CVB Financial in Ontario, Calif., has agreed to buy County Commerce Bank in Oxnard, Calif.
The $7.7 billion-asset CVB said in a press release Wednesday that it will pay about $41 million in cash and stock, or $16.79 a share, for the $252 million-asset County Commerce. The deal is expected to close in the first quarter.
“County Commerce … is a strong community bank and an excellent strategic and geographic fit,” CVB, Christopher Myers, CVB’s president and chief executive, said in the release. “This merger is about expansion and growth. As such, we have no plans to close any [County Commerce] locations.”
CVB said it expects the transaction to be immediately accretive to earnings per share, excluding merger-related costs. The deal is expected to be about 1% dilutive to CVB’s tangible book value per share, which should be earned back in less than four years.
Keefe, Bruyette & Woods and Horgan, Rosen, Beckham & Coren advised County Commerce. Sandler O’Neill and Manatt, Phelps & Phillips advised CVB.