The California Department of Financial Institutions has closed San Joaquin Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. Thereafter, Citizens Business Bank signed the agreement with FDIC.

Under the terms of the agreement, Citizens Business Bank will purchase most of the assets and assume all deposits, with the exception of Cede & Company brokered deposits, of San Joaquin Bank.

Chris Myers, president and CEO of CVB Financial, said: "We are pleased to welcome the many valued customers of San Joaquin Bank to Citizens Business Bank. We will be working diligently with San Joaquin Bank employees and the FDIC to ensure a smooth transition of client relationships to Citizens Business Bank. We are excited about the opportunity to grow our presence in the Bakersfield area. Our superior customer service and financial products will blend well with San Joaquin Bank's high service standards."

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