For Immediate Release
Contact: D. Linn Wiley, President and Chief Executive Officer
CVB Financial Corp. Announces 10% Stock Dividend
and $0.12 Cash Dividend
Ontario, California, December 20, 2000--The Board of Directors of CVB Financial Corp. (AMEX/CVB) declared a 10 percent stock dividend at its regularly scheduled Board of Directors Meeting on December 20, 2000. The 10 percent stock dividend was accompanied by a $0.12 cash dividend.
Linn Wiley, President and Chief Executive Officer, stated that, "the decision to declare the 10 percent stock dividend and $0.12 cash dividend is predicated on the solid growth and strong financial performance of CVB Financial Corp. and its principal subsidiary, Citizens Business Bank. It also demonstrates the confidence of the Board in the future prospects of the Company."
CVB Financial Corp. reported earnings of $9.1 million for the third quarter ending September 30, 2000. This represents an increase of $1.9 million, or 26.9 percent, compared with net earnings of $7.2 million for the third quarter of 1999. These results produced a return on beginning equity of 23.9 percent and a return on average assets of 1.74 percent.
Net earnings for the nine months ending September 30, 2000 were $25.4 million. This represents an increase of $4.9 million, or 24.2 percent, over net earnings of $20.5 million for the same period last year. Corresponding return on beginning equity was 24.1 percent, and the return on average assets was 1.66 percent.
Shareholders of record on January 5, 2001, will be entitled to the 10 percent stock dividend. They will receive it on or about January 26, 2001. The cash dividend of $0.12 per share will be made to shareholders of record as of January 5, 2001. Payment of the cash dividend will be made on or about January 26, 2001. The cash dividend will be paid on a post 10 percent stock dividend basis. So shareholders receiving the 10 percent stock dividend will receive the cash dividend on their new shares. This represents the 45th consecutive quarterly cash dividend paid by the Company.
CVB Financial Corp. operates Citizens Business Bank, the largest bank headquartered in the Southern California Inland Empire region of Southern California. Shares of CVB Financial Corp. common stock are listed on the American Stock Exchange under the ticker symbol of CVB.