Citizens Business Bank Acquires Western Security Bank.Business Editors D. Linn linn n. Scots 1. A waterfall. 2. A steep ravine. [Scottish Gaelic linne, pool, waterfall.] Wiley, president and chief executive officer 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. (Nasdaq:CVBF CVBF Central Valley Business Forms CVBF Carrier Battle Force ) and its principal subsidiary, Citizens Business Bank, reported today that their previously announced acquisition of Western Security Bank, National Association, has been completed. The $6,225,000 cash transaction was consummated on June 28, 2002. "We are delighted with this opportunity to expand into the San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. . The Burbank location is a complement to our existing franchise and our business and professional banking strategy," stated Wiley. Western Security was established in 1984. At the close of business on June 28, 2002, Western Security Bank consolidated loans were $95.4 million, total deposits were $138.6 million and total assets were $146.1 million. Ed Mylett will continue as the senior vice president and business financial center manager at 4100 W. Alameda Ave. in Burbank, Calif. All the customer service employees will remain with Citizens Business Bank. Citizens Business Bank now has 32 business financial centers located in 25 cities throughout Los Angeles, San Bernardino, Riverside, Orange and Kern counties. Citizens Business Bank is one of the largest community banks in Southern California with $2.6 billion in total assets. They specialize in providing the full scope of financial services to business and professional clientele including a Wealth Management Group with more than $1 billion in assets under administration. CVB Financial is traded on the Nasdaq 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 CVBF. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. This document may contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including the inability to integrate the operations of Western Security Bank with Citizens Business Bank. For a discussion of other factors that could cause actual results to differ, please see the publicly available Securities and Exchange Commission filings of CVB Financial Corp., including its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Dec. 31, 2001, and particularly the discussion of risk factors within that document. |
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