Heritage Bank of Commerce, which has a branch on Sutter Boulevard in Morgan Hill, recently merged with Citizens Business Bank.
Ontario, Calif. based Citizens Business Bank completed the purchase of Heritage Bank of Commerce and its 75 locations on April 17. The acquisition brings Citizens’ total assets to more than $20 billion, the company said in a press release.
Citizens Business Bank said the acquisition is likely to accelerate the company’s growth opportunities, by incorporating Heritage’s banking footprint—including 16 branches in the Bay Area—and by extending Citizens’ business banking franchise to cover all of California’s major metropolitan areas.
“We would like to welcome Heritage’s customers, associates and shareholders to Citizens,” said David Brager, Chief Executive Officer of 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 in connection with the mergers. Brager will continue to serve as Chief Executive Officer of Citizens, says the press release.
