SAN DIEGO--(BUSINESS WIRE)--
California Bank & Trust (CB&T) officials announced today that the bank
has acquired the banking operations of Vineyard Bank in a transaction
facilitated by the Federal Deposit Insurance Corporation (FDIC). The
transaction includes $1.4 billion in loans and $1.5 billion of deposits,
which includes all current deposits, both insured and uninsured, except
brokered deposits. Vineyard Bank, headquartered in Corona, operated 16
branches, mainly in eastern Los Angeles County and western San
Bernardino County. Under the terms of this transaction, CB&T will enter
into a loss sharing agreement with the FDIC on all loans and real estate
owned.
Bank branches previously operated by Vineyard Bank will reopen on
Saturday or Monday, according to their prior normal operating hours, as
branches of California Bank & Trust.
"We welcome all Vineyard Bank customers to California Bank & Trust,"
said David Blackford, chief executive officer of CB&T. "We want to
assure all branch customers that their deposits are safe and fully
accessible using their existing account numbers, checks, debit and ATM
cards. These accounts will be automatically converted into standard CB&T
deposit accounts in an orderly manner. California Bank & Trust prides
itself in having a strong balance sheet and capital ratios. We offer a
full range of personal and business banking products and services. We
look forward to building strong relationships with all current Vineyard
customers."
California Bank & Trust operates 93 branches and seven loan production
offices statewide. Last February, it acquired the banking assets and
deposits of Alliance Bank, Culver City. CB&T, a wholly owned subsidiary
of Zions Bancorporation (NASDAQ:ZION), has $10 billion in total assets
and $8.5 billion of deposits.
About California Bank & Trust
California Bank & Trust, a subsidiary of Zions Bancorporation (NASDAQ:
ZION), is one of the largest banks headquartered in California with over
$10 billion in assets and 93 branches statewide. With local management
and decision-making as well as an emphasis on relationship banking, CB&T
provides financial solutions for businesses and individuals that include
commercial as well as small business lending, cash management,
international banking, wealth management and online banking. Learn more
at www.calbanktrust.com.
Source: California Bank & Trust
Contact: California Bank & Trust
Steven Borg, 949-862-7358
cbtcorporatemarketing@calbt.com