CVB Financial Corp. Announces Completion of Merger with Suncrest Bank – QNT Press Release


Ontario, California, January 7, 2022 (GLOBE NEWSWIRE) – CVB Financial Corp. (the “Company”) today announced that the wholly-owned bank subsidiaries of CVBF, Citizens Business Bank (“Citizens”) and Suncrest Bank (“Suncrest”) ) Was completed at 6:00 PM (Pacific Standard Time) on January 7, 2022. Under the terms and conditions of the agreement and plan, Suncrest merged with Citizens. Reorganization and merger (“Merger Agreement”) dated July 27, 2021, conducted by the company, Citizens, and Suncrest in a stock and cash transaction, with a total value of approximately US$237 million, or based on each Suncrest share of CVB The closing price of 18.63 USD Financial Corporation on January 7, 2022 is USD 22.87.

Under the terms of the merger agreement, the company issued approximately 8.6 million shares of the company’s common stock and approximately $39.6 million in total cash consideration, including cash paid for outstanding incentive stock option awards in Suncrest.

“We welcome Suncrest Bank’s customers, partners and shareholders to join Citizens Business Bank and CVB Financial Corp. This merger is an excitement for Citizens Business Bank to expand its business northward to the Sacramento area and consolidate our already strong position in the region. Opportunity for people. David Brager, President and CEO of CVB Financial Corp, said: “We look forward to building on the strong customer and community relationships established by Suncrest Bank, through our expanded branch network and a wider range of products and services to build important The Central Valley region of California. “. And Citizen Commercial Bank.

As of December 31, 2021, Suncrest Bank’s total assets were approximately US$1.4 billion, net loans were US$800 million, total deposits were US$1.2 billion, and total equity was US$179 million. The tangible book value per share in December is $11.16 on January 31, 2021. Suncrest’s seven branches and two loan production offices in the Central Valley and Sacramento areas of California will open as the business location of Citizens Commercial Bank on January 10, 2022.

Company Overview

CVB Financial Corp. (“CVBF”) is the holding company of Citizens Business Bank. CVBF is one of the top 10 bank holding companies headquartered in California, with total assets of more than $16 billion. Citizens Business Bank has always been recognized as one of the best-performing banks in the country. It provides a wide range of banking, loan and investment services. It has more than 60 banking centers and 3 trust offices, serving the Inland Empire, Los Angeles County, and Orange Serving counties, San Diego County, Ventura County, Santa Barbara County and Central California.

The common stock of CVB Financial Corp. is listed on NASDAQ under the ticker symbol “CVBF”. For CVBF investor information, please visit our Citizen Commercial Bank website: www.cbbank.com And click “Investors” tab.

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Certain matters listed here (including the attachments here) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those related to CVBF’s current business plans and expectations and our future financial status and operations The results of forward-looking statements. Such as “may lead to”, “target”, “expect”, “believe”, “may”, “estimate”, “anticipate”, “hope”, “intend”, “may”, “plan”, “project” , “Seek”, “Should”, “Will”, “Strategy”, “Possibility” and variations of these words and similar expressions help to identify these forward-looking statements that involve risks and uncertainties. These forward-looking statements are subject to risks and uncertainties, which may cause actual results, performance and/or achievements to differ materially from expectations. May lead to actual results and expressions or…

The full story can be found on Benzinga.com



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