California Bank & Trust (CB&T), a division of Zions Bancorp. N.A., has entered into an agreement to acquire four California branch locations in Palm Desert and Indio from FirstBank, based in Lakewood. The acquisition includes approximately $730 million in deposits and $420 million in loans.
This deal will expand CB&T’s physical presence in Coachella Valley to six locations and add about 15,000 new customers, resulting in a combined 7% market share in the region. CB&T will also welcome FirstBank employees to its existing team of over 900 associates.
CB&T President and CEO Eric Ellingsen said, “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.”
The transaction is projected to be completed in the first quarter of 2025, pending customary closing conditions and regulatory approval. Until the deal is finalized, the branches will continue to operate as FirstBank locations and will re-brand to California Bank & Trust immediately thereafter.
FirstBank CEO Kevin Classen said, “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.”
Morgan Stanley & Co. LLC is serving as financial adviser to FirstBank in this transaction.