Citizens Business Bank entered into an agreement to acquire Suncrest Bank for approximately $200 million.
Suncrest Bank's employees will join Citizens Business Bank. The transaction is subject to customary regulatory approvals, satisfaction of certain closing conditions and the approval of Suncrest shareholders. The boards of directors of Suncrest Bank, CVB Financial Corp. and Citizens Business Bank unanimously approved the merger. Directors, officers and certain shareholders holding 23.4% stake in Suncrest Bank have signed an agreement to vote their shares in favor of the proposed transaction with CVB Financial Corp. As on November 24, 2021, Citizens has received regulatory approvals from the Federal Deposit Insurance Corporation and the California Department of Financial Protection and Innovation, respectively. The transaction is anticipated to occur in the fourth quarter of 2021 or first quarter of 2022. As on November 24, 2021, the transaction is anticipated to occur on or about January 7, 2022. The transaction is expected to be earnings per share accretive in 2023. Piper Sandler & Co. acted as the financial advisor and Craig Miller, Veronica Lah, Sharon Bauman, Jeffrey Mannisto and David Herbst of Manatt, Phelps & Phillips, LLP served as legal counsels to CVB Financial Corp. MJC Partners, LLC acted as financial advisor and provided its opinion and Joshua A. Dean of Sheppard, Mullin, Richter & Hampton acted as legal counsel to Suncrest. Georgeson LLC acted as an information agent and Continental Stock Transfer & Trust Company as transfer agent for Suncrest.