In Your Corner Magazine | Spring 2021

ISSUE 7 | 2021

Bright horizons Growth, transformation and a promising future.

JOSHUA TREE NATIONAL PARK

In this issue Spring is a time of renewal and growth, and that may be even more true this year. While last year was a period of challenges, we had the privilege of learning, adapting and growing. However, more than ever, we’ve seen a renewed sense of hope, optimism and well-being. In this issue of In Your Corner magazine, we provide tips for rest, relaxation and rejuvenation, great ideas for day trips, financial planning advice and other useful information. We are also excited to introduce our new CEO, Eric Ellingsen. You’ll get to learn about his background and his outlook for the future. This is a time of positive change! ISSUE 7 | 2021

We see great things ahead for California and our clients, and we look forward to serving you.

HIGHLIGHTS

A coastal escape in Half Moon Bay 06

What is the investment outlook?

Leading the charge: Eric Ellingsen

Run your business while

earning big rewards 22

Five brothers from Cyprus and an American dream 26

CONTRIBUTORS Michelle Rapaport, Andie Green Maurice Pendarvis, Mike Hall, Margaret Sweat, Ubaldo Plentywounds, Kathryn Guinn, Anthony Valeri, Chris Considine and ClearVoice.

VP | MARKETING MANAGER Angelia Hage COMMUNICATIONS OFFICER Kari Luu

PUBLISHER California Bank & Trust

EVP | DIRECTOR OF MARKETING Jathan Segur

COPY EDITOR Robyn Lee

VP | CREATIVE DIRECTOR Ron Gligic

In Your Corner magazine may contain trademarks or trade names owned by parties who are not affiliated with California Bank & Trust, Zions Bancorporation, N.A. or its affiliates. Use of such marks does not imply any sponsorship by or affiliation with third parties, and California Bank & Trust does not claim any ownership of or make representations about products and services offered under or associated with such marks. Articles are offered for informational purposes only and should not be construed as tax, legal, financial or business advice. Please contact a professional about your specific needs and advice.

HOW TO GROW YOUR

Over the past decade, digital marketing has become one of the most prominent channels for business promotion. However, it takes a sound strategy and a grasp of the digital tools available for a business to have a chance at online success. Here are some basic tips you can use to start growing the digital side of your business. business online

USE SOCIAL MEDIA AUTHENTICALLY

Today, billions of people are active on some form of social media world- wide, and while that’s impressive, you may be asking what benefit this provides to your business. The answer? A whole lot, if you know how to utilize these social platforms to your benefit. Throughout 2020, the most popular social media platforms in the United States were Instagram and YouTube, according to Adobe. This is great news for business owners, as both platforms provide considerable opportunities to take marketing to the next level. While it may seem easy to snap a picture of a product or service and post it on social media, it may not cut through the clutter on a social media feed. Take some time to build up your fanbase or audience and post some fun or authentic stories of your small business, employees or why certain things matter to you as the owner. Content that an audience can relate to or cheer helps create a stronger base and maybe a loyal following!

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TAKE ADVANTAGE OF E-COMMERCE PLATFORMS

USE AN EMAIL LIST

It’s difficult for many business owners to know where to start when incorporating a digital revenue plan for their business. From presenting your products or services in a positive, attractive manner to processing payment from customers online — the effort required can seem daunting. Consider dedicated e-commerce platforms. Popular options for e-commerce platforms include Shopify or WooCommerce. Even social media platforms are implementing e-commerce approaches like Instagram’s new shopping feature. This is great for enabling those impulse buys when customers see a product on their Instagram feed that they simply need to have. With an Instagram shop, customers can make a purchase quickly and easily.

Frequently underused by many small businesses, an email list provides a direct line of communication with your customers. Many businesses don’t think twice about having expensive physical postcards, leaflets or coupons delivered to homes throughout their local area. Yet many of those same businesses don’t take advantage of a more cost-effective email campaign. Emails are better than physical advertisements because you can target your campaigns to make them as specific as you choose. Do you want to inform customers who purchased a specific product or service from you in the past that an updated or similar type of offer is available? No problem. If you regularly provide coupons to customers, you can send digital versions with the click of a button. Far more cost- effective than a traditional postcard, that’s for sure!

How do I get started

50,000 people or more, you have to abide by new regulations. This law was enacted in January 2020 and brought into force in July of that year. The key to any digital strategy is to engage with your audience and provide valuable content that speaks to your business’s beliefs, ethics and standards.

Many business owners postpone launching their business digitally because they don’t know where to start. We recommend you review what makes sense for your business as you don’t have to be on every digital platform in order to succeed. One thing digital marketers in California must take into account is the new CCPA law. If your business collects, shares or sells client data for

IN YOUR CORNER ISSUE 7 | 2021

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IN YOUR CORNER ISSUE 7 | 2021

A COASTAL

ESCAPE IN

Oceano Hotel and Spa sits at the edge of Pillar Point Harbor and beckons seafarers and landlubbers alike with its tranquil atmosphere. With a hint of Cape Cod and hefty dose of Half Moon Bay, this local gem is a welcome escape for San Francisco natives, diehard north coast surfers and statewide travelers. With spectacular ocean views, gourmet meals and a full- service spa, the hotel has been a favorite for quick getaways and memorable weddings for years. There really is something for everyone here, whether it’s harbor strolls, a hike in the nearby redwoods, stand-up paddle boarding or just lounging on the deck watching the fishing boats return with the catch of the day. Keet and Nancy Nerhan built the hotel from the ground up and opened their doors in 2008. Building the hotel was a labor of love, but soon Nancy discovered her real passion for creating memories for others.

Continued on pg. 8

| 37.4862° N, -122.5659° W

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OCEANO HOTEL & SPA

“When you’re in a customer service business, it really becomes a large part of who you are. I love the personal interaction with our guests,” she said. “I enjoy hearing their stories and learning what they’re about. You never know who’s walking through the front door.” The hotel also offers a covered shopping avenue, which is a popular stop for guests. Nerhan said with so many things to do on-site, people never have to get back in their car. The quaint and historic downtown is just five miles away, although many guests prefer to visit the many seafood shacks, shops and harbor sights just out Oceano’s front door. “We’re kind of in the heart of the Bay Area,” she said. “We have people coming from the East Bay, the South Bay, San Francisco, and the Central Coast; being located equidistant from these areas and close to the airport is advantageous.” And you wouldn’t know it, but just outside the calm harbor, monster waves pound the coast, drawing world-class surfers to this quiet seaside village. Maverick’s is one of the premier big wave surf spots in the world and it’s walking distance from Oceano. 2020 was a challenging year for hotels. Nerhan says she is fortunate to have a “family of co-workers” at the hotel that are also responsible for making it a success.

And, over the years, the Nerhans have kept in touch with so many guests, many make Oceano a home away from home. “We’ve committed to relationships we’ve made along the way,” she said. “We have a positive outlook for 2021 and are anxious to continue hosting our many valued guests.”

Oceano Hotel and Spa is a client at CB&T.

FAST FACTS LOCATION Half Moon Bay, CA

FOUNDED 2008

SPECIALTY The pursuit of guest relaxation in Half Moon Bay

IN YOUR CORNER ISSUE 7 | 2021

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T wo deserts, one unforgettable experience JOSHUA TREE NATIONAL PARK

WHERE THE MOJAVE AND THE COLORADO MEET, THERE’S MAGIC FOUND IN JOSHUA TREE

If you’re looking for peace of mind, an adventurous hike or the most alien-looking rock formations this side of Mars , Joshua Tree National Park is the perfect place to discover nature’s beauty. The Mojave Desert and the Colorado Desert converge in Joshua Tree, two distinct ecosystems creating a one-of-a-kind, otherworldly landscape.

So, pack a lunch with plenty of water and check out all that Joshua Tree has to offer by visiting these unique sites. And remember to stay for the magnificent Instagram- worthy sunsets.

IN YOUR CORNER ISSUE 7 | 2021

WONDERLAND OF ROCKS

| 34.12. 34° 7' 12.0000" N

Home to a labyrinth of enormous boulders, Wonderland of Rocks can be explored on a short hike or through more ambitious backcountry trails. Created by millions of years of weathering and erosion, the result is a 3-D style maze of columns, spires and giant granite domes. Take the 5.7-mile hike across the “Wonderland Connection” to the Indian Cove picnic/camp area.

CHOLLA CACTUS GARDEN

| 3.9248° N, 115.9294° W

A 12-mile trek from the park’s north entrance will lead you to the Cholla Cactus Garden Nature Trail. The highlight of this area is definitely the teddy bear cactus, and yes, it’s just as cute as its name. But stay on the path because even the slightest touch from one of its spines is not so adorable!

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SKULL ROCK

| 33.9978° N, 116.0594° W

Even though it sounds like a place where a pirate might hide a treasure chest, Skull Rock is a fun spot to visit during your time at the park. It looks like a skull due to decades of raindrops gathering in small cavities, eroding the granite. Over time, the erosion formed two holes, which eventually became eye sockets that allowed the skull to take shape. There are three entry points for Skull Rock:

A 1.7-MILE HIKE FROM THE JUMBO ROCK CAMPGROUND THE LOOP E LOCATED INSIDE THE CAMPGROUND

THE PARKING LOT ACROSS THE STREET FROM THE ROCK

HIDDEN VALLEY

| 39.1623° N, 84.8430° W

What was once an anchorage for Native Americans and a hideout for early cattle and horse wranglers is now one of the most famous scenic trails in Joshua Tree National Park. Hidden Valley is home to a variety of plant and animal life that form a distinct micro-habitat different from other parts of the park. For instance, a robust number of Joshua trees, pinyon, juniper and oak occupy the same space with mesquite, yucca, ponytail palms, cacti and various other species. Joshua Tree National Park is a wonderful day trip. But, for the complete experience, you might consider camping overnight to see the dazzling sunsets and pristine night skies. It’s an adventure you won’t soon forget.

FAST FACTS FOUNDED as a national park on October 31, 1994

ENTRANCE fee $30 a vehicle per week

VISITORS 2,988,547 in 2019

COVERS 89,745 acres, total area

IN YOUR CORNER ISSUE 7 | 2021

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WHAT IS THE investment THE NEW YEAR IS LOOKING UP The fundamental backdrop for stocks in 2021 remains favorable, with the U.S. economy expected to grow 4 percent (according to Bloomberg consensus). This is above the 2.5 percent 10-year average. Corporate profits are expected to grow 23 percent (according to Refinitiv). This is good news for stocks and formulating effective investment strategy.

Even if the economy in the first quarter of 2021 was depressed by increased virus-related restrictions across the U.S. and the world, we are optimistic the global economy will continue to rebound for the rest of the year. We also believe financial markets are on track to improve and that continuing a diversified investment portfolio strategy is the way for investors to go. Robust fiscal and monetary policy continues to provide key support. The U.S. fiscal stimulus package passed in December 2020 provides an additional $900 billion to aid consumers and businesses. Together with the CARES Act passed in April 2020, the total fiscal stimulus response is almost double that of the 2008 financial crisis. We are optimistic the global economy will continue to rebound for the rest of the year .

utlook?

The Georgia Senate runoff races resulted in the Democrats taking control of the Senate. This may allow for more available recovery stimulus funds. Taxes may also increase, posing a possible headwind but given the narrow Democratic majority, we do not forecast aggressive tax hikes. Likewise, central banks across the world have been more aggressive compared to 2008. In December 2020, the European Central Bank announced a $600 billion increase to its bond purchase program, and here in the U.S., the Federal Reserve continues to signal it will not raise interest rates through 2023. The impressive bounce-back of global equity markets since the March 23, 2020 low is one of the strongest on record. But that does not preclude additional gains. Since 1960, equity rallies following a 25 percent or more stock market decline have typically continued into a second year. These periods were subject to corrections of almost 10 percent on average, reminding investors that volatility is normal. Key lessons from 2020 for long-term investing success that remain relevant today include staying invested and rebalancing investment portfolios during periods of vol- atility, and maintaining diversification. While technology and stay-at-home beneficiaries led the stock rebound, November witnessed a notable rotation to more cyclical (economically sensitive) sectors, such as financials and energy and small-cap stocks. Such rotations are almost impossible to time and reiterate the need to maintain diversification. Stock market valuations are expensive

relative to history but need to be viewed in the context of low-interest rates. The 10-year Treasury yield is near 1 percent (as of 2/5/21), which fails to compensate for inflation, and short-term interest rates are likely to remain low through 2023. We continue to find stocks attractive relative to bonds and believe a diversified investment portfolio remains a good way to grow capital over time.

STOCK MARKET RALLIES FOLLOWING DECLINE OF 25% OR MORE

90%

80%

1st Year Return 2nd Year Return

70%

60%

50%

40%

30%

20%

10%

Note: 3/23/20 data through 12/31/2020. Source: S&P.

MARKET INSIGHTS

Anthony Valeri, Investment Management Director for Wealth and Fiduciary Services, is a Chartered Financial Analyst who works with our clients to help them understand complex financial strategies and market dynamics. He has more than 25 years of experience in wealth management and financial services and is regularly quoted by large media organizations.

calbanktrust.com/ inyourcorner

*See page 29 for important disclosures.

After 20 years and various leadership roles at CB&T, Eric Ellingsen , a banking industry leader and company veteran, has been promoted to CEO. He’ll continue as president, but with new leadership responsibilities overseeing the growth of the bank across the state, including its commercial banking division. Leading the charge

A GLOBAL PERSPECTIVE Ellingsen’s journey to the U.S. took many new paths and quick pivots. Born in Norway and having lived in Venezuela and Canada in his younger years, Ellingsen settled on the East Coast, where he attended James Madison University. He feels his upbringing has contributed to his global view and unique perspective: “It was tough at the time to pick up and move to another country or continent, but all those places opened me up to new experiences, cultures and the opportunity to learn about people,” he said. “I’ve always appreciated that exposure and how it shaped me into the person I am today.” After meeting his wife, Natalie, and completing his undergrad on the East Coast, they decided to move to the West Coast. “We wanted to live out west, so we packed up the car and drove to California,” he said. “What I like about California is the diversity and the wide variety of opportunities. Twenty-one years later, we’re still happy to be living here.”

Ellingsen’s first job with the bank was as a four-month temporary junior accountant, which included helping in the CB&T’s mailroom. As an eager, recent college graduate, he was happy just to land a job. Talking about his start at CB&T, Ellingsen said, “On day one, I walked in and they said to me: ‘We’ve got this mailroom and there are huge bags with a ton of interoffice mail that we need help with.’ Back then, all the invoices came in on paper and my job was to sort that mail.” It didn’t take long before his temp assignment led to a permanent one with the bank’s finance team and progressively more senior roles handling risk management, regulatory compliance, international banking and asset/liability management. In 2012, he was promoted to CFO, managing the company’s finances. Then, in 2016, he became president and COO, overseeing business and branch banking, SBA lending, private banking, corporate services, and the bank’s finance and planning functions.

Continued on pg. 18

IN YOUR CORNER ISSUE 7 | 2021

We’ve built an incredible team at CB&T and I’m confident that our best years are still to come.

LEAD WITH EMPATHY Ellingsen’s leadership style has always had a focus on diversity, equity and inclusion. “Throughout my life, I’ve been fortunate to be around many diverse people from different backgrounds,” he said. “Understanding that some of us had more economic advantages and opportunities are crucial perspectives to consider as a leader, an employer and as a lender. It helps inform my decision-making and our work in leveling the playing field.” Ellingsen believes paying attention to underserved groups can help change lives and improve the greater community. “One of the most important things we can do is to try to provide access to minority businesses. That’s something Harris Simmons (Chairman, President and Chief Executive Officer of Zions Bancorporation) is committed to and is taking a leadership role with,” he said. READY FOR THE CHALLENGE Ellingsen credits former CB&T CEO, David E. Blackford, for much of his insight into the business aspect of banking. Blackford, will transition to executive chairman, with day-to -day responsibility for the bank’s commercial real estate division. Ellingsen especially admired Blackford’s approach to the difficulties facing the bank during the financial crisis: “One of the biggest challenges we faced was the financial problems of the early 2000s. That was a scary time for financial institutions. David jumped in, addressing issues very proactively. And I think that kind of early recognition that this is serious and times were going to be tough, really helped to position the bank well.”

Ellingsen will continue to oversee the growth of the bank across the state and take a seat on the Zions Bancorporation executive committee. “I’m proud to be carrying on the incredible legacy David Blackford has built over the past 20 years,” says Ellingsen. “He has been a terrific leader and mentor and is one of the most talented bankers I’ve encountered. The credit culture he’s built at CB&T will be part of his legacy, and while his are large shoes to fill, we’ve built an incredible team at CB&T and I’m confident that our best years are still to come.” Ellingsen recently served as chairman of the Western Bankers Association and has been recognized as “CFO of the Year” and twice as “One of the Most Influential Business Leaders in San Diego” by the San Diego Business Journal.

• Born in Norway and lived in South America • Speaks Norwegian, Spanish and English • Received a Bachelor of Business Administration in finance from James Madison University and an MBA from UCLA Anderson School of Management • He resides in Solana Beach, CA with his wife and two daughters • In his free time, enjoys the beach, tennis, running and travel GET TO KNOW Eric Ellingsen

IN YOUR CORNER ISSUE 7 | 2021

5 WAYS TO GET MORE

Prioritizing your own well-being is more important than ever during this time of pandemic quarantine. That's where the three Rs of self-care come in: rest, relaxation and rejuvenation. Getting a balance of all three can help you manage stress and boost your mood.

NOT SURE WHERE TO START? Here are five ways to add more Rs to your days.

Continued on pg. 20

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1 CREATE DEDICATED TIME FOR YOURSELF DURING THE DAY If you’re one of many Californians who work from home, it can be hard to feel like you have space just for yourself—especially if you have a partner, kids or roommates. Set aside a specific time to recharge in the way that's best for you to make sure your Rs happens. It could be enjoying a quiet morning for meditation or journaling, taking a break mid-day to read a book for fun, or even starting a new nighttime self-care routine. Whatever you choose to do, the first step to making this work is to carve out the time.

2 ACTIVATE YOUR MUSCLES There’s a good chance you’re logging fewer steps these days but keeping active is as important to your mental health as it is for your physical health. The benefits are twofold: you will feel more energized when you move around and exercise can help you sleep better at night. If you’re stuck on what type of exercise to try from home, YouTube is full of workouts to follow. And taking just a few minutes to stretch while your coffee brews or making a call while you walk around your block are great options to get your blood pumping, too.

3 GO OFF-LINE If you've noticed your screen time going up steadily over the last several months, you're not alone. As we've moved to virtual everything, we've become inundated with notifications, whether it's from work, friends or social media channels. So instead of turning to mindless scrolling when you want to unwind, put the devices away and find an activity that will engage you—not just distract you. A book you've meant to read, a craft you've wanted to learn, or even a new workout you’ve wanted to try can help you relax and connect with yourself.

4 LEARN SOMETHING NEW

Taking up a new activity gives you the chance to expand your mind and maintain a positive outlook for the future. Learning a new hobby, like painting, cooking, or other crafts, can be a great way to relax. You could even try learning a new language that might come in handy for a future vacation.

5 ENJOY THE GREAT OUTDOORS The Japanese notion of forest bathing refers to time spent in nature and can help reduce stress and improve your mood. The good news is, you don’t need to be in great shape or have access to a forest to reap the benefits. Hiking is a great option for some and can even be a safe way to meet a friend for a masked activity. But something as simple as heading to a park or reading a book can put a positive spin on your day.

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The reality of how the pandemic affects the areas of health and finances has increased focus on wealth management basics, especially in light of the likelihood of tax increases. Simple planning provides greater assurance you will have what you need for protecting and growing assets over the long haul. planning success financial TAX-SAVVY TIPS TO ENHANCE YOUR

A NEAR CERTAINTY: TAX INCREASES There is a high probability of tax changes by the end of 2022 now that there is one-party control across the executive and legislative branches. The tax changes are highly likely to involve a repeal of the transfer tax laws created under the Tax Cuts and Jobs Act of 2017. While it’s impossible to predict just how much taxes will go up and how your tax situation will be affected, there are three tax efficiency opportunities to consider now:

unlimited marital deduction. Gift assets in the SLAT can appreciate (e.g., a business, securities, art and collectibles) to maximize the wealth transfer potential. RETIREMENT AND LEGACY PLANNING Now more than ever is the right time to look at what you have in place for retirement and legacy planning. As a steward for your beneficiaries, the planning you do now allows you to determine what you want to achieve with your legacy. THE FUTURE OF YOUR BUSINESS The day-to-day effort of maintaining and growing a business leaves little time for thoughts about succession planning. With a plan in place, you can reduce potential negative consequences for your business, employees, shareholders and family members. THE STEPS YOU TAKE TODAY MAKE ALL THE DIFFERENCE Think of wealth planning as eating healthy and exercising. On a given day, it may not feel like healthy habits matter. Instead, you experience the positive outcomes of good health in the long term. Similarly, setting a wealth plan in motion to manage what you created may not feel as important today. However, with a plan in place, you gain confidence that you can achieve your goals.

Convert to a Roth IRA Because we are currently in a lower tax

situation, consider converting a traditional IRA to a Roth IRA to incur the income tax at the current rates instead of potentially higher rates in the future. You can then make Roth IRA withdrawals tax free.

Maximize contributions to retirement plans

Contribute the maximum amount to retirement plans you can afford or are allowed to secure the highest tax benefits.

Consider a Spousal Lifetime Access Trust (SLAT)

A SLAT is an irrevocable trust, created by one spouse for the benefit of the other, intentionally structured so that it does not qualify for the

IN YOUR CORNER ISSUE 7 | 2021

KEEP IT SIMPLE: GET STARTED WITH FIVE QUESTIONS Jump start your plan with a simple assessment of what you have in place:

How to get your affairs in order

m What are your current and anticipated goals?

Consult with advisors Individuals should consult with an experienced estate planning attorney and their wealth management advisor to establish a strategy that will best meet their unique needs.

m Are your investments balanced and aligned with asset allocation that supports your goals?

m Do you have a will or trust in place and is it up-to-date and funded?

Our team of wealth management advisors can help you develop a wealth management plan customized to your objectives, risk tolerance, and your short- and long-term financial needs.

m Do you have medical and financial powers of attorney in place?

m Is your life insurance policy appropriate and in force?

Call your relationship manager to discuss ways we may help.

Christopher T. Considine, JD, CFP® Director of Wealth Planning, develops and implements multi- generational wealth plans that include planning for trust and estates, income and estate taxes, retirement, philanthropic giving, cash flow and net worth optimization, asset protection, and business succession.

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*See page 29 for important disclosures.

an Americ Growing up on a family farm on a Mediterranean island uniquely prepared the five Havadjias brothers for success halfway across the world. 5 brothers from Cyprus and

The first Farmer Boys ® restaurant opened in 1981 in Perris, California, with an over-sized hamburger and original recipes for fried zucchini, onion rings, chili and more. In 1998, the Havadjias family sold their first franchise. They currently have more than 100 corporate-owned/operated and franchised locations. Serving farm-fresh food in generous portions—and having a great business model—is a winning combination. Their dedicated following of fans can't get enough of their Farmer's Burgers, specialty sandwiches and farm-fresh breakfasts. And the company is annually recognized with “Best Of” food awards.

IN YOUR CORNER ISSUE 7 | 2021

can dream It all started on the island of Cyprus, where the brothers worked on the family farm and in the family restaurant. This family dynamic from early in their youth has worked well for the brothers.

Continued on pg. 28

There are two axioms in life. Axiom one, you have to work for your life. In axiom two, you have to choose someone to work with in your life—and we have chosen to work with each other.

MAKIS HAVADJIAS CEO, Farmer Boys

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When asked how they all manage to work together and get along, Havadjias states with a laugh,"a very strict father." Their mission was to “make it right, make it fast, make it friendly.” They adopted as their mantra the Greek word “Philoxenia,” which translates to “friend to the stranger.” It’s their way of making sure that every guest is treated with hospitality when they’re away from home. Each restaurant has a bell for customers to ring when they’ve experienced great service, food and friendship. The bell rings loudly and often. Today, Farmer Boys is a bustling restaurant chain with its headquarters in Riverside, California. With locations in Southern California, Central California, the Inland Empire and Las Vegas, Nevada, they’re poised to achieve their quest of conquering the entire west.

“We’re in a growth mode,” Havadjias said. “It’s been challenging with COVID, but somehow, someday things will get back to normal and it has not affected our growth plans. History has shown that when there’s a downturn in the economy, franchisees show up. We want to double the size of the company in five years. That’s our goal.” The bank assisted Farmers Boys and its franchises in applying for the Paycheck Protection Program, which resulted in financial assistance to help the company face the challenges of the pandemic. “Chris (Edmonds) from CB&T called me personally very early on in the process,” Havadjias said. “He said the bank was here to help us. That was a ray of sunshine on a cloudy day indeed.” Thanks to their ever-expanding franchise operation, the Farmer Boys family of restaurants continues to grow. Havadjias and his brothers work together to expand their empire and build on its astounding success.

Farmer Boys is a client at CB&T.

FOUNDED in 1981, with a headquarter in Riverside, CA FAST FACTS

CELEBRATING 40 years of award-winning food and service

LOCATIONS 100+ across California and Nevada

IN YOUR CORNER ISSUE 7 | 2021

Important Disclosures

have received an introductory promotional bonus within the previous 48 months. Transactional items such as cash advances, balance transfers, returned merchandise, etc., do not qualify toward $3,000 or $50,000 spend amount. Bonuses will be awarded within 4 to 6 weeks of qualifying. Bonus cash for AmaZing Cash for Business cardholders and bonus reward points for AmaZing Rewards for Business cardholders will be added to your cash back or reward points balance. Bonus cash for AmaZing Rate for Business cardholders will be applied as a statement credit. Certain terms, conditions and restrictions apply. 2. Cardholder will earn cash back on all net purchases. 3% cash back or 3X points is earned on office supplies, wireless telephone services, computer network services and telecommunications services and equipment. 2% cash back or 2X points is earned on airlines and car rentals when the purchase is made directly with the airline or car rental company. 1% cash back or 1X points is earned on all other net purchases. 3% cash back or 3X points and 2% cash back or 2X points applies to the first $150,000 in combined purchases per calendar year, then 1% cash back or 1X points applies thereafter. Cash back and points are not earned on transactional items such as cash advances, balance transfers, returned merchandise, etc. Must have at least $1 earned cash back or 2,500 points in order to redeem. Purchases redeemed using points must be redeemed within 90 days of purchase date. Account must be in good standing. See the AmaZing Cash Back for Business Program Terms and Conditions or AmaZing Rewards for Business Program Terms and Conditions for full details. 3. 0.00% Introductory APR on purchases for the first six months, after that, the variable APR will range from 10.25% - 14.25%. Introductory APR does not apply to cash advances. Purchases made during the first six months of account opening will not be charged any interest. Minimum balance payments are still required each month. 0.00% Introductory APR on balance transfers for six months from the date the balance transfers post to the account with AmaZing Rate for Business, 10.25% variable APR after that. A 3% balance transfer fee for each transfer ($5 minimum) will apply. Transfers made during the introductory period will not be charged any interest. Balance transfer must be requested within 60 days of account opening. Minimum balance payments are still required each month. 4. Credit cards are subject to credit approval. Certain terms, conditions and restrictions apply. The APRs mentioned are accurate as of 01/28/2021, and actual APR may vary with the market based on the Prime Rate as published in The Wall Street Journal. Offers available for new credit cards only. All offers are subject to change at any time; may not be available with all card types. Tax-savvy tips to enhance your financial planning success (Page 24-25) Investments are not insured by the FDIC or any federal or state government agency, are not deposits of or other obligations of, or guaranteed by, Zions Bancorporation, N.A., or its affiliates, and may be subject to investment risks, including the possible loss of principal value or amount invested. This article is offered for informational purposes only and should not be construed as tax, legal, financial, or business advice. Please contact a professional about your specific needs.

Owner-Occupied Commercial Real Estate (Page 5) 1. Loans subject to credit approval. Terms and conditions apply. Offer good January 13, 2021, through May 31, 2021. Loans must be approved by July 15, 2021 and booked within 90 days of the loan approval date. New loans and refinance of existing CB&T loans eligible if: 1) new loan amount is equal to or greater than existing principal balance, and; 2) any contractual prepayment penalty owed on the existing loan is collected in full. Properties must be 51% owner occupied and for general purpose use. SBA 504 loans are eligible. Offer available on loan amounts of $500,000 to $5,000,000. Introductory rate of 1.99% is fixed for first 12 months. After 12 months, rate reverts to a promotional fixed rate determined at loan closing. Maximum fixed rate option is 10 years. Requires a CB&T business checking account for auto-debit of monthly payment. If auto-debit is not established and maintained, the rate will increase by 25 bps. Appraisal/environmental fees up to $5,000 will be waived. Prepayment penalty applies. This is not an offer to lend. Loans are subject to credit approval in accordance with bank eligibility and lending guidelines. Other lending programs are available. Offer subject to change at any time. See a banker for full details. Treasury Management Select (Page 9) 1. See Treasury Management Select fee schedule Certain Treasury Management services may require credit approval. Offer limited to new treasury management clients. Up to 90-days (3 billing cycles) fee waiver for ACH Payments, Positive Pay, Remote Deposit Capture and Online Wire Transfers. Fee waiver applies to $35 monthly service fees. Some exclusions may apply. Offer expires May 31, 2021. Business Complete (Page 13) 1. Products and services are provided by third-party commercial vendors and may be subject to applicable contracts, agreements or credit approval. California Bank & Trust, a division of Zions Bancorporation, N.A., is not affiliated with such third-party vendors and does not provide, warrant or guaranty their products or services. Consult your financial, legal and accounting advisors as California Bank & Trust does not provide legal, accounting and tax advice. California Bank & Trust may receive compensation from the third-party vendors as a result of customers' receipt of the described services. What is the investment outlook? (Page 14-15) Trust & fiduciary investment services are provided through Wealth & Fiduciary Services within Wealth Management, a division of Zions Bancorporation, N.A. Investment products and services are NOT insured by the FDIC or any federal or state governmental agency, are NOT deposits or other obligations of, or guaranteed by, Zions Bancorporation or its affiliates, and MAY be subject to investment risks, including the possible loss of principal value or amount invested. California Bank & Trust, is a division of Zions Bancorporation, N.A. The material presented in this Market Insight is for informational purposes only and should not be used or construed as a recommendation in respect of any security, sector or investment strategy, and should not be construed or relied upon as advice or guidance as to the appropriateness of any investment decision. Please consult your tax or financial advisor for additional information concerning your specific situation. Business AmaZing Credit Card (Page 22-23) 1. Welcome Bonus Cash or Reward Points - Bonus cash offer applies to new AmaZing Cash for Business and AmaZing Rate for Business Credit Cards. Bonus reward points offer applies to new AmaZing Rewards for Business Credit Cards. Bonus subject to credit approval. One bonus payment is allowed per business, not per account or per card. Bonus not available to clients with an open business credit card relationship within the previous 12 months, or to clients who

Equal Housing Lender | SBA Preferred Lender | NMLS# 467014

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Central

Valley THE HEARTLAND OF CALIFORNIA

IN YOUR CORNER ISSUE 7 | 2021

Named for its position in California, the Central Valley occupies California's interior, including Sacramento, Redding, Chico, Stockton, Modesto, Fresno, Visalia, Yosemite and Bakersfield. The valley is the most productive agricultural region in the state and the nation, producing more than 250 crops (vegetables, fruits and nuts), according to the California Water Science Center. In addition, Selma, a city in Fresno County, is known as the “Raisin Capital of the World.” CENTRAL VALLEY, CA

calbanktrust.com/ inyourcorner

During the first and second waves of the Paycheck Protection Program, our technology and attentive personal service supported small businesses all over California. And it’s not just the numbers that tell the story, it’s the faces and names we were able to help. We’re here to serve you in the good times—and get you through the challenging moments. small businesses depended on us during the pandemic 13,800+ *

As a bank built to help businesses, we stand ready to work with you now and into the future.

To learn how we can support your small business, visit calbanktrust.com/ in-your-corner

BK-CBT-090 (02/21)

*Numbers referenced are Paycheck Protection Program loans from California Bank & Trust as of 02/19/2021

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