CVB Financial Corp., parent company of Ontario’s Citizens Business Bank, announced late Wednesday that it had agreed to acquire County Commerce Bank in Ventura for $41.25 million, equally split between cash and stock.
“County Commerce Bank is a strong community bank and an excellent strategic and geographic fit for Citizens,” Citizens Business Bank Chief Executive Christopher Myers said in a press release announcing the deal. “We look forward to welcoming their associates, customers, and shareholders.”
Citizens Business Bank had about $7.7 billion in assets as of June 30. While the bank is located just across the San Bernardino County line, it would rank as the sixth-largest bank in Los Angeles County. County Commerce Bank had about $253 million in assets as of June 30.
