Pasadena, California, March 25, 2002–The Citizens Business Bank Wealth Management Group continues to outperform the major stock-market indices over both the short-term and the long-term.
Through February 2002, a composite of all accounts the Pasadena-based bank investment department manages has outperformed both the Standard & Poor’s 500 and Wilshire 5000 over the past quarter, year, three years and five years.
“We’re very proud of our investment team, who have achieved superior investment results for our institutional and individual clients,” said John R. Gurley, CTFA, investment manager of the Citizens Business Bank Wealth Management Group, which administers nearly $1 billion in assets. “Since a majority of money managers do not beat stock-market indices and we have, we feel we do a superior job in adding value for our clients.”
Mr. Gurley noted that an independent performance-analysis firm based in Maryland has certified the Citizens Wealth Management Group’s investment results. For the quarter ending Feb. 28, Citizen’s equity performance was +1.60%, while the Standard & Poor’s 500 was -2.51% and Wilshire 5000 -1.53%. For the past full year, Citizen’s equity performance was –0.82%, handily beating both the S&P 500 (-9.51% for the past year) and the Wilshire 5000 (-8.37%).
Going back three years, Mr. Gurley noted, “our results exceed the S&P 500 by 2.63% and the Wilshire 5000 by 1.90%,” he noted. Five-year results show the Pasadena firm outperforming the S&P 500 by 1.46% and the broader Wilshire 5000 index by 2.06%.
Finally, since the end of 1993, when the Association of Investment Management and Research set up new criteria to measure portfolios for all money managers, Citizens Business Bank’s fully managed portfolios have outperformed the S&P 500 by 1.41% and the Wilshire 5000 by 2.52%.
Mr. Gurley, who heads a team of three portfolio managers, including Steven B. Marrs and Richard McDonald, CFA, attributes the firm’s success to a long-term orientation and a research-intensive approach to investing.
“We emphasize extensive research, diversification across various sectors of the economy and a long-term outlook,” said Mr. Gurley, who has more than 40 years’ experience in banking and investments. “This approach provided exceptional value for our clients for many years.”
The Citizens Business Bank Wealth Management Group has been managing money for individuals and institutions since 1931. Citizens Business Bank is one of the largest community banks in Southern California, with $2.5 billion in total assets, $1.9 billion in total deposits and $1.2 billion in total loans. It has 31 business financial centers in Los Angeles, San Bernardino, Riverside, Orange and Kern counties. The parent company, CVB Financial Corp., trades on NASDAQ under the symbol CVBF.