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CVB Financial buys Valley Commerce Bancorp

Citizens Business Bank
Acquisition   Approximately $400 million in assets

CVB Financial Corp., the holding company for Citizens Business Bank, announced that it has completed its merger with Valley Commerce Bancorp, the holding company for Valley Business Bank, Visalia, California.


The acquisition was concluded following receipt of all required regulatory and VCBP shareholder approvals.

As of December 31, 2016, VCBP had approximately $400 million in assets and CVBF had approximately $8.1 billion in assets.

As a result of the merger, each holder of outstanding shares of VCBP common stock became entitled to receive, per Valley Share, .5442 of a share of CVBF common stock, $7.73 cash, and cash in lieu of any fractional Valley Share, if any.

Separately and prior to the merger, VCBP declared a special cash dividend of $4.82 per Valley Share, payable by VCBP to holders of Valley Shares as of March 10, 2017, immediately prior to the merger.

CVBF is the ninth largest bank holding company headquartered in California with assets of approximately $8.1 billion.


 

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