(Source: Business Wire)
CVB Financial Corp. (NASDAQ: CVBF), the parent company of wholly owned subsidiary Citizens Business Bank, today announced that it has commenced an offering of approximately $115 million of its common stock in an underwritten public offering through Keefe, Bruyette & Woods and Sandler O'Neill + Partners, L.P. The Company intends to grant the underwriters a 30 day option to purchase up to an additional 15% of the common stock sold in the offering to cover over-allotments, if any.
Subject to approval from the U.S. Treasury and banking regulators, CVB Financial Corp. intends to use the proceeds from the offering toward the redemption of the preferred stock and the repurchase of warrants sold to the U.S. Treasury Department as part of the Capital Purchase Program. The U.S. Treasury purchased $130 million of preferred stock from CVB Financial Corp. on December 5, 2008.
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The offering will be made only by means of a prospectus, copies of which may be obtained from Keefe Bruyette & Woods, Equity Capital Markets, 787 Seventh Avenue, Fourth Floor, New York, NY 10019, (800) 966-1559 or Sandler O'Neill + Partners, L.P., Attention: Syndication Department, 919 Third Avenue, 6th Floor, New York, NY 10022, (212) 466-7800.
Corporate Overview
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. It serves 39 cities with 41 business financial centers and 5 commercial banking centers in the Inland Empire, Los Angeles County, Orange County and the Central Valley areas of California. Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol of CVBF.
Safe Harbor
Certain matters set forth herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to the Company's current business plan and expectations regarding future operating results.
