CVB Financial Corp. Announces 10 Percent Stock Dividend and $0.12 Cash Dividend.Business Editors ONTARIO, Calif.--(BUSINESS WIRE)--Dec. 21, 2000 The board of directors of 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 Financial Corp. (AMEX AMEX See: American Stock Exchange :CVB) declared a 10 percent stock dividend at its regularly scheduled board of directors meeting on Dec. 20, 2000. The 10 percent stock dividend was accompanied by a $0.12 cash dividend. Linn linn n. Scots 1. A waterfall. 2. A steep ravine. [Scottish Gaelic linne, pool, waterfall.] Wiley, president and chief executive officer, stated: "The decision to declare the 10 percent stock dividend and $0.12 cash dividend is predicated on the solid growth and strong financial performance of CVB Financial Corp. and its principal subsidiary, Citizens Business Bank. It also demonstrates the confidence of the board in the future prospects of the company." CVB Financial Corp. reported earnings of $9.1 million for the third quarter ending Sept. 30, 2000. This represents an increase of $1.9 million, or 26.9 percent, compared with net earnings of $7.2 million for the third quarter of 1999. These results produced a return on beginning equity of 23.9 percent and a return on average assets of 1.74 percent. Net earnings for the nine months ending Sept. 30, 2000 were $25.4 million. This represents an increase of $4.9 million, or 24.2 percent, over net earnings of $20.5 million for the same period last year. Corresponding return on beginning equity was 24.1 percent, and the return on average assets was 1.66 percent. Shareholders of record on Jan. 5, 2001 will be entitled to the 10 percent stock dividend. They will receive it on or about Jan. 26, 2001. The cash dividend of $0.12 per share will be made to shareholders of record as of Jan. 5, 2001. Payment of the cash dividend will be made on or about Jan. 26, 2001. The cash dividend will be paid on a post 10 percent stock dividend basis, so shareholders receiving the 10 percent stock dividend will receive the cash dividend on their new shares. This represents the 45th consecutive quarterly cash dividend paid by the company. CVB Financial Corp. operates Citizens Business Bank, the largest bank with headquarters 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. region of 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, . Shares of CVB Financial 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. |
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