CVB Financial Corp. said it has cleared the regulatory hurdles for its merger with Heritage Commerce Corp., putting the deal on track to close April 17, 2026.
The company said it received a section 3 waiver and non-objection letter from the Federal Reserve for Heritage’s merger into CVB Financial, along with approval from the Office of the Comptroller of the Currency for the merger of Heritage Bank of Commerce into Citizens Business Bank.
The pending transaction combines CVB Financial, the parent of Citizens Business Bank, with Heritage Commerce and its banking subsidiary. CVB Financial said the closing still depends on customary remaining conditions in the merger agreement.
David A. Brager, president and chief executive officer of Citizens, said the company is moving toward a smooth integration and expects to build on Heritage’s customer and community relationships in the Bay Area.
Clay Jones, president and chief executive officer of Heritage, said the combination will bring together two business banking models and expand the breadth of services for customers and associates across California.
CVB Financial said it is one of the 10 largest bank holding companies headquartered in California and has more than $15 billion in total assets. Citizens Business Bank operates more than 60 banking centers and three trust office locations serving California. Heritage Bank of Commerce offers commercial and small business loans, cash management services and personal deposit products throughout the Bay Area. As a result of these announcements, the company's shares have moved 0.31% on the market, and are now trading at a price of $19.34. If you want to know more, read the company's complete 8-K report here.
