California Bank & Trust (CB&T), a subsidiary of Zions Bancorporation 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.
Under the terms of the transaction, CB&T will enter into a loss sharing agreement with the FDIC on all loans and real estate owned. However, bank branches previously operated by Vineyard Bank will reopen on according to their prior normal operating hours, as branches of California Bank & Trust.
David Blackford, chief executive officer of CB&T, said: “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.”
Vineyard Bank, headquartered in Corona, operates across 16 branches, mainly in eastern Los Angeles County and western San Bernardino County.
