California Bank & Trust (CB&T), a division of Zions Bancorporation, N.A., recently entered into an agreement to acquire four branch locations in Palm Desert and Indio from FirstBank, headquartered in Lakewood, Colorado. Under the agreement, California Bank & Trust will acquire approximately $730 million in deposits and $420 million in loans. Upon completion, the branch acquisition will expand CB&T’s physical presence in Greater Palm Springs to a total of six locations and will add approximately 15,000 new customers, resulting in a combined 7% market share in the region. As part of the agreement, CB&T will welcome the California-based FirstBank employees to its existing team of more than 900 associates.
The transaction is expected to be completed in the first quarter of 2025, subject to customary closing conditions and regulatory approval. The branches to be acquired will continue to operate as FirstBank branches until completion of the deal, at which time they will immediately re-brand as California Bank &Trust.
“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,” said CB&T President and CEO Eric Ellingsen. “We are excited to welcome our new colleagues and customers to California Bank & Trust and to further build upon our strong relationships in Coachella Valley.
California Bank & Trust and FirstBank are committed to a seamless transition for both customers and employees. “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. We intend to also maintain the highest standards of customer service and support throughout the process,” said FirstBank CEO Kevin Classen.
We’re working in partnership with FirstBank to handle every account with care,” added Ellingsen. “The FirstBank customers we will be welcoming to California Bank & Trust can expect to work with familiar faces supported by a company committed to building the best banking relationships in California.”
A resource page has been launched to assist FirstBank customers during the transition. Information is available at www.calbanktrust.com/firstbankwelcome, including FAQs, product options and customer updates.
Morgan Stanley & Co. LLC is serving as FirstBank’s financial advisor on the transaction.
