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.
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.