Corporation and the California Department of Financial Protection and Innovation to complete its merger with Suncrest Bank, which is headquartered in Visalia, CA. Subject to the satisfaction of all remaining closing conditions, the parties expect to consummate the merger on Jan. 7.
“We are pleased to have obtained all required regulatory approvals or non-objections for our anticipated merger with Suncrest Bank,” David A. Brager, president and CEO of Citizens Business Bank, said. “This acquisition 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 are excited to build on the strong customer and community relationships established by Suncrest Bank, and we are looking forward to a successful closing and smooth integration.”
“We believe the anticipated merger of Suncrest Bank and Citizens Business Bank is a tremendous opportunity for our customers and employees, and our shareholders voted overwhelmingly in favor of the merger at our special shareholders meeting on Oct. 27, 2021,” Ciaran H. McMullan, president and CEO of Suncrest Bank, said. “Citizens Business Bank’s ability to offer a wider range of products and higher credit capacity along with a proven commitment to excellent service fits very well with the community banking model of Suncrest Bank.”
