Upon finalisation of the deal, CMUV Bancorp and CVB plan to dissolve. Credit: Pingingz/ Shutterstock.

Frontwave Credit Union has signed a definitive agreement to acquire the assets and liabilities of California state-chartered Community Valley Bank (CVB).  

Frontwave, a member-owned not-for-profit financial cooperative, will acquire all CVB’s assets and assume most liabilities for $56.4m in cash, subject to adjustments, along with CVB’s expected federal income tax liability from the sale. 

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Founded in 2007 as a subsidiary of CMUV Bancorp, CVB operates five branches across California.  

As of 30 September 2024, it reported $315.8m in total assets. 

The move will allow Frontwave to enter new markets in San Diego and Riverside Counties and expand into Imperial County, diversifying its assets and adding business banking expertise. 

CVB’s integration into Frontwave will also provide its customers with consumer financial services, including banking, loans, credit cards, and insurance.  

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Frontwave’s members are expected to benefit from CVB’s over 17 years of business banking experience, supporting the credit union’s expansion of business banking products. 

The transaction has been approved by the boards of both institutions and is expected to close in the second half of 2025, pending regulatory and shareholder approvals. 

Post-acquisition, the combined entity will have over $1.7bn in assets and serve over 130,000 members across Southern California. 

Upon finalisation, CMUV Bancorp and CVB plan to dissolve, with CMUV Bancorp’s shareholders expected to receive nearly $25 per share upon liquidation, subject to adjustments.  

Honigman and Olden Lane provided legal and financial advisory services for Frontwave.  

Breakwater Law Group, Hunton Andrews Kurth, and Performance Trust Capital Partners advised CVB. 

Frontwave president and CEO Bill Birnie said: “We believe that quality growth and diversification is essential to continued success in our industry, and we intend to achieve it both organically and through mergers or acquisitions.” 

CVB president and CEO Jon Edney stated: “I am excited for Community Valley Bank employees to join together with Frontwave employees to enhance our financial services and resources for the communities and people we serve.” 

CMUV Bancorp reported unaudited Q3 results for the quarter ending 30 September 2024, with a net income of $1.12m, or $0.65 per share.