Frontwave Credit Union announced today its execution of a definitive agreement to acquire Community Valley Bank (CVB), a California state-chartered bank headquartered in El Centro, California.
Frontwave was established in 1952 and has experienced sustained growth and stability over the years making it a pillar in the San Diego, Riverside, and San Bernardino communities it serves.
“Frontwave Credit Union has a long history of making a difference in the community by helping members achieve their financial goals,” said Bill Birnie, President and CEO of Frontwave Credit Union. “We have a strategic commitment to bring the benefits of credit union membership to more people, while reinforcing our position as a strong and reliable financial institution. The addition of Community Valley Bank will allow us to expand our footprint as we continue living out our mission to make financial dreams come true in the communities that we serve every day.”
This partnership is a proactive step taken by two financially sound institutions with similar histories and philosophies to enhance their strengths and position. The partnership will provide members and employees the best of both organizations as well as the ability to offer expanded products and services, specifically a full suite of consumer banking products for Community Valley Bank and enhanced business banking services for Frontwave, along with more financial assets and combined technology.
That strategy aligned well with CVB as it explored future options for the organization. “Frontwave has demonstrated its commitment to community banking, and I am enthusiastic about the opportunity we have to partner with Frontwave,” said Jon Edney, President and CEO of Community Valley Bank. “I’m excited for Community Valley Bank employees to join together with Frontwave employees to enhance our financial services and resources for the communities and people we serve.”
Frontwave is represented by Honigman, LLP as legal counsel and Olden Lane as financial advisor. Community Valley Bank is represented by Breakwater Law Group, LLP and Hunton Andrews Kurth, LLP as legal counsel and Performance Trust Capital Partners as financial advisor.
