CVB Financial Corp., the holding company for Citizens Business Bank, and Heritage Commerce Corp. have agreed to merge in an all-stock transaction valued at approximately $811 million. The combination will expand Ontario-based Citizens’ reach into the Bay Area and create a California business bank with approximately $22 billion in assets and more than 75 offices and branches.
David A. Brager, president and CEO of Citizens, said, “This merger will provide us with comprehensive geographic coverage of all the major business banking markets in California, while ensuring the preservation of the local focus, stability and deep trust inherent in our relationship banking model.”
Post-merger, Brager will retain his role as CEO, while Heritage president and CEO Clay Jones will join Citizens as president. Two of San Jose-based Heritage’s current directors will join the Citizens board of directors. The merger is expected to close in the second quarter of 2026.
