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 is expected to be completed in the first quarter of 2025, subject to customary closing conditions and regulatory approval.
