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CBB completes merger with Suncrest Bank

Ontario-based Citizens Business Bank has completed its merger with Suncrest Bank in Visalia.
The merger, which received state and federal regulatory approval in November, became official Friday, according to a statement released Friday by CVB Financial Corp., Citizens Business Bank’s holding company.
The stock and cash transaction is valued at approximately $237 million: $18.63 per Suncrest share and CVB Financial’s closing stock price Friday of $22.87.
“We would like to welcome Suncrest Bank’s customers, associates and shareholders to Citizens Business Bank and CVB Financial Corp.,” said David Brager, CVB Financial’s president chief executive officer, in the statement. “This merger is an exciting opportunity for Citizens Business Bank to expand our presence northward to the Sacramento area and to bolster our already strong position in the important Central Valley region of California.”
The new company issued 8.6 million shares of common stock, and approximately $39.6 million in cash paid out in stock option awards to former Suncrest shareholders, according to the statement.

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