Profile: CVB Financial Corp (CVBF.O)
16 Feb 2018
CVB Financial Corp. (CVB), incorporated on April 27, 1981, is the bank holding company for Citizens Business Bank (the Bank). The Bank operates through two segments: Business Financial and Commercial Banking Centers (Centers), and Other Operations. The Company's all administrative and other smaller operating departments are combined into the Other segment. As of December 31, 2016, there were 42 Business Financial Centers and eight Commercial Banking Centers located in the Inland Empire, Los Angeles County, Orange County, San Diego County, Ventura County, Santa Barbara County, and the Central Valley area of California. Its trust offices are located in Ontario, Newport Beach and Pasadena. These offices serve as sales offices for the Bank's wealth management, trust and investment products.
The Company also offers specialized services designed for commercial customers. These services include cash management systems for monitoring cash flow, a credit card program for merchants, courier pick-up and delivery, payroll services, remote deposit capture, electronic funds transfers by way of domestic and international wires and automated clearinghouse, and online account access. It makes available investment products offered by other providers to its customers, including mutual funds, fixed income vehicles and a program to diversify its customers' funds in federally insured time certificates of deposit of other institutions. The Company also offers financial services and trust services through its CitizensTrust division.
The Bank provides lending products, including commercial, agribusiness, consumer, real estate loans and equipment and vehicle leasing. Commercial products include lines of credit and other working capital financing, accounts receivable lending and letters of credit. Agribusiness products are loans to finance the operating needs of wholesale dairy farm operations, cattle feeders, livestock raisers and farmers. It provides bank-qualified lease financing for municipal governments. Financing products for consumers include automobile leasing and financing, lines of credit, credit cards, and home equity loans and lines of credit. Real estate loans include mortgage and construction loans. As of December 31, 2016, the Company's total loans were $4.40 billion.
The Bank maintains a portfolio of investment securities to provide interest income and to serve as a source of liquidity for its ongoing operations. As of December 31, 2016, it reported total investment securities of $3.18 billion. The composition of its investment securities constitutes the Government agency, residential mortgage-backed securities, collateralized mortgage obligation/real estate mortgage investment conduits (CMO/REMICs), municipal bonds and other securities. As of December 31, 2016, the Company's total available-for-sale securities were $2.27 billion.
Sources of Funds
The Bank's principal source of funds is dividends paid by and other funds advanced from the Bank and capital raised directly by the Company. The primary source of funds to support earning assets (loans and investments) is the generation of deposits. Through the Bank, the Company offers bank deposit instruments, including checking, savings, money market and time certificates of deposit for both business and personal accounts. It also serves as a federal tax depository for its business customers. As of December 31, 2016, the Company's total deposits were $6.31 billion.
CVB Financial Corp
701 N Haven Ave Ste 300
ONTARIO CA 91764-4925