California Bank and Trust

Last updated

California Bank & Trust
Company type Subsidiary
Industry Banking
Founded1952 (1952)
Headquarters
San Diego, California [1]
,
United States
Key people
Eric Ellingsen, President & CEO [2]
Total assets $91 billion (2022) [3]
Parent Zions Bancorporation
Website www.calbanktrust.com

California Bank & Trust (CB&T) is a full-service bank specializing in consumer, commercial, and wealth management services headquartered in San Diego, California. With more than 80 branches located across California and assets totaling $91 billion as of 2022, CB&T is a subsidiary of Zions Bancorporation, one of the nation's top 50 bank holding companies. [4] [5]

Contents

History

California Bank & Trust was created in October 1998 as the result of the merger of three institutions acquired separately by Zions Bancorporation: Sumitomo Bank of California, San Diego–based Grossmont Bank, and First Pacific National Bank. [6]

The bank continued to grow with the acquisition of Fresno, California–based Regency Bank in 1999. [7] In 2001, the company expanded its footprint with the addition of Eldorado Bancshares, which included Eldorado's two subsidiaries, Eldorado Bank and Antelope Valley Bank. [8]

Other acquisitions include Alliance Bank and Vineyard Bank, which were acquired when the Federal Deposit Insurance Corporation (FDIC) closed those institutions in 2009. [9] [10] Through this transaction, California Bank & Trust acquired Alliance Bank's $951 million of deposits and $1.14 billion of assets, and up to $225 million of the sold bank's credits. [11]

In June 2025, the bank marked a major expansion by acquiring four FirstBank branches in the Coachella Valley, growing to six branches overall. [12] [13]

In mid-October 2025, Zions Bancorp reported that its CalBank&Trust subsidiary had been the victim of over $60 million in fraudulent loans, and that the bank was setting aside $50 to cover the loss. The result on the stock market was a 13% crash that meant nearly $1 billion in value being wiped from Zions' valuation in a single day; moreover the announcement provoked "contagion" throughout the regional banking industry amidst fears of bank collapses throughout the sector. .

Operations

California Bank and Trust building in Long Beach, California California Bank and Trust Building, Long Beach.jpg
California Bank and Trust building in Long Beach, California

California Bank & Trust operates through a network of more than 80 branches run through four administrative offices. [14] The offices include Irvine, Los Angeles, Oakland, and the bank's main headquarters in San Diego. [15]

In November 2024, the bank moved its Los Angeles office to the Aon Center, the third tallest building in the city. [16]

The CEO of California Bank & Trust is Eric Ellingsen. [17] [18] He also holds a seat on the Zions Bancorporation executive committee. [19]

References

  1. ↑ "About Us". California Bank & Trust.
  2. ↑ "California Bank & Trust promotes Eric Ellingsen to CEO | California Bank & Trust" . Retrieved May 14, 2023.
  3. ↑ "CALIFORNIA BANK & TRUST INITIATES STATE-WIDE "GIVE DAY" DURING INAUGURAL FOUR-DAY VIRTUAL CONFERENCE" . Retrieved May 14, 2023.
  4. ↑ "Top 50 Holding Companies". FFIEC.gov. Archived from the original on February 13, 2012. Retrieved January 24, 2013.
  5. ↑ "Brand Story | California Bank & Trust" . Retrieved May 14, 2023.
  6. ↑ "About California Bank & Trust". Calbanktrust.com. Archived from the original on August 18, 2012.
  7. ↑ "Zions Bancorporation and Regency Bancorp Announce Merger Agreement". PRNewsWire.com.
  8. ↑ "Zions Bancorporation Completes Merger With Eldorado Bancshares, Inc". PRNewsWire.com.
  9. ↑ "California Bank and Trust, San Diego, CA, Acquires All of the Deposits of Alliance Bank, Culver City, CA". FDIC.gov. Retrieved February 6, 2009.
  10. ↑ "California Bank & Trust, San Diego, California, Assumes All of the Deposits of Vineyard Bank, National Association, Rancho Cucamonga, California". FDIC.gov. Retrieved July 17, 2009.
  11. ↑ "CALIFORNIA BANK & TRUST ACQUIRES ALLIANCE BANK". Sec.gov. February 6, 2009.
  12. ↑ Dupuis, Tara (May 30, 2025). "California Bank & Trust Grows to Six Branches in the Coachella Valley". Palm Springs Life. Retrieved June 10, 2025.
  13. ↑ "California Bank and Trust Expands in Coachella Valley with Four New Branches". www.nbcpalmsprings.com. Retrieved June 10, 2025.
  14. ↑ Brand Historycalbanktrust.com Archived January 20, 2021, at the Wayback Machine
  15. ↑ "Fast Facts about California Bank & Trust" (PDF). Archived from the original (PDF) on February 7, 2015.
  16. ↑ "California Bank & Trust Moves to Aon Center in Downtown Los Angeles". Commercial Observer. November 18, 2024. Retrieved June 10, 2025.
  17. ↑ "Eric Ellingsen". Los Angeles Times. Retrieved June 29, 2025.
  18. ↑ "SD500 2022: Eric Ellingsen". San Diego Business Journal. January 19, 2023. Retrieved June 29, 2025.
  19. ↑ "SD500 2022: Eric Ellingsen". San Diego Business Journal. January 19, 2023. Retrieved June 29, 2025.