CENTRAL VALLEY – Two of California’s banks recently merged to become one of the largest community banks in Central California, with approximately $3.6 billion in total assets, $3.1 billion in deposits, $2.2 billion in loans and 27 Banking Centers in 11 counties.
Central Valley Community Bancorp (CVCY) and Community West Bancshares (CBWC) finalized their merger on Oct. 10, combining their stocks and child companies; Central Valley Community Bank (CVCB) and Community West Bank (CWB).
“Uniting our two great organizations under the single name of Community West Bank brings our unique brand of relationship banking and experienced bankers to more communities in an expanded service area,” stated James J. Kim — who will serve as the new company’s CEO — in a press release.
CWB currently has seven full-service banking offices in Santa Barbara, Ventura and San Luis Obispo counties, which will now operate in tandem with CVCB’s 20 full-service Banking Centers in eight counties. Both banks’ boards of directors have unanimously approved the transaction, which is expected to close in the second quarter of 2024.
At the close of the transaction, the combined company will retain the banking offices of both banks and anticipates no branch closings as a result of the merger. Upon the closing of the merger the resulting company will assume the name of Community West Bancshares, and CVCB will assume the name Community West Bank.
The Community West Bancshares merger will become the sixth for Central Valley Community Bancorp, which acquired Folsom Lake Bank on Oct. 2, 2017; Sierra Vista Bank on Oct. 1, 2016; Visalia Community Bank on July 1, 2013; Service 1st Bank on Nov. 12, 2008; and Bank of Madera County on Jan. 1, 2005.
“Central Valley Community Bank 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 (creates) a combined franchise whose strength and size continue to serve clients and communities with integrity, offering enhanced professional employee development opportunities and greater earnings power for shareholders.”
While this may seem like a big change, customers of either bank can rest assured that the bulk of the adjustment will be felt by the shareholders and those in charge of the merger. According to the press release, this will be nothing but positive for all parties involved.