President & Chief Executive Officer
Ontario, CA, December 21, 2005-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 21, 2005. 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 $0.09 per share.
D. Linn Wiley, President and Chief Executive Officer, stated that, “The decision by the Board of Directors to declare the 5 for 4 stock split and the $0.09 cash dividend is predicated on the solid growth and strong financial performance of CVB Financial Corp. and its principal subsidiary, Citizens Business Bank.”
Shareholders of record on January 10, 2006 will be entitled to the 5 for 4 stock split. They will receive the additional shares of stock on or about January 26, 2006.
The record date of the cash dividend of $0.09 is January 11, 2006. The cash dividend payable date is also January 26, 2006. The additional shares resulting from the 5 for 4 stock split and the cash dividend will be mailed to shareholders on or about January 26, 2006.
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 65th consecutive quarterly cash dividend paid by the Company. The $0.09 dividend on the 76,416,419 shares outstanding following this 5 for 4 stock split represents a total cash payment of $6.9 million. This is an increase of $155,723, or 2.32%, over the $6.7 million in cash dividends paid for the third quarter of 2005.
Net income for the nine months ending
CVB Financial Corp. operates Citizens Business Bank. Citizens Business Bank is the largest bank
headquartered in the
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 www.cbbank.com and click on the CVB Investor tab.
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, 2004, and particularly the discussion of risk factors within that document.