Business

Valley bank sold for $237mil. Customers see the biggest change: Fees.

The merger between Visalia-based Suncrest Bank and Ontario-based CVP Financial Corp. – parent company of Citizens Business Bank – officially closed a week ago.

For retail customers, however, the deal is just starting to sink in.

Suncrest, whose local management and staffing made it an easily accessible and often affordable option for Valley residents in need of banking services, was notorious for its fee-free, no minimum checking accounts.

Those days, it appears, are over.

The merger, which was announced last August, closed on Jan. 7, with CVB Financial Corp. paying out $18.63 per share of Suncrest stock.

At the time of merger, Suncrest had $1.4 billion in total assets with $0.8 billion in net loans, and $1.2 billion in total deposits.

Les Hubbard is a contributing reporter for The San Joaquin Valley Sun.