ONTARIO, Calif.--(BUSINESS WIRE)--CVB Financial Corp. (NASDAQ:CVBF) (“CVBF”), the parent company of Citizens Business Bank, reports that the California Department of Business Oversight has approved its application to acquire Valley Business Bank, the bank subsidiary of Valley Commerce Bancorp (“Valley”) (OTC PINK: VCBP). CVBF previously reported that the Federal Deposit Insurance Corporation had approved its application under the Bank Merger Act on February 23, 2017. In addition, the shareholders of Valley approved the merger transaction on February 16, 2017. Over 80% of Valley’s outstanding shares voted in person or by proxy with 99.22% of the shares voted in favor of the merger.
All shareholder and regulatory approvals have now been received, and the merger is expected to close on or about March 10, 2017. Valley Business Bank will merge into Citizens Business Bank immediately following the merger of Valley into CVBF.
CVBF is the ninth largest bank holding company headquartered in California with assets of approximately $8.1 billion. Citizens Business Bank is consistently recognized as one of the top performing banks in the nation and offers a wide array of banking, lending and investing services through 42 Business Financial Centers, 8 Commercial Banking Centers, and three trust office locations serving the Inland Empire, Los Angeles County, Orange County, San Diego County, Ventura County, Santa Barbara County, and the Central Valley area of California.
Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol “CVBF.” For investor information on CVB Financial Corp., visit our Citizens Business Bank website at http://www.cbbank.com and click on the “Investors” tab.
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which statements are inherently subject to risks and uncertainties. These forward-looking statements including statements relating to the closing of our merger with Valley Commerce Bancorp, are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to: whether all conditions to the closing of the proposed transaction are satisfied. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements except as required by law. The Company is also not responsible for changes made to the press release by wire services, internet services or other media.