(Frontwave Credit Union is acquiring Community Valley Bank).... CVB is a California State-chartered bank headquartered in El Centro.

It is a wholly owned subsidiary of CMUV Bancorp. They announced Wednesday that they have entered into a definitive agreement with Frontwave Credit Union of San Diego. Frontwave will acquire the assets and assume the liabilities of CVB in an all-cash transaction. CVB was founded in 2007 and currently has five branches, in El Centro, Brawley, Indio, Julian and Borrego Springs. Frontwave is a $1.4 billion member owned cooperative. Both sides have agreed to the transaction and are currently in the legal process. Once that is complete, all CVB customers will become members of the credit union. CMUV Bancorp and CVB will then wind down and dissolve.