Central Valley bank merges with West Bancshares

(Rigo Moran)

Community West Bancshares expands their footprint across California following merger with Central Valley Community Bancorp

FRESNO, Calif. — Central Valley Community Bancorp is ready to go through a massive rebranding.

The Fresno-based parent company of Central Valley Community Bank has successfully merged with Community West Bancshares of Goleta, Calif. effective April 1, 2024. The all-stock merger transaction brings together two prominent banking institutions, promising to create a more robust financial entity with a total asset valuation of approximately $3.5 billion.

As part of the merger agreement, shareholders of Community West Bancshares will receive 0.79 shares of Central Valley common stock for each share they hold. The deal, valued at around $143 million, is based on the closing price of Central Valley’s common stock as of March 28, 2024.

The newly formed banking giant now boasts 27 full-service banking centers, stretching from the Sacramento region down through the San Joaquin Valley and over to California’s Central Coast. The merger has led to a comprehensive rebranding, with Central Valley Community Bancorp adopting the Community West Bancshares name and NASDAQ ticker symbol (CWBC).

Similarly, Central Valley Community Bank will now operate under the Community West Bank name, signaling a unified front across the expanded territory.

The board of directors of the combined entity will comprise 15 members, with a majority coming from Central Valley. This merger marks the sixth in a series of strategic acquisitions by the company, which has seen it grow through the incorporation of several smaller banks since 2005.

James J. Kim, stepping in as CEO of the merged company, alongside Daniel J. Doyle as Chairman of the Board, heralded the merger as a milestone in their commitment to community-centric banking. The executive team sees the integration of two well-respected industry veterans from Community West, William “Bill” F. Filippin and T. Joseph Stronks, into its leadership, ensuring a seamless transition and continued excellence in service.

This strategic merger is poised to enhance the banking experience for customers across Central California, providing a wider range of services and a larger network of banking centers, all while retaining a deep commitment to local community values.

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