IE Business Daily Business news for the Inland Empire.
Ontario-based CVB Financial Corp., the parent company of Citizens Business Bank, will acquire Valley Business Bank in Visalia.
The Federal Deposit Insurance Corporation, along with the shareholders of Valley Commerce Bancorp, approved the purchase in February, according to a statement released Tuesday.
Valley Commerce Bancorp. is the parent company of Valley Business Bank. Virtually all of the shareholders voted in favor of the merger, which is expected to become official on or about March 10.
Cost of the acquisition, which will also make Valley Business Bank part of Citizens Business Bank, was not disclosed.
CVB Financial is the ninth-largest bank holding company based in California, with assets of approximately $8.1 billion. Citizens Business Bank is the largest Inland Empire-based bank, with 42 business financial centers, eight commercial banking centers and three trust office throughout Southern California.
Officials with Citizens Business Bank could not be reached for comment.
