Press Release

For Immediate Release                                   Contact:          D. Linn Wiley

                                                                                                President &

                                                                                                Chief Executive Officer

                                                                                                (909) 980-4030



CVB Financial Corp. Reaches New Milestones


Ontario, California, January 16, 2002.  CVB Financial Corp. (NASDAQ:CVBF), parent company of Citizens Business Bank, today announced record earnings of $40.1 million for the year ending December 31, 2001.  This represents an increase of $5.4 million, or 15.5%, when compared with earnings of $ 34.7 million for the year ending December 31, 2000.


Diluted earnings per share were $1.13 for 2001.  This is up $0.15, or 15.0%, from the $0.98 posted for 2000.  All per share amounts have been restated to reflect the 5-for-4 stock split declared on December 19, 2001. Earnings for the year produced a return on beginning equity of 21.2%, a return on average equity of 19.2% and a return on average assets of 1.7%. 


Earnings for the fourth quarter ending December 31, 2001 were $ 10.8 million.  This represents an increase of $1.6 million, or 17.0%, over the earnings of $9.2 million reported for the fourth quarter of 2000.  This was the 39th consecutive quarter of record earnings.


Deposits reached a record high of $1.9 billion at December 31, 2001.  This was up $281.9 million, or 17.7%, when compared with the $1.6 billion in deposits reported for December 31, 2000.  Demand deposits were $766.3 million, or 49.8% of the total deposits.  This represents an increase of $101.0 million, or 15.2%, when compared with $665.3 million for last year.


Gross loans and leases were $1.2 billion at December 31, 2001.  This represents an increase of $136.0 million, or 12.9%, when compared to gross loans and leases of $ 1.1 million on December 31, 2000.  Total assets reached a record high of $2.5 billion.  This was up $ 206.1 million, or 8.9 %, over total assets of $2.3 billion at the end of 2000.


Linn Wiley, President and Chief Executive Officer for CVB Financial Corp. and Citizens Business Bank, stated, “We are pleased to have achieved these new milestones in our growth and financial performance.  Total assets exceeded $2.5 billion and earnings hit $40 million for the first time in our history.  This reflects the commitment by everyone in our organization to provide superior performance for our customers, our communities and our shareholders.”


The Board of Directors of CVB Financial Corp. declared a 5-for-4 stock split on December 19, 2001. In addition, the Board of Directors declared a $0.13 cash dividend.  The cash dividend will be paid on a post 5-for-4 stock split basis.  This cash dividend represents the 49th consecutive quarterly cash dividend paid by the Company.


CVB Financial Corp. operates Citizens Business Bank.  Citizens Business Bank has 31 branch offices in the Inland Empire, Orange County, San Gabriel Valley and Kern County areas of California.  Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol of CVBF.


 Comparative financial statements to follow.