Press Release

For Immediate Release                           Contact:  D. Linn Wiley

                                                                        President and

     Chief Executive Officer

     (909) 980-4030

 

 

 

CVB Financial Corp. Announces Stock Repurchase Program

 

Ontario, California, September 18, 2001- CVB Financial Corp. (NASDAQ/CVBF) today announced that its Board of Directors has authorized the repurchase of shares of its common stock from time to time, at the discretion of the Company, through open market purchases or in private transactions in an aggregate amount of up to two million shares.  This is an increase from the one million shares announced in April of 2001.  The current trading price of the common stock of CVB Financial Corp. as listed on the NASDAQ Financial-100 Indexâ is $18.99 a share.  On September 17, 2001, there were 27,810,022 shares outstanding.

 

CVB Financial Corp. is the parent company of Citizens Business Bank.  Citizens Business Bank has 30 offices in 23 cities in the Inland Empire, Orange County and San Gabriel Valley areas of California.  As of June 30, 2001, the Company had consolidated assets of $2.33 billion, deposits of $1.65 billion and gross loans of $1.07 billion. Net income for the six months ending June 30, 2001, was $18.5 million.  This represents an increase of $2.2 million, or 13.2%, when compared with net earnings of $16.3 million for the first half of 2000.

 

Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements relate to if and when the company many repurchase its common stock.  These forward-looking statements are subject to certain risks and uncertainties that could result in, among other things, the company not repurchasing any or all of the commons stock authorized to be repurchased.

 

 

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