(Source: Business Wire)
CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the "Company"), announced today that it has fully repurchased all of the preferred stock sold to the U.S. Treasury Department under the Capital Purchase Program/Troubled Asset Relief Program ("TARP") last December.
CVB Financial Corp. paid $130 million to the Treasury to buy-back the preferred stock, plus a final dividend payment of $226,000. Dividends paid to the U.S. Treasury totaled $4.7 million since the sale of the preferred stock in December 2008.
"Our strong capital position, as a result of our common stock offering that raised $132.5 million in gross proceeds in late July, allowed us to pay back TARP much earlier than originally anticipated," stated Chris Myers, President and Chief Executive Officer. "This strengthens our tangible common equity position."
CVB Financial Corp. is the holding company for Citizens Business Bank, a $6.5 billion financial services company based in Ontario, California. Citizens Business Bank 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." For investor information on CVB Financial Corp., visit our Citizens Business Bank website at www.cbbank.com and click on the CVB Investor tab.
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. These risks and uncertainties include, but are not limited to, local, regional, national and international economic conditions and events and the impact they may have on us and our customers; ability to attract deposits and other sources of liquidity; oversupply of inventory and continued deterioration in values of California real estate, both residential and commercial; a prolonged slowdown in construction activity; changes in the financial performance and/or condition of our borrowers; changes in the level of non-performing assets and charge-offs; ability and consent to repurchase our securities issued to the U.S.
