CVB Financial Corp. Completes First Choice Bank Asset Acquisition
Ticker: CVBF · Form: 8-K · Filed: Nov 22, 2024 · CIK: 354647
Sentiment: bullish
Topics: acquisition, financials, expansion
TL;DR
CVB just bought $1.3B in deposits & $1.1B in loans from First Choice Bank, boosting SoCal presence.
AI Summary
CVB Financial Corp. announced on November 20, 2024, that it has completed its previously announced acquisition of certain assets and liabilities of First Choice Bank. The transaction involved approximately $1.3 billion in deposits and $1.1 billion in loans, significantly expanding CVB's presence in Southern California.
Why It Matters
This acquisition allows CVB Financial Corp. to significantly grow its deposit and loan portfolio, enhancing its market position in Southern California.
Risk Assessment
Risk Level: medium — Acquisitions, especially of financial institutions, carry inherent integration risks and potential impacts on financial performance.
Key Numbers
- $1.3B — Deposits (Acquired from First Choice Bank)
- $1.1B — Loans (Acquired from First Choice Bank)
Key Players & Entities
- CVB FINANCIAL CORP (company) — Registrant
- First Choice Bank (company) — Acquired entity
- November 20, 2024 (date) — Date of earliest event reported
- $1.3 billion (dollar_amount) — Deposits acquired
- $1.1 billion (dollar_amount) — Loans acquired
FAQ
What specific assets and liabilities were acquired from First Choice Bank?
The filing states that CVB Financial Corp. acquired 'certain assets and liabilities' of First Choice Bank, specifically mentioning approximately $1.3 billion in deposits and $1.1 billion in loans.
When did the acquisition of First Choice Bank's assets and liabilities become effective?
The earliest event reported in this Form 8-K is dated November 20, 2024, indicating the completion date of the transaction.
What is the primary geographic impact of this acquisition for CVB Financial Corp.?
The acquisition is expected to significantly expand CVB's presence in Southern California.
What is the IRS employer identification number for CVB Financial Corp.?
The IRS employer identification number for CVB Financial Corp. is 95-3629339.
What is the principal executive office address for CVB Financial Corp.?
The address of CVB Financial Corp.'s principal executive offices is 701 North Haven Avenue, Ontario, California 91764.
Filing Stats: 537 words · 2 min read · ~2 pages · Grade level 11.4 · Accepted 2024-11-21 20:34:00
Filing Documents
- d865216d8k.htm (8-K) — 26KB
- d865216dex991.htm (EX-99.1) — 5KB
- g865216g1122015636800.jpg (GRAPHIC) — 6KB
- 0001193125-24-263588.txt ( ) — 157KB
- cvbf-20241120.xsd (EX-101.SCH) — 3KB
- cvbf-20241120_lab.xml (EX-101.LAB) — 17KB
- cvbf-20241120_pre.xml (EX-101.PRE) — 11KB
- d865216d8k_htm.xml (XML) — 3KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (d)Exhibits Exhibit No. Description 99.1 Press Release, dated November 21, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CVB FINANCIAL CORP. (Registrant) Date: November 21, 2024 By: /s/ E. Allen Nicholson E. Allen Nicholson Executive Vice President and Chief Financial Officer 3