CVB FINANCIAL CORP. HITS $1 BILLION IN ASSETS.ONTARIO Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. , Calif.--(BUSINESS WIRE)--April 23, 1996--CVB Financial Corp. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :CVB CVB Convention and Visitors Bureau CVB College Van Bestuur (Dutch: Managing Council) CVB Camper Van Beethoven (band) CVB Common Vision Blox CVB Center for Veterinary Biologics ) parent company of Citizens Business Bank (formerly Chino Valley Chino Valley can refer to:
Total assets were $1.038 billion as of March 31, 1996. D. Linn linn n. Scots 1. A waterfall. 2. A steep ravine. [Scottish Gaelic linne, pool, waterfall.] Wiley, President and Chief Executive Officer, stated that, "this is a significant milestone for our Company, because it represents the achievement of an objective we established in 1991 to reach $1 billion in assets by the end of 1996." This achievement expands Citizens Business Bank's lead as the largest bank headquartered in the Inland Empire In·land Empire A region of the northwest United States between the Cascade Range and the Rocky Mountains, comprising eastern Washington, eastern Oregon, northern Idaho, and western Montana. Farming, lumbering, and mining are important to the area. area of California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). . CVB Financial Corp. also reported record earnings for the first quarter of 1996. This represents a continuation of the record earnings reported by the Company during the past four years. Net earnings for the quarter ending March 31, 1996 were $2,758,000, or $0.30 per share. This represents an increase of $217,000 or 8.54%, when compared with earnings of $2,541,000, or $0.27 per share, for the first quarter of 1995. Results for the first quarter of 1996 include provisions for loan and lease losses of $1,213,000 and provisions for possible losses on foreclosed properties of $2,069,000. This increased the allowance for loan and lease losses to $11,472,000, or 2.06% of gross loans and leases, and the reserve for foreclosed properties to $2,000,000 as of March 31, 1996. These reserves strengthen the balance sheet and provide additional protection for the residual effects of the prolonged pro·long tr.v. pro·longed, pro·long·ing, pro·longs 1. To lengthen in duration; protract. 2. To lengthen in extent. recession in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . The acquisition of Citizens Commercial Trust and Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. of Pasadena was completed on March 29, 1996. This increased total assets to $1.038 billion on March 31, 1996. This represents an increase of $226.3 million, or 27.87%, when related to total assets of $812.0 million on March 31, 1995. Deposits reached $897.3 million and loans increased to $556.9 million at the end of the first quarter. This represents a $196.7 million, or 28.08%, increase in deposits and a $73.6 million, or 15.22%, increase in loans when compared with the same period in 1995. Citizens Commercial Trust and Savings Bank of Pasadena was an 84 year old institution. It had an excellent history and a fine reputation. This was gained through four generations of family ownership and management. The Bank had two offices in Pasadena, one in San Marino San Marino, city, United States San Marino (săn mərē`nō), residential city (1990 pop. 12,959), Los Angeles co., S Calif.; inc. 1913. Of interest is the Huntington Library, Art Collections, and Botanical Gardens. and one in La Canada-Flintridge. They had total assets of $117.5 million, deposits of $111.7 million and loans of $59.9 million at the time the transaction was completed. Citizens Business Bank will retain all four offices. This increases the total number of offices to 23 serving 19 cities in the Inland Empire, San Gabriel Valley The San Gabriel Valley is one of the principal valleys of southern California. It lies to the east of the city of Los Angeles, to the north of the Puente Hills, to the south of the San Gabriel Mountains, and to the west of the Inland Empire. and North Orange County. In addition to their commercial banking operation, Citizens Commercial Trust and Savings Bank had an outstanding Trust Division with more than $800 million in trust assets. This adds a very important and valuable new dimension to the business scope of Citizens Business Bank. They will offer full service trust accommodations to businesses and individuals throughout Southern California. Coincident co·in·ci·dent adj. 1. Occupying the same area in space or happening at the same time: a series of coincident events. See Synonyms at contemporary. 2. with the completion of the acquisition, Chino Valley Bank changed its name to Citizens Business Bank. The new name of the Bank is intended to reflect their expanded geographic presence and the broader scope of operation. It also highlights the Company's business banking emphasis and expertise. CVB Financial Corp. and Chino Valley Bank concluded the lawsuit lawsuit: see procedure; tort. with Metro Commerce Bank and John Cavallucci on March 29, 1996. A Marin County jury found that Mr. Cavallucci violated vi·o·late tr.v. vi·o·lat·ed, vi·o·lat·ing, vi·o·lates 1. To break or disregard (a law or promise, for example). 2. To assault (a person) sexually. 3. a covenant not to compete covenant not to compete n. a common provision in a contract for sale of a business in which the seller agrees not to compete in the same business for a period of years or in the geographic area. This covenant is usually allocated (given) a value in the sales price. contained in his retirement agreement with the Company. A payment of $2,100,000 was made to settle the three and a half year litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . CVB Financial Corp. is the parent company for Citizens Business Bank, the largest bank headquartered in the Southern California Inland Empire region. Shares of CVB Financial Corp.'s common stock are listed on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors of CVB. -0-
CVB FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)
dollars in thousands
except per share amounts
Three Months Ended
March 31,
1996 1995
Interest income
Loans, including fees $ 12,397 $ 12,360
Investment securities and
federal funds sold 4,105 3,377
16,502 15,737
Interest expense
Deposits 4,214 3,153
Other borrowings 640 480
4,854 3,633
Net interest income before
provision for credit losses 11,648 12,104
Provision for credit losses 1,213 1,225
Net interest income after
provision for credit losses 10,435 10,879
Other operating income 4,592 2,098 Other operating expenses 10,267 8,620 Earnings before income taxes 4,760 4,357 Income taxes 2,002 1,816 Net earnings $ 2,758 $ 2,541 Earnings per common share(a) $ 0.30 $ 0.27 Dividends per common share(a) $ 0.08 $ 0.07 Shares outstanding(a) 9,035 8,878 Fully diluted shares(a) 9,226 9,244 Note (a): Share and per share amounts have been restated to give retroactive effect to the 10% stock dividend declared on December 20, 1995.
CVB FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited)
dollars in thousands
March 31,
1996 1995
Assets
Investment securities and securities
available-for-sale $ 320,881 $ 219,748
Federal funds sold and interest-
bearing deposits with other
financial institutions 30,000 100
Loans and lease finance receivables 556,879 483,329
Less allowance for credit losses (11,472) (9,193)
Net loans and lease finance
receivables 545,407 474,136
Total earning assets 896,288 693,984
Cash and due from banks 82,281 69,671
Premises and equipment, net 23,575 12,590
Other real estate owned, net 7,537 11,609
Goodwill and intangibles 11,986 8,979
Other assets 16,710 15,212
$ 1,038,377 $ 812,045
Liabilities and Stockholders' Equity
Liabilities
Deposits
Noninterest-bearing $ 331,532 $ 266,630
Interest-bearing 565,782 433,960
897,314 700,590
Other borrowings 40,000 33,675
Other liabilities 22,227 10,739
959,541 745,004
Stockholders' equity
Stockholders' equity 80,212 70,554
Net unrealized (losses) on
securities available-for-sale (1,376) (3,513)
78,836 67,041
$ 1,038,377 $ 812,045
CONTACT: CVB Financial Corp., Ontario, Calif. Robert J. Schurheck, 909/980-4030 |
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