Community Bank Acquired by CVB for $878M

CVB Adding Scale in Southern California With Deal for Pasadena Bank
– American Banker

American Banker covered Manatt’s representation of Community Bank in one of the largest sales for a financial institution in California over the past decade. CVB Financial has agreed to pay $878.3 million in cash and stock for Community Bank, which was represented by Manatt’s Craig Miller, a partner in the firm’s financial services group, and Agata Troy, a corporate and finance associate.

The publication noted that Community Bank has $3.7 billion in assets, with 16 branches, $2.7 billion in loans and $2.9 billion in deposits. The deal is expected to close in the third quarter.

“Our combination with Community Bank provides us tremendous financial opportunity in terms of depth of talent, a strong and diverse customer base, and significant geographic overlap,” Christopher Myers, CVB’s president and CEO, said in a press release. “We have truly admired this franchise for a long time.”

In addition to American Banker, the deal was covered by the Los Angeles Times, the Los Angeles Business Journal and the Daily Journal