Local banks Citizens Business, Community to combine into $12-billion institution [Los Angeles Times (CA)]
CVB Financial Corporation (CVBF)
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Source: Los Angeles Times
Local banks Citizens Business, Community to combine into $12-billion institution Ontario's Citizens Business Bank is buying Pasadena lender Community Bank, a deal that will create a $12-billion institution that lends to small and mid-size businesses in Southern and Central California. The deal, announced Tuesday, will make Citizens the eighth-largest independent bank headquartered in California, leapfrogging Santa Ana lender Banc of California. Citizens will buy Community, which is privately held, for $878 million in cash and stock. The deal still must be approved by shareholders of both banks, as well as by regulators. Executives said they expect the acquisition to close in this year's third quarter, though analysts suggested that regulators could delay the deal. Because the combination would create an institution with more than $10 billion in assets, it is subject to stricter scrutiny. Also, analysts noted that Community Bank was giving a rating of "needs to improve" on its complian
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CVBF
News
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CVBF
Earnings
- 4/24/24 - In-Line
CVBF
Sec Filings
- 4/25/24 - Form 8-K
- 4/25/24 - Form 8-K
- 4/1/24 - Form DEFA14A
- CVBF's page on the SEC website