CVB Financial Corp (CVBF), the holding company for Citizens Business Bank, said earlier this week Citizens had obtained regulatory approvals from the Federal Deposit Insurance Corporation and the California Department of Financial Protection and Innovation to finalize its announced merger with Suncrest Bank (SBKK) based in Visalia, California.
“We are pleased to have obtained all required regulatory approvals or non-objections for our anticipated merger with Suncrest Bank,” David Brager, President and Chief Executive Officer of CVBF and Citizens, said in a statement.
“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,” he added.
“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,” Ciaran McMullan, President and Chief Executive Officer of Suncrest Bank, said.