Christopher Myers thinks often about all he gained from his role on La Cañada High School’s 1979 CIF championship football team, the only squad in the school’s 56-year history to claim a football title. Continue reading “Former LCHS Football Champ Now Leading Bank Merger”
Citizens Business Bank announced last week that it entered into an agreement to merge with Pasadena-based Community Bank. Citizens will make the purchase at a price of approximately $878 million in stock and cash.
The deal will make Citizens the eighth-largest independent bank in California, increasing its total assets to more than $12 billion.
Bank leaders expect regulators to approve the merger sometime in the third quarter of 2018, at which point Community Bank will operate as Citizens Business Bank.
The deal will give Community customers an expanded branch and ATM network: Community currently has 16 locations and 430 employees and Citizens has 51 branches and 830 employees.
“We’re both very similar in terms of our culture,” said Christopher Myers, president and CEO of Citizens. “We’ve both stood the test of time, we’re both community banks. We’ve competed against each other a lot in the marketplace; both of our companies wanted to build long-term relationships with small to medium-sized businesses in our area, so we’ve seen them in the marketplace a lot, and we’ve admired each other from afar — or not so far.”
Since it was founded as Chino Valley Bank in 1974, Citizens Bank has grown from serving primarily the Inland Empire to much of Los Angeles and Orange counties. Once the banks consolidate, Community Bank’s current customers are expected to have access to 58 branches stretching from San Diego to Madera, Myers said.
Continue reading “Citizens Business Bank to Merge With Community Bank”