Chino Valley Bank makes announcement.ONTARIO, Calif.--(BUSINESS WIRE)--Nov. 1, 1995--D. Linn linn n. Scots 1. A waterfall. 2. A steep ravine. [Scottish Gaelic linne, pool, waterfall.] Wiley, president and chief executive officer of Chino Valley Bank, and Joseph A. Geiselman, president 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, Wednesday announced that the two banking companies have executed a definitive agreement and plan of reorganization. This agreement provides for Chino Valley Bank to merge with Citizens Commercial Trust and Savings Bank. Chino Valley Bank will represent the continuing operation. The definitive agreement provides that the shareholders of Citizens Commercial Trust and Savings Bank will receive $18,000,000, plus accrued net earnings for the period from Oct. 1, 1995, until the acquisition is consummated. The transaction is subject to regulatory approval. It is expected to be completed during the second quarter of 1996. Wiley stated, "We are thrilled with this opportunity to associate with the customers and staff of Citizens Bank. They are an outstanding organization with an excellent reputation and a great history." He went on to say, "We have been planning to enter the Pasadena market for several years. We are looking forward to serving the community." Citizens Commercial Trust and Savings Bank was established in 1912. It has four offices located in Pasadena, San Marino and La Canada. The bank has total assets of $123,228,000, deposits of $104,694,000 and loans of $61,237,000 as of Sept. 30, 1995. Chino Valley Bank has 19 offices located throughout the 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. , Inland Empire and Northern Orange County. 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., parent of Chino Valley Bank, reported total assets of $855,793,000, deposits of $738,516,000, loans of $484,957,000 and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $74,344,000 on Sept. 30, 1995. Net earnings were $8,173,000 for the first nine months of 1995. This represents an increase of $623,000, or 8.3%, over the same period in 1994. Geiselman commented that, "Chino Valley Bank is a premier performing bank with an outstanding record for serving their customers. They will be a great addition to the Pasadena business community and a first class successor for Citizen's Bank." Chino Valley Bank is the principal subsidiary of CVB Financial Corp. CVB Financial Corp. is traded 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. CONTACT: Chino Valley Bank D. Linn Wiley, 909/980-4030 |
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