Chief Executive Officer
Ontario, California, September 6, 2001 (Nasdaq:CVBF)-Linn Wiley, President and Chief Executive Officer of Citizens Business Bank, announced that the Bank has received regulatory approval to open a branch in Bakersfield, California. This will be the 31st branch office for Citizens Business Bank. The Office will be located at 9100 Ming Avenue in One University Center. It is expected to open in November of 2001.
“I am delighted to announce the approval of our expansion into Bakersfield and Kern County,” stated Wiley. “I am also extremely pleased to announce the selection of John Tait and Harold Hanson to lead our management team. John Tait will serve as Senior Vice President and Regional Manager, and Harold Hanson will be Vice President and Manager of the Bakersfield Office.”
Tait has more than 33 years of banking experience with an extensive background in bank management, credit administration, operations and marketing. He has spent the majority of his banking career in Bakersfield and the Central Valley.
Tait spent 13 years from 1977 to 1990 with American National Bank, where he rose from a loan officer to manager of the Bakersfield Main Office and Executive Vice President responsible for the 29 offices of the Bank. He later became President and Chief Executive Officer of Community First Bank in Bakersfield and then Executive Vice President of ValliWide Bank and WestAmerica Bank following acquisitions. He was most recently employed as the owner and operator of Kawasaki of Bakersfield.
He is a graduate of the Pacific Coast Banking School at the University of Washington and the National School of Commercial Lending at the University of Oklahoma. He also attended the University of Nevada at Reno. His community involvement includes President of Bakersfield Breakfast Rotary, United Way of Kern County, Kern Adult Literacy, Maison Center Foundation, CSUB Roadrunner Board of Directors, Chamber of Commerce, Kern Economic Development Corporation, Consumer Credit Counselors of Kern County, California Bankers Association and American Bankers Association.
Harold Hanson has 35 years of banking experience. He spent 15 years with American National Bank from 1975 to 1990. He rose from a lending officer position to Senior Vice President and Area Manager for Kern County. His most recent banking assignments were as Executive Vice President and Chief Operating Officer for Community First Bank and ValliWide Bank. Hanson and his wife, Lana, own the Cruise Holidays Vacation Store in Bakersfield.
In November of 2000, Mr. Hanson was elected to the Bakersfield City Council, Ward 5. He also chairs the City Council Personnel Committee and serves on the Budget and Finance Committee and the Water Board. He has been involved with the Kern Adult Literacy Council, Consumer Credit Counselors of Kern County, Kern County Economic Development Corporation, Downtown Business Association, Kern Executives Association and the United Way of Kern County. Hanson earned his Bachelor of Science Degree in Business and Finance from the University of Windsor in Ontario, Canada.
Other senior executives of Citizens Business Bank have close ties to Bakersfield. Linn Wiley, President and Chief Executive Officer, was President of American National Bank from 1983 until it was sold to Wells Fargo Bank in 1990. He served on some 15 community boards of directors during his tenure. They included Vice President of the Bakersfield Chamber of Commerce, Chairman of the Kern County Youth for Christ and Vice President of the United Way of Kern County. Edward Biebrich, Executive Vice President and Chief Financial Officer for Citizens Business Bank, served in the same capacity for American National Bank from 1983 to 1990. He later joined ARB, Inc. as Chief Financial Officer before beginning his tenure with Citizens Business Bank in 1998.
Citizens Business Bank is a $2.3 billion financial institution. It is widely recognized for its commitment to its customers and communities. The company also has achieved consistently strong financial performance.
CVB Financial Corp., the parent company for Citizens Business Bank, reported net income for the six months ending June 30, 2001 of $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. Diluted earnings per share were $0.65. This was up $0.07, or 12.1%, from diluted earnings per share of $0.58 for the same period last year. Net income for the first half of 2001 produced a return on beginning equity of 19.73%, a return on average equity of 18.65% and a return on average assets of 1.63%. The efficiency ratio for the first half was 48.60%.
At June 30, 2001, total assets were $2.33 billion. This represents an increase of $216.8 million, or 10.27%, over the $2.11 billion in total assets reported on June 30, 2000. Total deposits rose to $1.65 billion. This is up $175.9 million, or 11.91%, from $1.48 billion last year. Gross loans and leases grew to $1.07 billion as of June 30, 2001. This is an increase of $76.3 million, or 7.69%, from the $991.4 million in gross loans and leases on June 30, 2000. Trust assets were $993.6 million on June 30, 2001. Citizens Business Bank is the subsidiary of CVB Financial Corp. CVB Financial Corp. stock is traded on the NASDAQ under the ticker symbol of CVBF.