ONTARIO, Calif.--(BUSINESS WIRE)--
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 43
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 at www.cbbank.com
and click on the “Our Investors” tab.
This press release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. All
statements other than statements of historical fact are forward-looking
statements. In some cases, you can identify forward-looking statements
by words such as “will likely result,” “aims,” “anticipates,”
“believes,” “could,” “estimates,” “expects,” “hopes,” “intends,” “may,”
“plans,” “projects,” “seeks,” “should,” “will,” and variations of these
words and similar expressions. These forward-looking statements are
subject to risks and uncertainties that could cause actual results,
performance or achievements to differ materially from those projected.
The following factors, among others, could cause actual results to
differ from those set forth in the forward-looking statements: the risk
that integration of American Security Bank’s operations with those of
Citizens Business Bank will be more costly or difficult than expected;
the effect of the acquisition and merger on Citizens Business Bank’s,
American Security Bank’s, or the combined companies’ respective customer
relationships and operating results; diversion of Citizens Business
Bank’s management’s attention from ongoing business operations and
opportunities; the challenges of integrating and retaining key
employees; the risk that anticipated synergies and/or cost savings from
the transaction may not be fully realized or may take longer to realize
than expected; and the risk that assets or liabilities being assumed by
Citizens Business Bank as a result of the transaction may not perform as
expected. Additional factors that may affect future results are
contained in CVB Financial Corp.’s filings with the SEC, which are
available at the SEC’s website (http://www.sec.gov),
including in CVB Financial Corp.’s Annual Report on Form 10-K for the
year ended December 31, 2013, under the heading “Risk Factors.” CVB
Financial Corp. and Citizens Business Bank disclaim any obligation to
update and revise statements contained in these materials based on new
information or otherwise.
CVB Financial Corp.
Christopher D. Myers
Source: CVB Financial Corp.