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CVB Financial Corp. (Nasdaq: CVBF) said its planned mergers with Heritage Commerce Corp. (Nasdaq: HTBK) and with HTBK’s wholly owned banking subsidiary, Heritage Bank of Commerce (HBC), were completed on April 17, 2026. The transactions were carried out under an Agreement and Plan of Reorganization and Merger dated December 17, 2025, in an all-stock transaction.
Under the terms of the deal, HTBK was merged with and into CVBF, and HBC was merged with and into Citizens Business Bank (CBB), CVB Financial’s wholly owned banking subsidiary.
CVB said the acquisition of Heritage will increase Citizens’ scale to more than $20 billion in total assets. Citizens’ total loans are expected to rise to approximately $12 billion, while total deposits and customer repurchase agreements are expected to increase to approximately $17 billion.
The company said the acquisition is intended to accelerate Citizens’ growth opportunities by adding Heritage’s Bay Area presence, including 16 branches, and by extending Citizens’ business banking franchise to cover California’s major metropolitan areas.
David Brager, Chief Executive Officer of Citizens, said: “We would like to welcome Heritage’s customers, associates and shareholders to Citizens. 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.”
Clay Jones, President and Chief Executive Officer of Heritage, will join Citizens as President of the combined organization. Brager will continue as Chief Executive Officer of Citizens.
CVB also said two Heritage directors—Clay Jones and Julianne Biagini-Komas—are joining the boards of CVBF and CBB. Their addition increases the number of CVBF and CBB directors from nine to eleven.
CVB Financial Corp. is the holding company for Citizens Business Bank, National Association. CVBF is one of the ten largest bank holding companies headquartered in California, with more than $20 billion in total assets as of the closing of the mergers with HTBK and HBC.
Citizens Business Bank is described as a top performing bank in the nation, offering banking, lending and investing services through more than 75 banking centers and three trust office locations serving California.
CVB Financial Corp. common stock trades on the Nasdaq under the ticker symbol CVBF.
CVB said the communication includes forward-looking statements about plans, expectations, goals, projections and the anticipated benefits of the transaction, which are subject to assumptions, risks and uncertainties. The company noted that statements that are not historical facts—including statements about beliefs and expectations—are forward-looking.
CVB listed potential factors that could cause actual results to differ materially from those described in the forward-looking statements, including integration challenges, achieving anticipated synergies and cost savings, deposit attrition and customer loss, transaction costs, real estate market conditions in California and other states, and the company’s ability to retain and grow customers while controlling expenses, among other risks.
CVB said additional factors are described in its Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q, once filed, available on the SEC’s website and on CVB’s website under the Investors tab.
Contact: David A. Brager, Chief Executive Officer, (909) 980-4030
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