IE Business Daily Business news for the Inland Empire.
Ontario-based CVB Financial Corp. the holding company of Citizens Business Bank, will merge with Heritage Commerce Corp., a community business bank based in San Jose.
The agreement, announced Dec. 17, calls for both financial institutions to merge in an all-stock transaction worth $811 million, according to a statement released by CVB Financial.
The result will be a business bank with an estimated $22 billion in assets, more than 75 offices and branches, and a presence in two of California’s strongest economic markets, Los Angeles and the Bay Area.
“This will be the most strategic, and the largest acquisition by assets, in our history,” said David A. Brager, president and chief executive officer of Citizens Business Bank, in the statement. “It brings together two premier business banks, and provides Citizens Business Bank with an opportunity to expand into the Bay Area.
Brager will keep his titles with Citizens Business Bank.
The merger has been unanimously approved by both boards of directors and is expected to become official in the second quarter of 2026, pending regulatory approvals, according to the statement.
