Zions Bancorp’s CB&T to acquire four branches from FirstBank

California Bank & Trust, a division of Zions Bancorporation, announced that it has entered into an agreement to acquire four branch locations in Palm Desert and Indio from FirstBank, headquartered in Lakewood, Colorado. Under the agreement, California Bank & Trust will acquire approximately $730M in deposits and $420M in loans. Upon completion, the branch acquisition will expand CB&T’s physical presence in Coachella Valley to a total of six locations and will add approximately 15,000 new customers, resulting in a combined 7% market share in Coachella Valley. As part of the agreement, CB&T will welcome the California-based FirstBank employees to its existing team of more than 900 associates.