California Bank & Trust to Acquire Four Branches from FirstBank in Major Banking Deal

The agreement will also bring FirstBank's California-based employees into CB&T's existing workforce of over 900 associates.Photo byEduardo SoaresonUnsplash

California Bank & Trust (CB&T), a division of Zions Bancorporation, N.A., has announced its agreement to acquire four branch locations in Palm Desert and Indio from FirstBank, based in Lakewood, Colorado. The acquisition involves approximately $730 million in deposits and $420 million in loans, significantly expanding CB&T's footprint in the Coachella Valley.

Upon completion, expected in the first quarter of 2025, this deal will increase CB&T's locations in the Coachella Valley to six and add about 15,000 new customers, giving the bank a combined 7% market share in the region. The agreement will also bring FirstBank's California-based employees into CB&T's existing workforce of over 900 associates.

CB&T President and CEO Eric Ellingsen expressed enthusiasm about the transaction, stating, "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."

Both banks are focused on ensuring a seamless transition for customers and employees. FirstBank CEO Kevin Classen emphasized their commitment to maintaining high customer service standards throughout the process. Following the completion of the deal, the branches will rebrand as California Bank & Trust while continuing to operate as FirstBank until then.