California Bank & Trust Expands Footprint with New Acquisition
California Bank & Trust Expands Footprint with New Acquisition
California Bank & Trust (CB&T), a dedicated division of Zions Bancorporation, N.A., has made a significant move to strengthen its position in the banking industry by acquiring four branch locations from FirstBank. This strategic acquisition involves branches located in areas that are primed for growth and development.
Details of the Acquisition
This notable transaction includes branches that have approximately $730 million in deposits and $420 million in loans. With this acquisition, California Bank & Trust will increase its presence in the Coachella Valley, bringing its total to six locations. The addition of these branches is set to introduce about 15,000 new customers, significantly enhancing its market share by approximately 7%. CB&T plans on welcoming the FirstBank employees into its already extensive team, which exceeds 900 associates.
Leadership Remarks
CB&T President and CEO, Eric Ellingsen, shared his excitement about the acquisition, stating, "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." His words highlight the potential for growth this acquisition presents, both for the bank and its new customers.
Transitioning Smoothly
The transition is anticipated to finalize in the first quarter of the following year, pending standard closing conditions and regulatory approvals. During this transition period, the branches will continue operating as FirstBank locations, ensuring consistency for customers until they officially rebrand as California Bank & Trust.
Customer-Centric Approach
Both California Bank & Trust and FirstBank emphasize the importance of a seamless transition for their customers and employees alike. FirstBank's CEO, Kevin Classen, stated, "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." This commitment to customer service aims to alleviate any potential concerns during this period of change.
A Strong Commitment to Service
Ellingsen reinforced CB&T's commitment to its new clientele, assuring that FirstBank customers can expect to engage with familiar faces who are dedicated to providing exceptional service. This customer-centered approach is crucial, especially in the competitive banking landscape of California.
Supporting Customers in Transition
To assist FirstBank customers during this transitional phase, California Bank & Trust has created a resource page filled with essential information, including FAQs and updates. This move demonstrates their commitment to transparency and support throughout this process.
About California Bank & Trust
Founded over 70 years ago, California Bank & Trust has established a strong reputation for fostering financial growth among Californians and their businesses. A recognized leader in the industry, CB&T has garnered several accolades, including being named the "Best Bank" for 14 consecutive years by the readers of the San Diego Union-Tribune. This history of excellence reflects the bank's dedication to serving its customers effectively.
About FirstBank
FirstBank has been providing banking services since the 1960s and is recognized as a leader in digital banking. With a presence across Colorado, Arizona, and California, FirstBank offers a variety of banking services. The institution is also noted for its community involvement and employee ownership structure, contributing over $90 million to charitable organizations since 2000. This commitment to philanthropy distinguishes FirstBank within the financial industry.
Frequently Asked Questions
What prompted the acquisition by California Bank & Trust?
The acquisition aims to enhance CB&T's presence in the banking market by adding new branches and customers, reflecting strategic growth.
When is the acquisition expected to be completed?
The acquisition is anticipated to finalize in the first quarter of the following year, pending regulatory approvals.
How will this affect existing FirstBank customers?
Existing FirstBank customers can expect a smooth transition and will be welcomed by familiar faces at California Bank & Trust.
What should customers expect during the transition?
Customers will have access to a dedicated resource page for FAQs and support to ensure they are informed throughout the transition.
Why is California Bank & Trust recognized as a top bank?
California Bank & Trust has received numerous awards for excellence in customer service and has been consistently recognized for its strong contributions to the community.
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