Frontwave Credit Union Announces Agreement to Acquire Community Valley Bank

Frontwave Credit Union Announces Agreement to Acquire Community Valley Bank

Oceanside, CA — Frontwave Credit Union announced today its execution of a definitive agreement to acquire Community Valley Bank (CVB), a California state-chartered bank headquartered in El Centro, California.

Frontwave Credit Union announced today its execution of a definitive agreement to acquire Community Valley Bank (CVB), a California state-chartered bank headquartered in El Centro, California. Frontwave was established in 1952 and has experienced sustained growth and stability over the years making it a pillar in the San Diego, Riverside, and San Bernardino communities it serves.

“Frontwave Credit Union has a long history of making a difference in the community by helping members achieve their financial goals,” said Bill Birnie, President and CEO of Frontwave Credit Union. “We have a strategic commitment to bring the benefits of credit union membership to more people, while reinforcing our position as a strong and reliable financial institution. The addition of Community Valley Bank will allow us to expand our footprint as we continue living out our mission to make financial dreams come true in the communities that we serve every day.”

This partnership is a proactive step taken by two financially sound institutions with similar histories and philosophies to enhance their strengths and position. The partnership will provide members and employees the best of both organizations as well as the ability to offer expanded products and services, specifically a full suite of consumer banking products for Community Valley Bank and enhanced business banking services for Frontwave, along with more financial assets and combined technology.

That strategy aligned well with CVB as it explored future options for the organization. “Frontwave has demonstrated its commitment to community banking, and I am enthusiastic about the opportunity we have to partner with Frontwave,” said Jon Edney, President and CEO of Community Valley Bank. “I’m 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.”

Frontwave is represented by Honigman, LLP as legal counsel and Olden Lane as financial advisor. Community Valley Bank is represented by Breakwater Law Group, LLP and Hunton Andrews Kurth, LLP as legal counsel and Performance Trust Capital Partners as financial advisor.

About Community Valley Bank

Community Valley Bank was founded in 2007 and currently operates five branches in El Centro, Brawley, Indio, Julian, and Borrego Springs, California. As of September 30, 2024, CVB reported $315.8 million in total assets, $258.4 million in total net loans, $276.3 million in total deposits, and $36.6 million in total equity. Learn more at yourcvb.com. 

About Frontwave Credit Union

Frontwave Credit Union is a member-owned not-for-profit financial cooperative with thirteen branches in San Diego, Riverside, and San Bernardino Counties. Frontwave provides financial services to over 125,000 members, with assets exceeding $1.4 billion. Frontwave Credit Union has been named San Diego’s Best Credit Union and Morongo Basin’s Best Bank, has been honored with the Department of the Navy’s Distinguished Credit Union of the Year Award, and is a ten-time recipient of the Peter Barron Stark Award for Workplace Excellence. To learn more, visit frontwavecu.com.