Central Valley Community Bancorp completed its merger with Community West Bancshares on Monday.
Monday’s merger with the Santa Barbara County based bank was initially announced last October.
The big picture: Under the deal for the all-stock merger, Community West Bancshares shareholders receive 0.79 shares of Central Valley common stock for each share of Community West Bancshares common stock, and Central Valley Community Bancorp assumes Community West Bancshares’ outstanding stock options.
- The closing price of Central Valley Community Bancorp’s common stock was $19.89 per share on March 28, valuing the merger at $143 million.
- Community West Bancshares is now valued with over $3.5 billion in total assets.
- Community West Bank’s seven branches on the central coast have now been added to the 20 branches already operated by Central Valley Community Bank throughout the Central Valley and the Sacramento area.
- Central Valley Community Bancorp took the name of Community West Bancshares to reflect the combined company’s expanded territory.
- The board of directors will consist of nine members from Central Valley Community Bancorp and six from Community West Bancshares.
- Central Valley Community Bank President and CEO James Kim will lead the combined companies.
What they’re saying: “Our combined company represents decades of unwavering commitment to our communities,” said Board Chairman Daniel Doyle. “We are grateful for the steadfast stewardship of our retiring directors, and we are honored to welcome new directors whose strengths enhance our Board’s leadership.”
