Coachella Valley, CA
California Bank & Trust (CB&T), a division of Zions Bancorporation, N.A., announced today that it has entered into an agreement to acquire four branch locations in Palm Desert and Indio from FirstBank, headquartered in Lakewood, Colorado. Under the agreement, California Bank & Trust will acquire approximately $730 million in deposits and $420 million in loans. Upon completion, the branch acquisition will expand CB&T’s physical presence in Coachella Valley to a total of six locations and will add approximately 15,000 new customers, resulting in a combined 7% market share in Coachella Valley. As part of the agreement, CB&T will welcome the California-based FirstBank employees to its existing team of more than 900 associates.
“This transaction provides us a team of accomplished banking professionals, four attractive and well-located branches, a sizable customer base and a great deposit franchise,” said CB&T President and CEO Eric Ellingsen. “We are excited to welcome our new colleagues and customers to California Bank & Trust and to further build upon our strong relationships in Coachella Valley.”…