CVB Financial (CVBF)’s wholly-owned banking subsidiary Citizens Business Bank has completed the previously announced acquisition of Community Bank.
The value of the total cash-and-stock transaction stood at about $903m. The agreement was first announced in February this year.
Moreover, for each share of Community common stock, its shareholders received $56.00 in cash and 9.4595 shares of CVBF common stock.
CVB Financial’s deal
Pursuant to the merger deal, CVBF named Marshall Laitsch, the former chairman of Community Bank board of directors, to serve on the respective boards of CVBF and Citizens Business Bank.
CVBF president and CEO Christopher Myers 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.”
As a result, the merged entity will operate as Citizens Business Bank, a unit of CVB Financial.
Also, it will continue to deliver services such as expertise in personal, small business, private and corporate banking. Treasury management and trust services will also continue.
As of 31 December 2017, the family-owned Community Bank had about $3.7bn in total assets. Moreover, it held $2.7bn in gross loans and $2.9bn in total deposits. The bank managed 16 offices across Los Angeles and Orange counties.