CVB FINANCIAL CORP.

(CVBF)
  Report
Delayed Nasdaq  -  04:00 2022-07-01 pm EDT
25.15 USD   +1.37%
06/29CVB FINANCIAL CORP. : Ex-dividend day for
FA
06/16CVB FINANCIAL : Announces New Board Member - Form 8-K
PU
06/16CVB FINANCIAL CORP : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)
AQ
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

CVB FINANCIAL CORP : Other Events, Financial Statements and Exhibits (form 8-K)

01/10/2022 | 06:18am EDT

Item 8.01 Other Events.

On January 7, 2022 (the "Effective Time"), CVB Financial Corp. (the "Company") completed the previously announced merger (the "Merger") transaction whereby Suncrest Bank ("Suncrest") merged with and into the Company's wholly-owned subsidiary Citizens Business Bank ("Citizens"), in accordance with the terms and conditions of that certain Agreement and Plan of Reorganization and Merger ("Merger Agreement"), dated as of July 27, 2021, by and among the Company, Citizens and Suncrest, in a stock and cash transaction valued at approximately $237 million in aggregate, or $18.63 per Suncrest share based on CVB Financial Corp.'s closing stock price of $22.87 on January 7, 2022.

Under the terms of the Merger Agreement, the Company issued approximately 8.6 million shares of Company common stock and approximately $39.6 million in aggregate cash consideration, including cash paid out in settlement of outstanding incentive stock option awards at Suncrest.

Suncrest Bank, headquartered in Visalia, California, had approximately $1.4 billion in total assets, $0.8 billion in net loans, $1.2 billion in total deposits and $179.0 million in total equity as of December 31, 2021. Tangible book value per share was $11.16 at December 31, 2021. Suncrest's seven branch locations and two loan production offices in California's Central Valley and the Sacramento area will open as Citizens Business Bank locations on January 10, 2022.

On January 7, 2022, the Company issued a press release announcing the completion of the Merger. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits



Exhibit No.        Description

99.1                 Press Release, dated January 7, 2022, announcing the
                   completion of the merger of Suncrest Bank with and into Citizens
                   Business Bank.

104                Cover Page Interactive Data File (embedded within the Inline
                   XBRL document)




                                       2

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

All news about CVB FINANCIAL CORP.
06/29CVB FINANCIAL CORP. : Ex-dividend day for
FA
06/16CVB FINANCIAL : Announces New Board Member - Form 8-K
PU
06/16CVB FINANCIAL CORP : Change in Directors or Principal Officers, Financial Statements and E..
AQ
06/15CVB Financial Ups Quarterly Dividend to $0.19 a Share From $0.18 a Share; Payable July ..
MT
06/15CVB Financial Corp. Announces Increase in Quarterly Cash Dividend
GL
06/15CVB Financial Corp. Announces Increase in Quarterly Cash Dividend
GL
06/15CVB Financial Corp. Announces Cash Dividend with Respect to the Second Quarter of 2022,..
CI
06/15CVB Financial Corp. Announces New Board Member
GL
06/15CVB Financial Corp. Announces New Board Member
GL
06/15CVB Financial Corp. Appoints Kimberly Sheehy as A Board Member and as Member of Compens..
CI
More news
Analyst Recommendations on CVB FINANCIAL CORP.
More recommendations