Ontario-based CVB Financial Corp. has received federal and state approval for its acquisition of Suncrest Bank in Visalia.
While several closing conditions remain, the regulatory approval by the Federal Deposit Insurance Corp. and the California Department of Financial Protection and Innovation means both financial institutions will likely merge on or about Jan. 7, 2022, according to a statement on CVB Financial’s website.
“We are pleased to have obtained all required regulatory approvals or non-objections for our anticipated merger with Suncrest Bank,” said David A. Brager, president and chief executive officer of CVB Financial, in the statement. “This acquisition is an opportunity for Citizens Business Bank to expand our presence northward to the Sacramento area, and to bolster our position in the Central Valley.”
CVB Financial is the holding company for Citizens Business Bank. With more than $16 billion in assets, it’s one of the 10 largest bank holding companies based in California, according to the statement.