California Bank & Trust (CB&T) officials announced July 17, 2009 that the bank has acquired the banking operations of Vineyard Bank in a transaction facilitated by the Federal Deposit Insurance Corporation (FDIC). The transaction includes $1.4 billion in loans and $1.5 billion of deposits, which includes all current deposits, both insured and uninsured, except brokered deposits. Vineyard Bank, headquartered in Corona, operated 16 branches, mainly in eastern Los Angeles County and western San Bernardino County. Under the terms of this transaction, CB&T will enter into a loss sharing agreement with the FDIC on all loans and real estate owned.
Bank branches previously operated by Vineyard Bank will reopen on Saturday or Monday, according to their prior normal operating hours, as branches of California Bank & Trust.
“We welcome all Vineyard Bank customers to California Bank & Trust,” said David Blackford, chief executive officer of CB&T. “We want to assure all branch customers that their deposits are safe and fully accessible using their existing account numbers, checks, debit and ATM cards. These accounts will be automatically converted into standard CB&T deposit accounts in an orderly manner. California Bank & Trust prides itself in having a strong balance sheet and capital ratios. We offer a full range of personal and business banking products and services. We look forward to building strong relationships with all current Vineyard customers.”
*Artwork from s337c under Creative Commons license at Flickr.com.
They sent out letters to customers, dated July 24, 2009, which were received on July 27, 2009, stating that the rates on the CD’s they had with Vineyard Bank would revert to 0.50% on July 28, 2009!!!
They took the low road, and I will be removing my money from their bank.