California Bank & Trust Expands Coachella Valley Presence

PALM DESERT, CA — California Bank & Trust is opening four new branches in the Coachella Valley, and a grand opening celebration is scheduled next week at one of its new Palm Desert locations.

The celebration occurs from 1 p.m. to 3 p.m. Monday, March 24, at the bank located at 73000 Highway 111.

The grand opening will include complimentary light foods and beverages. Bank executives, along with local civic and business leaders, will be in attendance to share remarks. A ribbon-cutting ceremony is scheduled at 1:30 p.m.

In September, California Bank & Trust, a division of Zions Bancorporation, N.A., announced it had entered into an agreement to acquire four branch locations in Palm Desert and Indio from FirstBank.

Under the agreement, California Bank & Trust acquired approximately $730 million in deposits and $420 million in loans.

The branch acquisition expands California Bank & Trust’s physical presence in Coachella Valley to a total of six locations and adds approximately 15,000 new customers, resulting in a combined 7% market share in Coachella Valley, according to the bank.

As part of the agreement, CB&T said it welcomed FirstBank employees to its existing team of more than 900 associates.

“This transaction provides us a team of accomplished banking professionals, four attractive and well located branches, a sizable customer base and a great deposit franchise,” said CB&T President and CEO Eric Ellingsen. “We are excited to welcome our new colleagues and customers to California Bank & Trust and to further build upon our strong relationships in Coachella Valley.”

Morgan Stanley & Co. LLC served as financial advisor to FirstBank on the transaction.