California Bank and Trust was acquired by Zions Bancorporation, which operates it as a subsidiary.
Zions Bancorporation, a prominent financial services company, holds California Bank and Trust as a key part of its operational structure, integrating it into its network of community-oriented banking institutions. This relationship means that while California Bank and Trust maintains its brand and operations, it ultimately falls under the ownership and strategic direction of Zions Bancorporation.
Understanding California Bank and Trust
California Bank and Trust (CBT) is a financial institution offering a range of banking services. As a subsidiary, it benefits from the broader resources and stability of its parent company, Zions Bancorporation, while focusing on serving its specific market in California.
Here are some key details about California Bank and Trust:
| Feature | Detail |
|---|---|
| Company Type | Subsidiary |
| Headquarters | San Diego, California, United States |
| Key People | Eric Ellingsen, President & CEO |
| Total Assets | $91 billion (as of 2022) |
| Parent Company | Zions Bancorporation |
The Acquisition by Zions Bancorporation
The designation of Zions Bancorporation as the "Parent" signifies that it completed an acquisition, thereby gaining control and ownership of California Bank and Trust. This is a common practice in the banking industry, where larger financial groups expand their reach and services by acquiring smaller or regional banks. For California Bank and Trust, becoming a subsidiary of Zions Bancorporation allows it to continue its banking operations within California while being part of a larger, diversified financial entity.
