CVB Financial : Announces Authorization of 10 Million Share Repurchase Plan, including $70 Million Accelerated Share Repurchase - Form 8-K
February 02, 2022 at 06:19 am EST
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CVB Financial Corp. Announces Authorization of 10 Million Share Repurchase Plan, including $70 Million Accelerated Share Repurchase
Ontario, CA, Feb. 1, 2022-CVB Financial Corp. (NASDAQ:CVBF) announced that the Board of Directors of CVB Financial Corp. (the "Company"), the holding company for Citizens Business Bank, authorized the Company to repurchase up to 10,000,000 shares of the Company's common stock (the "2022 Repurchase Program"), including by means of (i) an initial accelerated share repurchase agreement involving $70,000,000 of the Company's common stock and (ii) one or more Rule 10b5-1 plans or other appropriate buy-back arrangements, including open market purchases and private transactions.
"The approval of this share repurchase program reflects our robust capital position, consistent track record of producing quality earnings, and history of delivering long term value to our shareholders," said David A. Brager, President and Chief Executive Officer.
This 2022 Repurchase Program replaces in its entirety the Company's previous 2016 share repurchase program under which 4,194,809 shares remained available for repurchase.
Corporate Overview
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 with more than 60 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 Central California.
Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the 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.
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CVB Financial Corporation published this content on 02 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 February 2022 11:18:05 UTC.
CVB Financial Corp. is a bank holding company for Citizens Business Bank (the Bank). The Bank offers personalized service combined with a range of banking and trust services for businesses, professionals and individuals located in the service areas of its centers. It offers a range of bank deposit instruments, including checking, savings, money market and time certificates of deposit for both business and personal accounts, municipalities and districts, and specialized deposit products for title and escrow. It provides lending products, including commercial, agribusiness, consumer, small business administration loans, real estate loans, construction loans and equipment and vehicle leasing. It offers a range of financial services and trust services through its CitizensTrust division, including fiduciary services, mutual funds, annuities, 401(k) plans and individual investment accounts. It also offers a range of specialized services designed for the needs of its commercial customers.
CVB FINANCIAL CORP. 
