Chief Executive Officer
Ontario, California, August 22, 2003-George Borba, Chairman of the Board of CVB Financial Corp. (NASDAQ:CVBF) and Citizens Business Bank, announced that Linn Wiley, President and Chief Executive Officer of both companies, has agreed to continue in that capacity through December 31, 2006. “We are delighted that Linn will remain with us as President and Chief Executive Officer for the next three years,” stated Borba. “He has made a substantial contribution to our progress during the past 12 years.” The three-year extension of their agreement with Wiley was made at the regular Board of Directors meeting on August 20, 2003.
“I am thrilled to have the opportunity to work with George Borba and our Board of Directors for another three years,” Wiley said. “This is a great organization with a first-class group of executives, officers and staff. Together, we have accomplished a great deal, and there is tremendous opportunity to do even more in the future.”
CVB Financial Corp. is the largest financial institution headquartered in the Inland Empire region of California. The Company reported deposits of $2.4 billion, loans of $1.5 billion and total assets of $3.5 billion as of June 30, 2003. Net earnings for the six-month period ending June 30, 2003 were $25.2 million. These results produced a return on beginning equity of 19.6%, a return on average equity of 18.8% and a return on average assets of 1.57%.
Citizens Business Bank is the principal subsidiary of CVB Financial Corp. They operate 33 business financial centers in 26 communities in the Inland Empire, Los Angeles County, Orange County and the Central Valley areas of California. Citizens Business Bank expects to complete the acquisition of Kaweah National Bank in September. This will increase the number of business financial centers to 37 business financial centers operating in 30 communities.
CVB Financial Corp. recently was named a KBW Honor Roll winner and a Mergent Dividend Achievement recipient. The KBW Honor Roll title is awarded by the investment banking firm of Keefe, Bruyette & Woods to banks achieving superior financial performance over a ten-year period. The Dividend Achiever Award is presented by Mergent, Inc. for two or more consecutive years of dividend increases. Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol of CVBF.