Frontwave Credit Union in Oceanside, Calif., has agreed to buy Community Valley Bank in El Centro, Calif.
The $1.4 billion-asset credit union said in a press release that it will pay $56.4 million in cash for the $316 million-asset bank. The deal is expected to close in the second half of 2025.
Community Valley has five branches, $258.4 million in loans and $276.3 million in deposits.
“We believe that quality growth and diversification is essential to continued success in our industry, and we intend to achieve it … organically and through mergers or acquisitions,” Bill Birnie, Frontwave’s president and CEO, said in the release.
Frontwave was advised by Honigman and Olden Lane. The bank was advised by Breakwater Law Group and Performance Trust Capital Partners.