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.
Suncrest Bank appointed Rabobank veteran John Alcorn to lead its Agribusiness Division in Fresno, CA.
Suncrest Bank will acquire Security First Bank in a merger that will create a $425 million franchise in California’s Central Valley.