IE Business Daily Business news for the Inland Empire.
A proposed merger of CVB Financial Corp. in Ontario and Heritage Commerce Corp. in San Jose, has been approved by the shareholders of both institutions.
First announced in December, the goal is to merge Heritage Commerce Corp “with and into CVB Financial Corp.,” according to a statement on CVB Financials’ website.
The merger, which is subject to regulatory approval, is expected to be completed during the second quarter of this year.
CVB Financial is the holding company of Citizens Business Bank. It is one of the 10 largest bank holding companies based in California, with more than $15 billion in assets, according to the company’s website.
Heritage Commerce Corp., is the holding company for Heritage Bank of Commerce.
