CVB Financial Corp. Completes Merger with Heritage Commerce Corp, Creating $20 Billion California Bank

ONTARIO, Calif. – CVB Financial Corp. announced on April 17, 2026, the successful completion of its merger with Heritage Commerce Corp, a significant consolidation in the California banking sector. The all-stock transaction brings Heritage Commerce Corp and its banking subsidiary, Heritage Bank of Commerce, under the umbrella of CVB Financial and its subsidiary, Citizens Business Bank, creating a combined institution with total assets exceeding $20 billion. The deal, first agreed upon on December 17, 2025, merges two of California's prominent business-focused banks. The integration of Heritage Bank of Commerce into Citizens Business Bank expands the latter's footprint significantly, particularly in the San Francisco Bay Area, and solidifies its presence across all major metropolitan markets in the state. The combined entity now manages approximately $12 billion in total loans and $17 billion in total deposits and customer repurchase agreements. When a major regional bank merger like this occurs, it's a critical moment for small and mid-sized business clients. While the new, larger institution may offer an expanded suite of products and a larger lending capacity, the transition period can bring significant disruption. We often see clients facing changes in their relationship managers, shifts in lending criteria, and the practical headaches of adapting to new online banking platforms and treasury management systems. This isn't just an administrative change; it's a fundamental shift in a key business partnership. It's the perfect time for business owners to proactively reassess their banking relationship to ensure it still aligns with their long-term growth objectives. Navigating these changes and securing favorable terms requires a clear financial strategy, which is a core part of the capital raising and investor strategy services we provide. For guidance on managing your business's financial partnerships through market shifts, contact C&S Finance Group LLC at csfinancegroup.com. The completion of the merger marks the culmination of a four-month process that began with the initial agreement in late 2025. According to the terms announced on December 17, 2025, the all-stock transaction was valued at approximately $811 million based on CVB Financial's stock price at the time. The path to finalization included key milestones, such as shareholder approval from both companies on March 26, 2026, and the receipt of all necessary regulatory approvals on April 1, 2026, paving the way for the April 17 closing. David Brager, Chief Executive Officer of Citizens Business Bank, commented on the strategic significance of the acquisition. “This merger marks the most strategic and largest acquisition by asset size in our history, bringing together two premier, relationship-focused business banks and advancing our longstanding objective of expanding into the Bay Area,” Brager stated in a press release. The acquisition adds 16 of Heritage's well-located branches in the Bay Area to the Citizens network, which now totals more than 75 offices and branches across California. Leadership for the combined organization has been clearly defined. David Brager will continue in his role as Chief Executive Officer of the parent company and the bank. Clay Jones, formerly the President and CEO of Heritage Commerce Corp, will join the new organization as President. To ensure continuity and representation, two directors from the former Heritage board will join the Board of Directors of CVB Financial Corp. and Citizens Business Bank. The transaction was guided by several key financial and legal advisors. CVB Financial Corp. was advised by J.P. Morgan as its financial advisor and Manatt, Phelps & Phillips, LLP as its legal counsel. Heritage Commerce Corp retained Piper Sandler & Co. as its financial advisor and Wachtell, Lipton, Rosen & Katz as legal counsel. With the legal and financial aspects of the merger now complete, the focus for the combined entity will shift to operational integration. The process of merging Heritage Bank of Commerce’s systems, customer accounts, and branch operations into the Citizens Business Bank platform will be closely watched by customers and investors in the coming months. The success of this integration will be critical to realizing the full strategic and financial benefits of the acquisition.