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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/california-bank--trust-to-acquire-firstbank-coachella-valley-ca-branches-302256154.html
SOURCE Zions Bancorporation