Press Release                                   Contact:   D. Linn Wiley

                                                                                          President & Chief Executive Officer

For Immediate Release                                          (909) 980-4030



CVB Financial Corp. Announces Stock Split and Cash Dividend



Ontario, CA, December 16, 2004-The Board of Directors of CVB Financial Corp. (NASDAQ:CVBF) declared a 5 for 4 stock split at its regularly scheduled Board of Directors Meeting on December 15, 2004.  This will result in shareholders receiving one additional share of stock for every four shares they own.  The 5 for 4 stock split will be accompanied by a cash dividend of $0.11 per share.


D.Linn Wiley, President and Chief Executive Officer, stated that, “the decision to declare the 5 for 4 stock split and the $0.11 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 of Directors in the future prospects of the Company.”


Shareholders of record on December 29, 2004 will be entitled to the 5 for 4 stock split.  They will receive the additional shares of stock on or about January 13, 2005. 


The record date of the cash dividend of $0.11 is December 30, 2004.  The cash dividend payable date is also January 13, 2005.  The additional shares resulting from the 5 for 4 stock split and the cash dividend will be mailed to shareholders on or about January 13, 2005. 


The cash dividend will be paid on a post split basis.  Consequently, shareholders receiving the 5 for 4 stock split will receive the cash dividend on both the old and new shares. 


 This represents the 61st consecutive quarterly cash dividend paid by the Company.  The $0.11 dividend on the 60,616,983 shares outstanding following this 5 for 4 stock split represents a total cash payment of $6,667,868.  This is an increase of $375,195, or 5.96%, over the $6,292,673 in cash dividends paid for the third quarter of 2004.


CVB Financial Corp. reported earnings of $17.1 million for the third quarter ending September 30, 2004.  This represented an increase of $3.6 million, or 26.46%, when compared with the $13.5 million in net income reported for the same period last year.  Corresponding return on beginning equity was 24.19%, the return on average equity was 23.34% and the return on average assets was 1.57%.


Net income for the nine months ending September 30, 2004 was $44.6 million.  This represented an increase of $5.9 million, or 15.16%, when compared with net earnings of $38.7 million for the same period in 2003.  Net income for the nine months produced a return on beginning equity of 20.78%, a return on average equity of 26.10% and a return on average assets of 1.45%.


CVB Financial Corp. operates Citizens Business Bank.  Citizens Business Bank is the largest bank headquartered in the Inland Empire. It is the dominant community bank in the Inland Empire, Los Angeles County, Orange County and the Central Valley areas of California. Its subsidiary, Golden West Financial Services, provides vehicle leasing, equipment leasing and real estate loan services.  The Wealth Management Group has over $1.2 billion in assets under administration. They provide trust, investment and related services. 


Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol of CVBF.  For investor information on CVB Financial Corp., visit our Citizens Business Bank website at and click on the CVB Investor tab.


Safe Harbor

This document may contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those projected.  For a discussion of other factors that could cause actual results to differ, please see the publicly available Securities and Exchange Commission filings of CVB Financial Corp., including its Annual Report on Form 10-K for the year ended December 31, 2003, and particularly the discussion of risk factors within that document.