Tuesday , June 18 2024

Proposed bank merger gets government approval

The proposed merger between Ontario-based CVB Financial Corp. and Community Bank in Pasadena has been approved by the Federal Deposit Insurance Corp. and the California Department of Business Oversight.

The merger is expected to become official Aug. 10 pending the fulfillment of “customary closing conditions,” according to a statement released by both financial institutions.

“We are pleased that we can move forward toward closing our merger and combining these two institutions with such long histories of success,” said Christopher D. Myers, president and chief executive officer of CVB Financial, in the statement. “The merger with Community Bank will increase our market share in key operating markets and provide additional scale and operating leverage.”

CVB Financial Corp. is the holding company for Citizens Business Bank. It’s one of the 10 largest bank holding companies based in California, with assets of approximately $8.1 billion, according to the statement.

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