CVB Financial Corp. and Community Bank Announce Completion of Merger


 
 
02:51 08/12/2018

CVB Financial Corp. CVBF  and Community Bank (OTC Pink: CYHT) announced today that the planned merger between CVBF’s wholly-owned banking subsidiary, Citizens Business Bank, and Community Bank has been completed, effective at 5:00 p.m. (Pacific Daylight Time) on August 10, 2018. Effective at the time of the merger, CVBF appointed Marshall V. Laitsch, the former Chairman of Community Bank Board of Directors, to serve on the respective Boards of CVBF and Citizens Business Bank.



Under the terms of the merger agreement, Community Bank shareholders received $56.00 in cash and 9.4595 shares of CVBF common stock for each share of Community common stock. The value of the total deal consideration was approximately $903 million, which includes approximately 30 million shares of CVBF stock issued to Community Bank shareholders and $177.5 million in aggregate cash consideration.



Christopher D. Myers, President and Chief Executive Officer of CVBF, said, “We are excited to move forward with the closing of this merger and welcome all Community Bank associates, shareholders and customers to Citizens Business Bank and CVB Financial Corp. This merger furthers our strategic objective to be the premier business bank headquartered in California.”



Keefe, Bruyette & Woods, A Stifel Company served as financial advisor to CVBF, and Morrison & Foerester LLP served as legal counsel to CVBF. D.A. Davidson served as financial advisor to Community, and Manatt, Phelps & Phillips LLP served as legal counsel to Community.



CVB Financial Corp. (“CVBF”) is the holding company for Citizens Business Bank. CVBF is one of the 10 largest bank holding companies

headquartered in California. With the addition of Community Bank, on a pro-forma combined basis, CVBF has assets of approximately $11.8 billion. Citizens Business Bank is consistently recognized as one of the top performing banks in the nation and offers a wide array of banking, lending and investing services through 67 banking centers and 3 trust office locations serving the Inland Empire, Los Angeles County, Orange County, San Diego County, Ventura County, Santa Barbara County, and the Central Valley area of California.0


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