News & Media
Citizens Business Bank Receives Deal of the Year Award
May 17, 2019
ONTARIO, Calif. CVB Financial Corp. (NASDAQ: CVBF), the holding company for Citizens Business Bank (“Citizens”), announced today that they were awarded the Spotlight Deal of the Year Award for the purchase of a Southern California-based financial institution. The Orange County Chapter of ACG, the Association for Corporate Growth, presents the Spotlight Deal of the Year Award to one company that has experienced a significant merger or acquisition deal over the past year.
Citizens, headquartered in Ontario, received the Spotlight Deal of the Year Award in recognition of the August 2018 acquisition of Pasadena-based Community Bank. The deal, valued at approximately $903 million, was the largest in CVBF history, and one of the ten largest bank M&A deals in the country last year. Community Bank had $3.7 billion in assets and 16 branch locations throughout the Greater Los Angeles and Orange County areas at the time of the acquisition.
ACG Orange County hosted an estimated 500 local business leaders at the 24th Annual Awards Gala on May 16 in Irvine. The gala recognized and honored the highest performing middle market companies from Orange County and the Inland Empire. There were more than 100 companies nominated for the 2019 ACG Awards, and each one underwent multiple rounds of review by ACG and an independent panel of judges before their selection as finalists.
Christopher D. Myers, President and Chief Executive Officer of Citizens, commented, “We are honored to receive this recognition from ACG. Acquiring 74-year-old Community Bank was a transformational deal for our company, increasing our total assets by over 40%. We are now one of the 100 largest banks in the United States and the 9th largest headquartered in California.”
ACG’s Spotlight Award is the latest accolade for the Bank this year. In January, Forbes named CVBF the #1 Bank in California on Forbes America’s Best Banks 2019. In April, CVBF was recognized as the #2 ranked bank on S&P Global’s Best-Performing Banks in the Nation. CVBF also received a Five-Star Superior Rating from BauerFinancial and was once again designated a Super Premier Performing Bank by Findley Reports.
CVB Financial Corp. (“CVBF”) is the holding company for Citizens Business Bank. CVBF is the 9th largest bank holding company headquartered in California with over $11 billion in total assets. Citizens Business Bank is consistently recognized as one of the top performing banks in the nation and offers a wide array of banking, lending and investing services through 59 banking centers and 3 trust office locations serving the Inland Empire, Los Angeles County, Orange County, San Diego County, Ventura County, Santa Barbara County, and the Central Valley area of California.
Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol “CVBF.” For investor information on CVB Financial Corp., visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab.