by Daniel Webster, dWeb.News Publisher
Closing of Transaction Anticipated to Take Place on or about January 7, 2022
November 24, 2021 16: 15 ET | Source: CVB Financial Corp
ONTARIO, Calif., Nov. 24, 2021 (GLOBE NEWSWIRE) — CVB Financial Corp. (“CVBF”), the holding company for Citizens Business Bank (“Citizens”), announced that Citizens has received regulatory approvals from the Federal Deposit Insurance Corporation and the California Department of Financial Protection and Innovation, respectively, to complete its announced merger with Suncrest Bank headquartered in Visalia, California (“Suncrest”). Subject to satisfaction of all remaining closing conditions, the parties anticipate consummating the merger on or about January 7, 2022.
We are happy to have received all regulatory approvals or no-objections for the anticipated merger with Suncrest Bank,” stated David A. Brager (President and Chief Executive Officer at CVBF and Citizens). Citizens Business Bank sees this acquisition as a great opportunity to expand our presence in the Sacramento region and strengthen our position in the Central Valley. We are excited to build on the strong customer and community relationships established by Suncrest Bank, and we are looking forward to a successful closing and smooth integration.”
Ciaran H. McMullan, President and Chief Executive Officer of Suncrest Bank, stated, “We believe the anticipated merger of Suncrest Bank and Citizens Business Bank is a tremendous opportunity for our customers and employees, and our shareholders voted overwhelmingly in favor of the merger at our special shareholders meeting on October 27, 2021. Citizens Business Bank’s ability to offer a wider range of products and higher credit capacity along with a proven commitment to excellent service fits very well with the community banking model of Suncrest Bank.”
About CVB Financial Corporation and Citizens Business Bank
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 over $16 billion in total assets. 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 58 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.
Shares of CVB Financial Corp. common stocks are listed on NASDAQ under ticker symbol “CVBF”. For investor information on CVB Financial Corp., visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab.
About Suncrest Bank
Suncrest Bank, member FDIC, offers a full range of commercial, small business and agribusiness loans, cash management services and personal deposit products throughout the Central Valley of California and the Greater Sacramento Region. It is regularly rated Five Stars by Bauer Financial as one of the nation’s strongest financial institutions, and in 2017 and 2018 was named to the OTCQX(r) Best 50, a ranking of top performing companies traded on the OTCQX Best Market. It is a preferred lender with the Small Business Administration. The stock can be traded on the OTCQX open market under the ticker symbol SBKK. For all other information, visit www.suncrestbank.com.
Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to CVBF’s current business plans and expectations and our future financial position and operating results. These forward-looking statements can be identified by words such as “will likely result”,
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