News & Media
Citizens Business Bank Completes Acquisition of American Security Bank
Ontario, CA, May 15, 2014 – Citizens Business Bank announced that it has completed its merger with American Security Bank.
The acquisition, which was first announced on February 18, 2014, was concluded earlier today following receipt of all required regulatory approvals. As of March 31, 2014, American Security Bank had $431 million in assets and Citizens Business Bank had $6.9 billion in assets.
“The merger with American Security Bank is an exciting opportunity for Citizens Business Bank to further expand our footprint in the Southern California marketplace. We intend to build upon the strong foundation American Security Bank established and broaden customer relationships
through our enhanced product offerings and higher credit capacity” said Christopher D. Myers, President and Chief Executive Officer.
Dana Johnson, former Chairman of the Board and Chief Executive Officer of American Security Bank, stated “With its strong financial record and commitment to quality relationship banking, Citizens Business Bank was the right choice for our Bank, its customers, and employees. I’m pleased to know that the legacy we built is in good hands moving forward.”
CVB Financial Corp. is the holding company for Citizens Business Bank. The Bank is the largest financial institution headquartered in the Inland Empire region of Southern California with combined assets of more than $7.3 billion as of March 31, 2014. Citizens Business Bank serves 3 cities with 42 Business Financial Centers, six Commercial Banking Centers, and three trust office locations serving the Inland Empire, Los Angeles County, Orange County, San Diego County, and the Central Valley areas of California.
Shares of CVB Financial Corp. are listed on the NASDAQ under the ticker symbol “CVBF.” For investor information on CVB Financial Corp. and Citizens Business Bank, visit our Citizens Business Bank website and click on the “Our Investors” tab.