February 27, 2018 / 12:44 AM / 6 months ago

BRIEF-CVB Financial And Community Bank Announce Agreement To Merge

Feb 26 (Reuters) - CVB Financial Corp:

* CVB AND COMMUNITY BANK ANNOUNCE AGREEMENT TO MERGE

* ‍ENTERED INTO AN AGREEMENT PURSUANT TO WHICH COMMUNITY WILL MERGE WITH AND INTO CITIZENS IN A STOCK AND CASH TRANSACTION ​

* ‍STOCK AND CASH TRANSACTION VALUED AT APPROXIMATELY $878.3 MILLION, BASED ON CVBF’S CLOSING STOCK PRICE OF $23.37 ON FEB 23

* ‍CVBF EXPECTS MERGER TO RESULT IN APPROXIMATELY 12% EARNINGS PER SHARE ACCRETION IN 2019, EXCLUDING ONE-TIME TRANSACTION COSTS​

* ‍AT CLOSING, MARSHALL V. LAITSCH, CHAIRMAN OF BOARD OF COMMUNITY, WILL JOIN BOARD OF CVBF​

* CVB FINANCIAL - ‍PURSUANT TO AGREEMENT, EACH SHARE OF COMMUNITY COMMON STOCK TO RECEIVE CONSIDERATION OF 9.4595 SHARES OF CO STOCK AND $56/SHARE IN CASH​

* ‍BOARDS OF DIRECTORS OF COMMUNITY, CVBF AND CITIZENS HAVE APPROVED PROPOSED MERGER​ Source text for Eikon: Further company coverage:

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