CALIFORNIA BANK & TRUST TO ACQUIRE FIRSTBANK COACHELLA VALLEY, CA BRANCHES
California Bank & Trust (CB&T), a division of Zions Bancorporation, has announced an agreement to acquire four FirstBank branches in Palm Desert and Indio, California. The acquisition includes approximately $730 million in deposits and $420 million in loans. This move will expand CB&T's presence in Coachella Valley to six locations and add about 15,000 new customers, resulting in a 7% market share in the area.
The transaction is expected to be completed in the first quarter of 2025, subject to regulatory approval. CB&T will welcome FirstBank's California-based employees to its team. Both banks are committed to ensuring a smooth transition for customers and employees. A resource page has been launched at www.calbanktrust.com/firstbankwelcome to assist FirstBank customers during the transition.
California Bank & Trust (CB&T), una divisione di Zions Bancorporation, ha annunciato un accordo per acquisire quattro filiali di FirstBank a Palm Desert e Indio, California. L'acquisizione include circa 730 milioni di dollari in depositi e 420 milioni di dollari in prestiti. Questa mossa espanderà la presenza di CB&T nella Coachella Valley a sei sedi e aggiungerà circa 15.000 nuovi clienti, portando a una quota di mercato del 7% nell'area.
Si prevede che la transazione venga completata nel primo trimestre del 2025, soggetta all'approvazione regolamentare. CB&T accoglierà i dipendenti di FirstBank con sede in California nella propria squadra. Entrambe le banche sono impegnate a garantire una transizione fluida per i clienti e i dipendenti. È stata lanciata una pagina delle risorse su www.calbanktrust.com/firstbankwelcome per assistere i clienti di FirstBank durante la transizione.
California Bank & Trust (CB&T), una división de Zions Bancorporation, ha anunciado un acuerdo para adquirir cuatro sucursales de FirstBank en Palm Desert e Indio, California. La adquisición incluye aproximadamente 730 millones de dólares en depósitos y 420 millones de dólares en préstamos. Este movimiento ampliará la presencia de CB&T en el Valle de Coachella a seis ubicaciones y sumará alrededor de 15,000 nuevos clientes, lo que resultará en una cuota de mercado del 7% en la zona.
Se espera que la transacción se complete en el primer trimestre de 2025, sujeta a la aprobación regulatoria. CB&T dará la bienvenida a los empleados de FirstBank con sede en California a su equipo. Ambas instituciones están comprometidas a garantizar una transición fluida para los clientes y empleados. Se ha lanzado una página de recursos en www.calbanktrust.com/firstbankwelcome para ayudar a los clientes de FirstBank durante la transición.
캘리포니아 뱅크 앤 트러스트(CB&T)는 자이온스 뱅코퍼레이션의 일부로, 캘리포니아주 팜 데저트와 인디오에 있는 네 개의 퍼스트뱅크 지점을 인수하기로 합의했다고 발표했습니다. 이번 인수에는 약 7억 3천만 달러의 예금과 4억 2천만 달러의 대출이 포함됩니다. 이 조치는 CB&T의 코체라 밸리 내 입지를 여섯 곳으로 확장하고 약 15,000명의 신규 고객을 추가하여 7%의 시장 점유율을 달성할 것입니다.
이번 거래는 2025년 첫 분기에 완료될 것으로 예상되며, 규제 승인을 조건으로 합니다. CB&T는 캘리포니아에 있는 퍼스트뱅크 직원들을 팀에 맞이할 것입니다. 두 은행은 고객과 직원의 원활한 전환을 보장하는 데 전념하고 있습니다. 전환 기간 동안 퍼스트뱅크 고객을 돕기 위해 www.calbanktrust.com/firstbankwelcome에 리소스 페이지가 개설되었습니다.
California Bank & Trust (CB&T), une division de Zions Bancorporation, a annoncé un accord pour acquérir quatre agences de FirstBank à Palm Desert et Indio, Californie. Cette acquisition comprend environ 730 millions de dollars en dépôts et 420 millions de dollars en prêts. Cette initiative permettra à CB&T d'étendre sa présence dans la vallée de Coachella à six emplacements et d'ajouter environ 15 000 nouveaux clients, ce qui représentera une part de marché de 7% dans la région.
La transaction devrait être finalisée au premier trimestre de 2025, sous réserve de l'approbation réglementaire. CB&T accueillera les employés de FirstBank basés en Californie au sein de son équipe. Les deux banques sont déterminées à garantir une transition fluide pour les clients et les employés. Une page de ressources a été lancée sur www.calbanktrust.com/firstbankwelcome pour aider les clients de FirstBank durant cette transition.
California Bank & Trust (CB&T), eine Abteilung von Zions Bancorporation, hat eine Vereinbarung zur Übernahme von vier FirstBank-Filialen in Palm Desert und Indio, Kalifornien, bekannt gegeben. Die Übernahme umfasst etwa 730 Millionen Dollar an Einlagen und 420 Millionen Dollar an Krediten. Diese Maßnahme wird die Präsenz von CB&T im Coachella Valley auf sechs Standorte erweitern und etwa 15.000 neue Kunden hinzufügen, wodurch ein Marktanteil von 7% in der Region entsteht.
Es wird erwartet, dass die Transaktion im ersten Quartal 2025 abgeschlossen wird, vorbehaltlich der Genehmigung durch die Aufsichtsbehörden. CB&T wird die in Kalifornien ansässigen Mitarbeiter von FirstBank in sein Team aufnehmen. Beide Banken setzen sich dafür ein, einen reibungslosen Übergang für Kunden und Mitarbeiter zu gewährleisten. Eine Ressourcenseite wurde auf www.calbanktrust.com/firstbankwelcome eingerichtet, um FirstBank-Kunden während des Übergangs zu unterstützen.
- Acquisition of $730 million in deposits and $420 million in loans
- Expansion to 6 locations in Coachella Valley
- Addition of 15,000 new customers
- Increase to 7% market share in Coachella Valley
- Acquisition of experienced banking professionals
- None.
Insights
This acquisition is a strategic move for California Bank & Trust (CB&T), a division of Zions Bancorporation. The deal will significantly expand CB&T's presence in the Coachella Valley market, increasing its branch count from two to six and boosting its market share to
The addition of 15,000 new customers presents cross-selling opportunities for CB&T's broader range of products and services. The retention of FirstBank's California-based employees should help maintain customer relationships and smooth the transition. However, investors should monitor integration costs and potential customer attrition during the transition period.
While the financial terms weren't disclosed, the impact on Zions Bancorporation's earnings will depend on the purchase price and integration expenses. The expected completion in Q1 2025 gives ample time for regulatory approval and integration planning, potentially minimizing disruption to operations.
This acquisition aligns with the broader trend of consolidation in the banking industry, particularly as smaller regional banks seek to expand their footprint and compete with larger national institutions. The Coachella Valley market, known for its affluent demographics and growing economy, presents a valuable opportunity for CB&T to capture a larger share of both retail and commercial banking services.
The increase to a
Investors should consider the long-term growth potential in the Coachella Valley market and how this expanded presence might contribute to Zions Bancorporation's overall California strategy. The success of this acquisition could pave the way for similar strategic moves in other attractive California markets.
Acquisition includes four FirstBank branches in
with approximately
"This transaction provides us a team of accomplished banking professionals, four attractive and well-located branches, a sizable customer base and a great deposit franchise," said CB&T President and CEO Eric Ellingsen. "We are excited to welcome our new colleagues and customers to California Bank & Trust and to further build upon our strong relationships in Coachella Valley."
This transaction is expected to be completed in the first quarter of 2025, subject to customary closing conditions and regulatory approval. The branches to be acquired will continue to operate as FirstBank branches until completion of the deal, at which time they will immediately re-brand as California Bank & Trust.
California Bank & Trust and FirstBank are committed to a seamless transition for both customers and employees. "Our largest priorities are not only working with CB&T to ensure a smooth transition, but taking care of our clients and team members as we work through this change. We intend to also maintain the highest standards of customer service and support throughout the process," said FirstBank CEO Kevin Classen.
"We're working in partnership with FirstBank to handle every account with care," added Ellingsen. "The FirstBank customers we will be welcoming to California Bank & Trust can expect to work with familiar faces supported by a company committed to building the best banking relationships in
A resource page has been launched to assist FirstBank customers during the transition. Information is available at www.calbanktrust.com/firstbankwelcome, including FAQs, product options and customer updates.
Morgan Stanley & Co. LLC is serving as financial advisor to FirstBank on the transaction.
About California Bank & Trust (CB&T): CB&T has been helping Californians and their businesses grow and prosper for more than 70 years. A division of Zions Bancorporation, N.A. (NASDAQ: ZION), CB&T continues to earn recognition year after year across
About FirstBank: FirstBank began providing banking services in 1963. Today, it's known as an industry leader in digital banking. It has grown to be one of the top performing and largest privately held banks in
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SOURCE Zions Bancorporation
FAQ
When is the acquisition of FirstBank branches by California Bank & Trust (ZION) expected to be completed?
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What is the value of deposits and loans being acquired by California Bank & Trust (ZION) in this transaction?
How will this acquisition affect California Bank & Trust's (ZION) market share in Coachella Valley?
Where can FirstBank customers find information about the transition to California Bank & Trust (ZION)?
