ONTARIO, Calif.--(BUSINESS WIRE)--Citizens Business Bank announced today that the proposed merger with American Security Bank (ASB) is expected to close on Thursday, May 15, 2014.
Citizens Business Bank has received all regulatory approvals for the proposed merger. The combined companies will operate as Citizens Business Bank.
“We are prepared to move ahead with the merger of Citizens Business Bank and American Security Bank and look forward to the opportunity to expand our market presence. We are excited to welcome our new customers and associates to Citizens Business Bank,” said Christopher Myers, President and Chief Executive Officer.
About Citizens Business Bank and American Security Bank
Citizens Business Bank is the largest financial institution headquartered in the Inland Empire region of Southern California with assets of $6.90 billion. Citizens Business Bank serves 39 cities with 37 Business Financial Centers, six Commercial Banking Centers, and three trust office locations serving the Inland Empire, Los Angeles County, Orange County, San Diego County, and the Central Valley areas of California.
Citizens Business Bank’s parent company, CVB Financial Corp. (the “Company”) is listed on the NASDAQ under the ticker symbol of CVBF. For investor information on CVB Financial Corp. and Citizens Business Bank, visit our Citizens Business Bank website at www.cbbank.com and click on the Our Investors tab.
American Security Bank, originally founded in 1990, is headquartered in Newport Beach, CA and operates through five branches, two electronic banking locations, and one loan production office. Assets totaled $412 million at December 31, 2013.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. In some cases, you can identify forward-looking statements by words such as “will likely result”, “aims”, “anticipates”, “believes”, “could”, “estimates”, “expects”, “hopes”, “intends”, “may”, “plans”, “projects”, “seeks”, “should”, “will”, and variations of these words and similar expressions. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those projected. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the risk that integration of American Security Bank’s operations with those of the Citizens Business Bank will be more costly or difficult than expected; the effect of the announcement of the merger on the Citizens Business Bank’s, American Security Bank’s, or the combined companies’ respective customer relationships and operating results; diversion of management’s attention from ongoing business operations and opportunities; the challenges of integrating and retaining key employees; the risk that synergies from the transaction may not be fully realized or may take longer to realize than expected; the failure to satisfy conditions to completion of the merger, including receipt of required regulatory approvals; and the failure of the merger to close for any other reason. Additional factors that may affect future results are contained in the Company’s filings with the SEC, which are available at the SEC’s website (http://www.sec.gov), including in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, under the heading “Risk Factors.” The Company disclaims any obligation to update and revise statements contained in these materials based on new information or otherwise.