IE Business Daily Business news for the Inland Empire.
Ronald O. Kruse has stepped down as chairman of CVB Financial Corp., the holding company for Citizens Business Bank.
Kruse announced his retirement Wednesday, effective immediately. He will also resign his place on CVB Financial’s Board of Directors at the conclusion of the company’s annual shareholder’s meeting May 22, according to a statement.
“Ronald Kruse has been an integral part of our company since its origin in 1974,” said Christopher D. Myers, CVB’s president and chief executive officer, in the statement. “While we are sorry to see him retire, we appreciate the many years of guidance and support he as provided us.”
D. Linn Wiley, CVB Financial’s current board vice chairman and its president and chief executive officer from 1991 to 2006, has agreed to take over as board chairman, according to the statement.
“We are fortunate that Linn Wiley has agreed to assume the role of chairman of the board,” Myers said in the statement. “Linn is well-known and respected by our customers, investors and associates and has played a prominent role in helping our company achieve its position as one of California’s top-rated financial institutions.”
George A. Borba Jr. and Raymond V. O’Brien III, both board members since 2012, have been elected board vice chairmen, according to the statement.
Citizens Business Bank has assets of $6.7 billion and is the largest financial institution headquartered in the Inland Empire, with 46 locations throughout California. Besides the Inland Empire, Citizens Business Bank serves Los Angeles, Orange and San Diego counties and the Central Valley.
