Key Developments For CVB Financial Corp.
CVB Financial Corp. (CVBF.O) (Nasdaq)
CVB Financial Corp.'s Citizens Business Bank Announces Acquisition Of San Joaquin Bank
CVB Financial Corp. announced that its wholly owned subsidiary bank, Citizens Business Bank, entered an agreement with the Federal Deposit Insurance Corporation (FDIC) to purchase most of the assets and assume most of the deposit liabilities of San Joaquin Bank (agreement). The California Department of Financial Institutions closed San Joaquin Bank on October 16, 2009, and appointed the FDIC as receiver. Thereafter, Citizens Business Bank signed the agreement with FDIC. Under the terms of the agreement, Citizens Business Bank will purchase most of the assets and assume all deposits, with the exception of Cede & Co. brokered deposits, of San Joaquin. The terms of the acquisition were not disclosed.
Fitch Affirms CVB Financial Corp. At 'BBB+'; Outlook Remains Negative
CVB Financial Corp. announced that Fitch Ratings has affirmed the 'BBB+' long-term Issuer Default Rating (IDR) and 'F2' short-term IDR of CVB Financial Corp. (CVB) and its principal banking subsidiary, Citizens Business Bank. The Rating Outlook remains Negative.
CVB Financial Corp. Announces Cash Dividend
CVB Financial Corp. announced a $0.085 per share dividend for the third quarter of 2009. The dividend was approved at the regularly scheduled Board of Directors meeting on September 16, 2009. It will be payable on October 15, 2009 to shareholders of record as of September 30, 2009.
CVB Financial Corp. Announces Approval To Repay TARP
CVB Financial Corp. announced that it has received final regulatory approval to repurchase all the preferred stock sold to the U.S. Department of the Treasury in December of 2008. The preferred stock was issued pursuant to the Capital Purchase Program established under the Troubled Asset Relief Program (TARP). The Company will pay $130 million to the Treasury to repurchase the preferred stock, plus accrued and unpaid dividends and intends to complete the repurchase as soon as possible.
CVB Financial Corp. Announces Consummation Of Public Stock Offering
CVB Financial Corp. and its subsidiary, Citizens Business Bank (the Company), announced the consummation of its previously announced underwritten public offering of common stock at $5.85 per share. The Company sold 22,655,000 in shares of its common stock, which includes the exercise by the underwriters of their overallotment option, for gross proceeds to the Company of approximately $132.5 million.
