A Visalia banking firm said Tuesday it has a deal to acquire West Sacramento-based CBBC Bancorp in a cash-and-stock transaction valued at $62.5 million.
Suncrest Bank of Visalia said the deal is subject to various regulatory approvals and closing conditions, plus approval by shareholders of both Suncrest and CBBC.
CBBC, with assets of $325 million, is the parent of Community Business Bank in West Sacramento and also oversees a Lodi branch and a loan-production office in Roseville.
Suncrest claims assets of $529 million and has branches in Yuba City, Fresno, Kingsburg, Porterville and Visalia.
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CBBC CEO John DiMichele and President Chad Meyer will join the board of the combined bank as non-executive directors.
Following completion of the merger, the CBBC branches in West Sacramento and Lodi will continue to operate under the Community Business Bank name, as a division of Suncrest Bank.
“The combination of our two strong community banks will not only benefit our customers but also have a positive impact on our staff and communities, while rewarding our shareholders for the bank’s excellent performance,” DiMichele said in a statement accompanying the announcement.