Written by The Business Journal Staff
Suncrest Bank announced today that it has received regulatory approval for its merger with Security First Bank subject to certain closing conditions.
Suncrest Bank is headquartered in Visalia and has approximately $353 million in total assets, as of Sept. 30, 2016, and operates four branches in Visalia, Porterville, Yuba City and Kingsburg. Security First Bank is headquartered in Fresno, operating on branch with approximately $104 million in total assets as of Sept. 30, 2016. Combined, they will have $457 million in assets and all five branches will operate under the Suncrest Bank name.
Suncrest Bank President and CEO Ciaran McMullan will continue to serve as president and CEO of the combined bank following the merger and Security First Bank President and CEO, Steve Jones, will join the newly combined organization as Chief Operating Officer.
“We are delighted to have received the requisite regulatory approvals at this time and look forward to completing our merger prior to the end of the year,” McMullan said in a statement. “We are grateful for all the effort the staff and advisors of both institutions have put forth thus far to bring this merger closer to a reality.”