Zions Bancorporation (ZION) subsidiary California Bank & Trust officials said on Friday that the bank has acquired the banking operations of Vineyard Bank in a transaction facilitated by the Federal Deposit Insurance Corporation, or FDIC. The transaction includes $1.4 billion in loans and $1.5 billion of deposits, which includes all current deposits, both insured and uninsured, except brokered deposits.
Vineyard Bank, headquartered in Corona, operated 16 branches, mainly in eastern Los Angeles County and western San Bernardino County. Under the terms of this transaction, California Bank & Trust will enter into a loss sharing agreement with the FDIC on all loans and real estate owned.
Bank branches previously operated by Vineyard Bank will reopen on July 18 or July 20, according to their prior normal operating hours, as branches of California Bank & Trust.
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