(Source: Business Wire)
CVB Financial Corp. (NASDAQ:CVBF), the parent company of wholly-owned subsidiary Citizens Business Bank, today announced the pricing of an underwritten public offering of 19,700,000 shares of its common stock at a price of $5.85 per share, for gross proceeds of approximately $115.2 million. The net proceeds of the offering after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $109.5 million.
The Company expects to close the sale of common stock, subject to customary conditions, on or about July 27, 2009.
Keefe, Bruyette & Woods and Sandler O'Neill + Partners, L.P. are acting as joint book-running managers for the offering. The Company has granted the underwriters a 30-day option to purchase up to an additional 2,955,000 shares of the Company's common stock to cover over-allotments, if any.
This announcement shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor shall there be any offer or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. 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 (including the exhibits hereto) 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. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those projected.
