Frontwave Credit Union to Acquire CVB Expanding Financial Services Across Southern California
Frontwave Credit Union has announced Wednesday Jan 22 a definitive agreement to acquire Community Valley Bank (CVB), a California state-chartered bank based in El Centro, California. This strategic move aligns two strong financial institutions with similar missions and philosophies, poised to enhance banking services for their members and the communities they serve.
Founded in 1952, Frontwave Credit Union has established itself as a pillar in the San Diego, Riverside, and San Bernardino regions. With this acquisition, Frontwave aims to bring the benefits of credit union membership to a wider audience while continuing its mission to help individuals achieve their financial goals.
“Frontwave Credit Union has a long history of making a difference in the community by helping members achieve their financial goals” said Bill Birnie, President and CEO of Frontwave Credit Union. “The addition of Community Valley Bank will allow us to expand our footprint and provide a stronger, more comprehensive suite of financial products and services for our members. This is a significant step in our journey to make financial dreams come true.”
Community Valley Bank, founded in 2007, operates five branches in El Centro, Brawley, Indio, Julian, and Borrego Springs, California. As of September 30, 2024, CVB reported $315.8 million in total assets, $258.4 million in loans, $276.3 million in deposits, and $36.6 million in equity. CVB has built a solid reputation for its commitment to community banking and personalized service.
“Frontwave has demonstrated its commitment to community banking, and I am enthusiastic about the opportunity we have to partner with them,” said Jon Edney, President and CEO of Community Valley Bank. “This partnership will provide our employees and members with expanded resources and the best of both organizations to enhance financial services in the communities we serve.”
This acquisition will enable both institutions to leverage their combined strengths, providing enhanced business banking services for Frontwave members and a broader range of consumer banking products for CVB customers. The partnership also emphasizes the integration of advanced technology and financial assets to create a seamless banking experience for members and customers.
Frontwave Credit Union is represented by Honigman, LLP as legal counsel and Olden Lane as financial advisor. Community Valley Bank is represented by Breakwater Law Group, LLP and Hunton Andrews Kurth, LLP as legal counsel, with Performance Trust Capital Partners as financial adviser.
About Frontwave Credit Union
Frontwave Credit Union is a not-for-profit, member-owned financial cooperative with over 125,000 members and $1.4 billion in assets. With thirteen branches across San Diego, Riverside, and San Bernardino Counties, Frontwave is recognized for workplace excellence and outstanding service. To learn more, visit frontwavecu.com.
About Community Valley Bank
Community Valley Bank serves the Imperial Valley and surrounding communities through its five branches in El Centro, Brawley, Indio, Julian, and Borrego Springs. Dedicated to community banking, CVB reported $315.8 million in total assets as of September 30, 2024. For more information, visit yourcvb.com.
This acquisition is pending regulatory approval and is expected to close in the coming months.