For Immediate Release
Contact: D. Linn Wiley
President and CEO
The definitive agreement provides that Citizens Business Bank will acquire Granite State Bank for an aggregate purchase price of $19.00 per share, or approximately $27 million, including the costs associated with the cancellation of stock options. The total purchase price will be paid half in CVB Financial Corp. common stock and half in cash in a cash/stock election merger. The transaction will be accounted for under purchase accounting. It was approved by Granite shareholders on February 15, 2005.
“We are delighted with this opportunity to expand our
presence in the
Granite State Bank was established in 1984. They have offices in
Citizens Business Bank now has 39 business financial centers
located in 33 cities throughout
Citizens Business Bank specializes in providing the full scope of financial services to business and professional clientele in their market areas. They have a Wealth Management Group with over $1.2 billion in assets under administration. Citizens Business Bank also owns Golden West Financial Services, which is a specialty finance company that provides auto leases, equipment leases and mortgage brokerage services. CVB Financial Corp. is traded on the NASDAQ under the ticker symbol of CVBF.
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, including the inability to integrate the operations of Granite State Bank with Citizens Business Bank. 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.