IE Business Daily Business news for the Inland Empire.
CVB Financial Corp., the holding company of Ontario-based Citizens Business Bank, has completed a merger with Valley Commerce Bancorp in Tulare County.
In exchange for all of Valley Commerce’s common stock and options, CVB will pay $23.4 million in cash and more than 1.9 million shares of CVB stock, according to terms of the merger, which were announced in a statement Thursday.
The CVB stock is currently valued at $57.5 million.
Valley Commerce, which operates branch offices in Visalia, Tulare, Fresno and Woodlake, had $416 million in assets as of June 30, according to the statement.
“Valley Business Bank is a strong community bank and an excellent strategic and geographic fit for Citizens Business Bank,” said Christopher D. Myers, CVB’s president and chief executive officer, in the statement. “We look forward to welcoming their customers, associates and shareholders.”
Not counting one-time transaction costs, CVB expects the merger to result in a modest gain in earnings next year, according to the statement.
