CVB Financial Corp., the parent company of Citizens Business Bank, and Heritage Commerce Corp. have announced a definitive agreement to merge in an all-stock transaction valued at approximately $811 million. The merger will extend the Ontario, California-based Citizens Business Bank’s footprint into Northern California’s Bay Area and create a statewide business bank with approximately $22 billion in assets and more than 75 offices and branches across California.
David A. Brager, President and CEO of Citizens, commented on the strategic move stating, “This merger will provide us with comprehensive geographic coverage of all the major business banking markets in California, while ensuring the preservation of the local focus, stability and deep trust inherent in our relationship banking model.”
Under the terms of the deal, Brager will remain CEO of the combined entity, while Clay Jones, President and CEO of Heritage Commerce Corp., will join Citizens as President. In addition, two current board members from San Jose-based Heritage will join the Citizens board of directors.
The transaction is expected to close in the second quarter of 2026, pending regulatory and shareholder approvals.
