Those banking with Central Valley Community Bank may enjoy ATMs and bank branches along the Central Coast as the Fresno bank merges with Santa Barbara’s Community West Bank.
After the merger is completed, the company will have approximately $3.6 billion in total assets. Central Valley Community shareholders will own 63% of outstanding shares. Community West Bank shareholders will own 37%.
Board members of the two banks approved the merger, bringing the seven branches of Community West Bank into the fold of Central Valley Community Bank and its 20 branches. Community West has seven branches, according to a news release. Community West’s branches are in San Luis Obispo, Ventura, and Santa Barbara counties.
James Kim, president and CEO of Central Valley Community, said the banks would unite under the name Community West.
The deal still needs regulatory approval, but that is expected to close in the second quarter of 2024.
“Central Valley Community has steadily and profitably grown for over 43 years, building a highly attractive franchise in California’s San Joaquin Valley and Greater Sacramento region,” said Kim.
“The complementary culture, client service model, and Central Coast presence of Community West Bank further the opportunity for company growth in well-recognized Central California communities.”
Bank’s Expansion and Growth
For Kings, Tulare, Madera, and Fresno counties, Central Valley Community has the fifth-largest market share by deposits as of June 30, according to the Federal Deposit Insurance Corp.
The Community West merger marks the sixth for Central Valley Community, which acquired Folsom Lake Bank, Sierra Vista Bank, Visalia Community Bank, Service 1st Bank, and Bank of Madera County.
After the merger is completed, the company will have approximately $3.6 billion in total assets. Central Valley Community shareholders will own 63% of outstanding shares. Community West Bank shareholders will own 37%.
