California Bank & Trust (CB&T), a division of Zions Bancorporation, announced an agreement to acquire four FirstBank branches in Palm Desert and Indio, California. This transaction includes approximately $730 million in deposits and $420 million in loans. The acquisition is expected to expand CB&T's physical presence to six locations in the region.
This strategic move is projected to add around 15,000 new customers to California Bank & Trust. Upon completion, it will result in a combined 7% market share in the Coachella Valley. The transaction is anticipated to close in the first quarter of 2025, pending customary closing conditions and regulatory approval.
Eric Ellingsen, CB&T President and CEO, stated that the acquisition provides an accomplished team of banking professionals, attractive branches, a sizable customer base, and a strong deposit franchise. This expansion strengthens Zions Bancorporation's competitive position in a key regional market.
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