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Citizens Business Bank signs agreement with FDIC to acquire San Joaquin Bank

 

Monday, Oct 19,2009, 5:09:31 PM   Click:


Bank holding company CVB Financial Corp (NASDAQ:CVBF) disclosed late Friday that an agreement has been signed with the Federal Deposit Insurance Corporation (FDIC) by its wholly-owned subsidiary bank Citizens Business Bank to buy most of the assets and assume most of the deposit liabilities of San Joaquin Bank.

Financial terms of the agreement were not disclosed.

The deal was signed after San Joaquin Bank was closed on Friday by the California Department of Financial Institutions and the FDIC was appointed as receiver.

Citizens Business Bank is a USD6.5bn financial services company with 41 business financial centres and five commercial banking centres in California. The addition of San Joaquin Bank will add five business financial centres in the Bakersfield area and 13 in the California Central Valley communities.

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