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Stock Market & Financial Investment News

News Breaks
February 18, 2014
09:05 EDTCVBFCVB Financial, American Security Bank announce acquisition agreement
CVB Financial Corp. and America Bancshares have entered into a definitive Stock Purchase Agreement, pursuant to which American Security Bank, the principal subsidiary of America Bancshares, Inc., will be sold to and merged with Citizens Business Bank, the principal subsidiary of CVBF. The transaction is valued at $57M for all of the outstanding shares of common stock of ASB and will be paid for by CBB using 100% cash. Upon completion of the merger, ASB will operate under the CBB name and brand. The boards of directors and shareholders of America Bancshares, Inc. and ASB, and the boards of directors of CVBF and CBB, respectively, have unanimously approved this transaction. Under the terms of the agreement, CBB will acquire ASB from America Bancshares, Inc. The $57M deal value equates to approximately 133% of ASBís tangible book value. Excluding one-time costs but including estimated cost savings, CVB Financial Corp. expects the transaction to be accretive to EPS. CVB Financial Corp. anticipates that the transaction will result in approximately 3.6% dilution to tangible book value per share at closing with a tangible book value per share earn-back of less than four years on a pro forma basis.
News For CVBF From The Last 14 Days
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January 23, 2015
10:02 EDTCVBFOn the Fly: Analyst Downgrade Summary
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07:53 EDTCVBFCVB Financial downgraded to Market Perform from Outperform at Keefe Bruyette
Keefe Bruyette downgraded CVB Financial to Market Perform with a $16 price target citing valuation following the company's Q4 results.
January 21, 2015
18:09 EDTCVBFCVB Financial reports Q4 EPS 24c, consensus 24c
There was zero provision for loan losses for the fourth quarter of 2014. Total interest income for the fourth quarter of 2014 of $65.3M increased $6M, or 10.18%, from the year ago quarter.

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