CALIFORNIA BANK & TRUST TO ACQUIRE FIRSTBANK COACHELLA VALLEY, CA BRANCHES

Core Points - California Bank & Trust (CB&T) has announced an agreement to acquire four FirstBank branches in Palm Desert and Indio, which includes approximately $730 million in deposits and $420 million in loans [1][2] - The acquisition will expand CB&T's presence in Coachella Valley to six locations and add around 15,000 new customers, resulting in a combined market share of 7% in the region [1][2] - The transaction is expected to be completed in the first quarter of 2025, pending regulatory approval [2] Company Information - CB&T has been recognized as a leading bank in California for over 70 years, receiving multiple awards for excellence in banking services [6] - FirstBank, established in 1963, is known for its digital banking services and operates over 100 branches across Colorado, Arizona, and California [7] - FirstBank has contributed over $90 million to charitable organizations since 2000, highlighting its commitment to corporate philanthropy [7]