IE Business Daily Business news for the Inland Empire.
CVB Financial Corp., the parent company of Citizens Business Bank, has agreed to purchase American Bancshares in Newport Beach.
The transaction, which was announced Tuesday, is worth $57 million, according to a statement.
CVB Financial is based in Ontario and is the largest financial institution in the Inland Empire. It has 40 branch offices throughout Southern California.
Buying American Bancshares, the parent company of American Security Bank, is expected to give CVB Financial a higher profile in Orange and Riverside counties and the High Desert.
CVB paid cash in the deal, which has already been approved unanimously by the stockholders and the boards of directors of both institutions, according to the statement.
The merger is a good fit because both banks specialize in serving small to medium-sized business customers and owners, said Christopher D. Myers, president and chief executive officer of CVB Financial and Citizens Business Bank.
“Citizens Business Bank’s wider menu of products and services will further build on the strong foundation American Security Bank has established in its key markets of Orange County, the Inland Empire and the High Desert,” Myers said in the statement.
The sale, which must be approved by the government, is expected to close during the second or third quarter of this year.
