- July 28, 2021
- Posted by: Stratford Team
- Category: Business
Suncrest Bank file photo
published on July 27, 2021 – 4:34 PM
Written by The Business Journal Staff
Two of the Central Valley’s largest banks have agreed to join forces in a deal worth $204 million.
Visalia-based Suncrest Bank will merge into Ontario, California-based CVB Financial Corp., parent company of Citizens Business Bank, in a deal worth $204 million, according to an agreement announced Tuesday afternoon.
The deal is expected to close by the fourth quarter of this year or first quarter of 2022 and would increase Citizen Business Bank’s total assets to about $17 billion.
Suncrest had about $1.3 billion in total assets as of March 31, with seven branch locations and two loan production offices in the Central Valley. CVB Financial Corp. is one of the 10 largest bank holding companies headquartered in California with more than $15 billion in total assets. It has 58 banking centers and three…
