Last week, it was announced Suncrest Bank will merge into CVB Financial Corp. parent company of Citizens Business Bank.

So two of the Central Valley's largest banks have merged in a deal with $204 million. Suncrest Bank is based in Visalia and has a branch in Porterville. Citizens Business Bank is based in Ontario, Calif. The deal is expected to close at the end of this year or at the beginning of next year.

Citizen Business Bank's total assets will increase to approximately $17 billion as a result of the merger. Suncrest has about $1.3 billion in total assets. Suncrest has seven branch locations and two loan production offices in the Central Valley.

CVB is one of the 10 largest bank holding companies in California with more than $15 billion in total assets. It has 58 banking centers and three trust office locations in Southern California and the Central Valley.

The two banks’ combined Central Valley market share would be 5.54 percent, placing it at No. 6 between Porterville based No. 5 Bank of the Sierra 6.13 percent) and Central Valley Community Bank at No. 7 (4.44 percent).

David A. Brager, CEO of CVB Financial Corp. and Citizens Business Bank, stated, “Our choice to merge with Suncrest Bank was based on the desire to partner with an organization that shares our values and aligns with our relationship banking culture.”

In a message to Suncrest Bank customers, Brager stated there would be no change to their current banking arrangement. He said Suncrest customers can continue to use their debit and credit cards, checks, online banking and all other services as they have been. Those who make loan payments should continue to make them as they have been making them, he said.

Ciaran McMullan, president and CEO of Suncrest Bank, said, “I couldn’t be more proud of the Suncrest team and what we have achieved together. This merger is a testament to the hard work of our employees in providing exceptional products and services to our customers. Citizens Business Bank is one of the top performing banks in the country and this combination rewards our shareholders, creates opportunities for our employees and expands the resources available to our customers.”

Suncrest shareholders will hold, in aggregate, approximately 6 percent of CVB Financial Corp.’s outstanding common stock following the merger.

Upon completion of the merger, Suncrest’s operations will be combined with Citizens Business Bank. The boards of directors of Suncrest, CVB Financial Corp. and Citizens unanimously approved the merger.

Directors, officers and certain shareholders holding 23.4 percent of the shares of Suncrest Bank have signed an agreement to vote their shares in favor of the merger with CVB Financial Corp.

Recommended for you