VB Financial and Community Bank announced that the proposed merger between CVBF’s wholly-owned banking subsidiary, Citizens Business Bank, and Community Bank has received the required regulatory approvals from the Federal Deposit Insurance Corporation (FDIC) and California Department of Business Oversight.
The consummation of the merger, which is anticipated to occur on Friday, August 10, 2018, remains subject to the satisfaction of customary closing conditions.
“We are pleased that we can move forward toward closing our merger and combining these two institutions with such long histories of success,” said Christopher D. Myers, President and Chief Executive Officer of CVBF. “The merger with Community Bank will increase our market share in key operating markets and provide additional scale and operating leverage.”
David R. Misch, Chief Executive Officer of Community Bank, stated, “We are excited to move forward toward completing the merger with Citizens and to bring together complementary business banking models with similar core values and corporate cultures.”
CVB Financial is the holding company for Citizens Business Bank. CVBF is one of the 10 largest bank holding companies headquartered in California with assets of approximately $8.1 billion.
Citizens Business Bank is consistently recognized as one of the top performing banks in the nation and offers a wide array of banking, lending and investing services through 51 banking centers and 3 trust office locations serving the Inland Empire, Los Angeles County, Orange County, San Diego County, Ventura County, Santa Barbara County, and the Central Valley area of California.
Community Bank is an independent and family-owned regional bank with assets of approximately $3.7 billion and 16 locations throughout Southern California.
Founded in 1945, Community Bank utilizes its experience, suite of financial services, and unique Partnership Banking® approach to help its clients grow and succeed.
Source: Company Press Release