ONTARIO, Calif.--(BUSINESS WIRE)--Citizens Business Bank announced that it has completed its merger with American Security Bank.
The acquisition, which was first announced on February 18, 2014, was concluded earlier today following receipt of all required regulatory approvals. As of March 31, 2014, American Security Bank had $431 million in assets and Citizens Business Bank had $6.9 billion in assets.
“The merger with American Security Bank is an exciting opportunity for Citizens Business Bank to further expand our footprint in the Southern California marketplace. We intend to build upon the strong foundation American Security Bank established and broaden customer relationships through our enhanced product offerings and higher credit capacity,” said Christopher D. Myers, President and Chief Executive Officer.
Dana Johnson, former Chairman of the Board and Chief Executive Officer of American Security Bank, stated, “With its strong financial record and commitment to quality relationship banking, Citizens Business Bank was the right choice for our Bank, its customers, and employees. I’m pleased to know that the legacy we built is in good hands moving forward.”
CVB Financial Corp. is the holding company for Citizens Business Bank. The Bank is the largest financial institution headquartered in the Inland Empire region of Southern California with combined assets of more than $7.3 billion as of March 31, 2014. Citizens Business Bank serves 43 cities with 42 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.
Shares of CVB Financial Corp. are listed on the NASDAQ under the ticker symbol “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.
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 Citizens Business Bank will be more costly or difficult than expected; the effect of the acquisition and merger on Citizens Business Bank’s, American Security Bank’s, or the combined companies’ respective customer relationships and operating results; diversion of Citizens Business Bank’s management’s attention from ongoing business operations and opportunities; the challenges of integrating and retaining key employees; the risk that anticipated synergies and/or cost savings from the transaction may not be fully realized or may take longer to realize than expected; and the risk that assets or liabilities being assumed by Citizens Business Bank as a result of the transaction may not perform as expected. Additional factors that may affect future results are contained in CVB Financial Corp.’s filings with the SEC, which are available at the SEC’s website (http://www.sec.gov), including in CVB Financial Corp.’s Annual Report on Form 10-K for the year ended December 31, 2013, under the heading “Risk Factors.” CVB Financial Corp. and Citizens Business Bank disclaim any obligation to update and revise statements contained in these materials based on new information or otherwise.