IE Business Daily Business news for the Inland Empire.
Ontario-based CVB Financial Corp., the parent company of Citizens Business Bank, has completed its merger with Heritage Commerce Corp., a community business bank based in San Jose.
The transaction became official April 17, shortly after it received final approval from the Federal Reserve and the Office of the Comptroller of the Currency, according to a statement on Citizens Business Bank’s website.
The Heritage acquisition will raise Citizens’ assets to more than $20 billion, its total loans will rise to roughly $12 billion, and total deposits and customer repurchase agreements will increase to approximately $17 billion.
CVB Financial also acquires 16 branch offices operated by Heritage in the Bay Area, increasing CVB Financial’s profile in one of California’s two major metropolitan markets, according to the statement.
