Citizens Business Bank to purchase most of the assets and assume most of the deposit liabilities of San Joaquin Bank
Citizens Business Bank, a California-based wholly-owned subsidiary of CVB Financial, has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) to purchase most of the assets and assume most of the deposit liabilities of California-based San Joaquin Bank.
Citizens Business Bank is a $6.5 billion financial services company with 41 business financial centers and five commercial banking centers serving California. The addition of the San Joaquin Bank will add five business financial centers for a total of six in the Bakersfield area and 13 centers in the California Central Valley communities.
Chris Myers, president and CEO of Citizens Business Bank, said: “We are pleased to welcome all the accountholders of San Joaquin Bank to Citizens Business Bank as valued customers. We will be working with San Joaquin Bank employees and the FDIC to ensure a smooth transition of customer relationships to Citizens Business Bank. We are enthusiastic about the opportunity to grow our presence in the Bakersfield area. Our superior customer service and financial products will blend well with San Joaquin Bank’s service standards.”