Community Valley Bank is acquiring Umpqua Bank's branch in Borrego Springs, Calif.
The branch, which Umpqua got as part of its Sterling Financial Corp. acquisition, has approximately $35 million in deposits. Community Valley expects to pay a deposit premium equal to 3.25% of deposits acquired.
The deal is expected to close early in the third quarter, pending regulatory approval. The branch will be Community Valley's fifth location in Southern California.
Community Valley, CMUV Bancorp's El Centro, Calif.-based subsidiary, had $163.8 million in assets at the end of 2017. Roseburg, Ore.-based Umpqua Bank had $25.71 billion.
MJC Partners LLC and Breakwater Law Group served as CMUV Bancorp's financial adviser and legal counsel in the transaction, respectively.