CALIFORNIA BANK & TRUST EXPANDS PRESENCE IN THE COACHELLA VALLEY FOLLOWING ACQUISITION OF FIRSTBANK'S CALIFORNIA OPERATIONS

Rhea-AI Summary

California Bank & Trust (CB&T) has expanded its presence in the Coachella Valley through the successful acquisition of FirstBank's California banking operations. The integration includes four newly converted branches in the region, strengthening CB&T's 20-year presence in the area.

The expansion includes branches at 73000 Highway 111 and 42035 Washington Street in Palm Desert, 39580 Washington Street in Palm Desert, and 82900 Avenue 42 C in Indio. To celebrate this expansion, CB&T will host a Grand Opening Celebration on March 24, 2025, from 1 to 3 p.m. at its newly converted Palm Desert branch.

CB&T President and CEO Eric Ellingsen emphasized the bank's commitment to the region, focusing on delivering personalized financial solutions. The bank maintains its community involvement through partnerships with the Coachella Valley Firebirds, Fashion Week El Paseo, and the Palm Desert Food & Wine Festival.

Positive

• Expansion of market presence through acquisition of 4 new branches
• Retention of existing FirstBank employees maintaining local expertise
• Enhanced service capability in the Coachella Valley region
• Strategic growth in an established market with 20+ years presence

Negative

• None.

Insights

Banking Industry Analyst

California Bank & Trust's (CB&T) expansion in the Coachella Valley represents a strategic enhancement of its regional footprint following the acquisition of FirstBank's California operations. The integration adds four newly converted branches to complement CB&T's existing locations in the region, where they've maintained a presence for over 20 years.

What's notable about this expansion is CB&T's retention strategy - maintaining continuity with the same bankers who previously served these communities. This approach typically helps preserve customer relationships during transitions, which is crucial for maintaining deposit bases and loan portfolios post-acquisition.

For parent company Zions Bancorporation (ZION), this move aligns with traditional community banking expansion models, focusing on physical presence and local relationship building rather than purely digital growth strategies. The announcement demonstrates CB&T's commitment to the branch-based banking model in specific growth markets, even as many competitors reduce their physical footprint.

While the financial terms of the acquisition aren't disclosed, making it difficult to assess the direct impact on ZION's overall performance, the expansion signals confidence in the Coachella Valley market and demonstrates ZION's continued execution of targeted growth strategies through its California subsidiary.

The community is invited to celebrate at Grand Opening event on March 24

SAN DIEGO, March 24, 2025 /PRNewswire/ -- California Bank & Trust (CB&T), a leading financial institution serving businesses and individuals across the state, is strengthening its presence in the Coachella Valley following the successful acquisition of FirstBank's California banking operations. The integration of four newly converted branches in the Coachella Valley reinforces CB&T's long-standing commitment to providing comprehensive banking solutions to local businesses, families and community organizations.

"Our growth in the Coachella Valley reflects our deep dedication to this vibrant region," said CB&T President and CEO Eric Ellingsen. "By welcoming new clients and employees through this transition, we're enhancing our ability to deliver personalized financial solutions from one of the best and most experienced team of bankers. We look forward to celebrating our expanded presence with the community and continuing to foster economic growth across the Valley."

Grand Opening Celebration on March 24
CB&T will host a Grand Opening Celebration on Monday, March 24, from 1 to 3 p.m. at its newly converted Palm Desert branch, located at 73000 Highway 111. Community members are invited to join customers, local dignitaries, and business leaders for an afternoon of networking and festivities, including:

• Ribbon-cutting ceremony at 1:30 p.m.
• Remarks from CB&T executives and local civic leaders
• Complimentary light refreshments
• Special appearance by Coachella Valley Firebirds mascot, Fuego
• Exciting giveaways, including Stagecoach Festival passes, Coachella Valley Firebirds hockey tickets and more

The event is free and open to the public.

Seamless transition for clients and expanded local services
CB&T is committed to a seamless transition for both customers and employees, maintaining the highest standards of customer service and support throughout the process. The newly converted branches include:

• 73000 Highway 111, Palm Desert
• 42035 Washington Street, Palm Desert
• 39580 Washington Street, Palm Desert
• 82900 Avenue 42 C, Indio

With this expansion, CB&T builds upon its more than 20-year history in the Coachella Valley, complementing its existing branches at:

• 80250 Highway 111, Suite 101C, Indio
• 73301 Highway 111, Suite 100, Palm Desert

"When you visit our new branches, you'll see familiar faces—bankers who have already been serving this community for years," said CB&T Executive Vice President and Regional President Steve Stuckey. "Our goal was to make this transition seamless for our clients, and we're excited to deepen our local relationships while expanding our financial products and services throughout the Coachella Valley."

A stronger commitment to the Coachella Valley community
CB&T is not only expanding its physical presence but also deepening its investment in the Coachella Valley through ongoing community partnerships. As a proud supporter of the Coachella Valley Firebirds, Fashion Week El Paseo, and the Palm Desert Food & Wine Festival, CB&T continues to play an active role in fostering local culture and economic vitality. Additionally, CB&T remains committed to the Desert Community Foundation and its annual CV Giving Day initiative.

"We take pride in being a true community partner," added Stuckey. "As a regional bank with a local focus, we understand that the strength of a community lies in its people, businesses, and shared experiences. We're excited to continue building meaningful relationships and supporting the Valley's long-term success."

For more information on CB&T's commitment to empowering California's communities, visit www.calbanktrust.com. Stay connected with CB&T on Facebook, X, Instagram and LinkedIn.

About California Bank & Trust (CB&T):
Headquartered in San Diego, California Bank & Trust has been helping California families and businesses thrive for over 70 years. With local decision-making backed by regional strength, CB&T's knowledgeable bankers provide personalized solutions that go beyond what traditional banks offer.

CB&T has earned consistent recognition, including being voted:

• "Best Bank" by San Diego Union-Tribune readers for 14 consecutive years
• "Best Commercial Bank" for 11 years running
• "Best Bank" in The Orange County Register and Sacramento Bee readership polls

CB&T is a division of Zions Bancorporation, N.A. (NASDAQ: ZION) and has been recognized for its excellence in Middle-Market and Small Business banking by Coalition Greenwich Best Bank Awards.

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SOURCE Zions Bancorporation

FAQ

How many branches did ZION acquire from FirstBank in the Coachella Valley?

California Bank & Trust acquired 4 branches from FirstBank's California operations in the Coachella Valley.

When will ZION's new Coachella Valley branches open following the FirstBank acquisition?

The grand opening celebration for the newly converted branches is scheduled for March 24, 2025, from 1 to 3 p.m. at the Palm Desert location.

What are the locations of ZION's newly acquired branches in the Coachella Valley?

The newly acquired branches are located at 73000 Highway 111 and 42035 Washington Street in Palm Desert, 39580 Washington Street in Palm Desert, and 82900 Avenue 42 C in Indio.

How long has ZION been operating in the Coachella Valley before this acquisition?

California Bank & Trust has maintained a presence in the Coachella Valley for more than 20 years before this expansion.