Zions Bancorp. in Salt Lake City has agreed to buy four California branches from FirstBank in Lakewood, Colo.
Zions’ subsidiary California Bank & Trust will also gain about $730 million in deposits and $420 million in loans from the branches, which are located in the Coachella Valley.
The transaction is expected to close in the first quarter; the price wasn’t disclosed.
“This transaction provides us a team of accomplished banking professionals, four attractive and well-located branches, a sizable customer base and a great deposit franchise,” Eric Ellingsen, CB&T’s president and CEO, said in a press release. “We are excited to welcome our new colleagues and customers … and to further build upon our strong relationships in Coachella Valley.”
Morgan Stanley advised FirstBank.