Branch Transformation
California Bank to acquire 4 branches from FirstBank
October 2, 2024
California Bank & Trust, a subsidiary of Zions Bancorp., announced it will acquire four branches from FirstBank. With this purchase, the bank will gain $730 million in deposits and $420 million in loans, as well as expanding its presence in the Coachella Valley, California, according to a press release.
The transaction is expected to be complete in the first quarter of 2025. The branches will rebrand as California Bank & Trust following completion.
"Our largest priorities are not only working with CB&T to ensure a smooth transition, but taking care of our clients and team members as we work through this change. We intend to also maintain the highest standards of customer service and support throughout the process," Kevin Classen, CEO of FirstBank, said in the release.
"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," Eric Ellingsen, president and CEO, CB&T, said in the release. "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."
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