Citizens Business Bank Completes Merger with Suncrest Bank
CVB Financial completed the previously announced merger of its wholly-owned subsidiary, Citizens Business Bank, with Suncrest Bank.
CVB Financial completed the previously announced merger of its wholly-owned subsidiary, Citizens Business Bank, with Suncrest Bank.
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.
CVB Financial and Suncrest Bank entered into an agreement and plan of reorganization and merger pursuant to which Suncrest Bank will merge with and into Citizens Business Bank in a stock and cash transaction valued at approximately $204 million.
Citizens Business Bank provided a $7.5 million, two-year revolving credit facility to Better Choice Company, an animal health and wellness company, to support its future growth initiatives.
Citizens Business Bank President and CEO Christopher Myers, has decided to retire effective March 15, 2020. The company’s board of directors has begun the leadership transition process.
CVB Financial completed its merger with Valley Commerce Bancorp. VCB had about $400 million in assets and CVBF had approximately $8.1 billion in assets.
Citizens Business Bank has hired David F. Farnsworth as the new Chief Credit Officer.