California bank & trust to acquire Firstbank coachella valley, CA branches
California Bank & Trust (CB&T) has agreed to acquire four branches from FirstBank in the Coachella Valley, specifically located in Palm Desert and Indio.
This acquisition includes approximately US$730 million in deposits and US$420 million in loans, set to be finalized in Q1 of 2025. Upon completion, the branch acquisition will expand CB&T's physical presence in Coachella Valley to a total of six locations and will add approximately 15,000 new customers, resulting in a combined 7% market share in Coachella Valley. 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.
Morgan Stanley & Co. LLC is serving as financial advisor to FirstBank on the transaction.
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