Merger of Pasadena-based Community Bank and Citizens Business Bank Gets Regulatory Approvals

Published : Tuesday, July 31, 2018 | 5:22 AM

Community Bank is on track to complete its merger with Pasadena-founded Citizens Business Bank, a wholly-owned subsidiary of CVB Financial Corp. (CVBF) based in Ontario, California

The two banks announced late last week that they have received the required regulatory approvals for the merger from the Federal Deposit Insurance Corporation and California Department of Business Oversight.

The merger is anticipated to be finalized by August 10, subject to the satisfaction of customary closing conditions, their announcement said.

“We are pleased that we can move forward toward closing our merger and combining these two institutions with such long histories of success,” Christopher D. Myers, CVBF President and Chief Executive Officer, said. “The merger with Community Bank will increase our market share in key operating markets and provide additional scale and operating leverage.”

David R. Misch, Community Bank CEO, said they are “excited to move forward toward completing the merger with Citizens and to bring together complementary business banking models with similar core values and corporate cultures.”

Community Bank is an independent and family-owned regional bank with assets of approximately $3.7 billion and 16 locations throughout Southern California. For more information about the bank, visit www.cbank.com.

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