IE Business Daily Business news for the Inland Empire.
Ontario-based CVB Financial Corp., the holding company of Citizens Business Bank, will repurchase 15 million shares of its own common stock.
Several buy-back arrangements will be used, including private transactions and open-market purchases, according to statement on the bank’s website.
This repurchase replaces one done by CVB Financial in 2024, under which more than 5.6 million shares remained available.
CVB’s board approved the move June 14.
“The approval of this share repurchase program reflects our capital position, track record of producing quality earnings, and history of delivering long term value to our shareholders,” said David A. Brager, CVB Financial’s chief financial officer, in the statement.
A share buyback reduces the number of available shares and returns capital to shareholders, which in turn boosts earnings per share, and potentially makes the remaining shares more valuable.
