Citizens Business Bank and Heritage Bank of Commerce have announced a merger agreement valued at approximately $811 million. The merger will create a top-performing California business bank with $22 billion in assets and more than 75 offices. The transaction is expected to be immediately accretive to earnings per share and to tangible book value per share. The merger has been unanimously approved by both companies’ boards and is expected to close in the second quarter of 2026. David Brager will remain CEO of Citizens, while Clay Jones will join Citizens as President of the combined organization. Advisors for the merger include J.P. Morgan and Manatt, Phelps & Phillips, LLP for Citizens, and Piper Sandler & Co. and Wachtell, Lipton, Rosen & Katz for Heritage.
The news of the merger has been well-received by both companies, with executives expressing excitement about the future growth opportunities and benefits the merger will bring. David Brager, President and CEO of Citizens, highlighted the strategic significance of the acquisition, noting the expansion into the Bay Area as a key objective. Clay Jones, President and CEO of Heritage, also expressed enthusiasm for the partnership, citing the value of combining two relationship-focused banks. Upon completion of the merger, David Brager will retain his role as CEO of Citizens, with Clay Jones joining as President of the combined organization. Two of Heritage’s current directors will also join the Citizens’ Board of Directors.
For investors and shareholders interested in learning more about the merger between CVB Financial Corp. and Heritage Commerce Corporation, a conference call will be held to discuss the details on December 17, 2025. The call will provide insight into the transaction and future plans for the combined company. Participants can dial in or access the webcast to stay informed about the latest developments. The completion of the merger is expected to bring numerous benefits and growth opportunities for both companies and their stakeholders.
Read more at GlobeNewswire: CVB Financial Corp. and Heritage Commerce Corp Announce