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Citizens Business Bank Receives Regulatory Approvals to Acquire Suncrest Bank

November 29, 2021, 07:44 AM
Filed Under: Banking News

CVB Financial Corp. (CVBF), the holding company for Citizens Business Bank (Citizens), announced that Citizens has received regulatory approvals from the Federal Deposit Insurance Corporation and the California Department of Financial Protection and Innovation, respectively, to complete its announced merger with Suncrest Bank headquartered in Visalia, CA. Subject to satisfaction of all remaining closing conditions, the parties anticipate consummating the merger on or about Jan. 7, 2022.

“We are pleased to have obtained all required regulatory approvals or non-objections for our anticipated merger with Suncrest Bank,” said David A. Brager, President and Chief Executive Officer of CVBF and Citizens. “This acquisition is an exciting opportunity for Citizens Business Bank to expand our presence northward to the Sacramento area and to bolster our already strong position in the important Central Valley region of California. We are excited to build on the strong customer and community relationships established by Suncrest Bank, and we are looking forward to a successful closing and smooth integration.”

Ciaran H. McMullan, President and Chief Executive Officer of Suncrest Bank, said, “We believe the anticipated merger of Suncrest Bank and Citizens Business Bank is a tremendous opportunity for our customers and employees, and our shareholders voted overwhelmingly in favor of the merger at our special shareholders meeting on October 27, 2021. Citizens Business Bank’s ability to offer a wider range of products and higher credit capacity along with a proven commitment to excellent service fits very well with the community banking model of Suncrest Bank.”

ABL Advisor reported the planned merger in July.

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