PR Newswire
SAN DIEGO, Sept. 23, 2024
Acquisition includes four FirstBank branches in Palm Desert and Indio
with approximately $730 million in deposits and $420 million in loans
SAN DIEGO, Sept. 23, 2024 /PRNewswire/ -- California Bank & Trust (CB&T), a division of Zions Bancorporation, N.A., announced today that it has entered into an agreement to acquire four branch locations in Palm Desert and Indio from FirstBank, headquartered in Lakewood, Colorado. Under the agreement, California Bank & Trust will acquire approximately $730 million in deposits and $420 million in loans. Upon completion, the branch acquisition will expand CB&T's physical presence in Coachella Valley to a total of six locations and will add approximately 15,000 new customers, resulting in a combined 7% market share in Coachella Valley. As part of the agreement, CB&T will welcome the California-based FirstBank employees to its existing team of more than 900 associates.
"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 California."
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 California. CB&T has been voted "Best Bank" by readers of the San Diego Union-Tribune for 14 consecutive years, and "Best Commercial Bank" for 11 years in a row. Readers of The Orange County Register have also voted CB&T as the county's "Best Bank" for 11 consecutive years; CB&T was also named a 2023 "Best Bank" in the Sacramento Bee's Sacramento Favorites; and the bank has consistently won Greenwich Excellence Awards for achievement in Middle Market and Small Business. Its experienced and professional bankers are backed by major resources yet maintain local decision-making authority and regional market and industry expertise.
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 the United States, maintaining over 100 branch locations across Colorado, Arizona, and California. FirstBank offers a variety of consumer deposit accounts, home equity loans, mortgages, rental property loans, and a full range of commercial banking services, including business financing, commercial real estate loans, treasury management, and more. Since 2000, FirstBank has been recognized as a top corporate philanthropist, contributing more than $90 million and thousands of volunteer hours to charitable organizations. The company is also unique in that a large portion of its stock is owned by management and employees, giving employees a financial stake in the bank's success through its Employee Stock Ownership Program. For more information, visit www.efirstbank.com. Member FDIC.
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SOURCE Zions Bancorporation
