MoFo Advises CVB Financial on Merger with Community Bank


Henry M. Fields, Ben Chung, Shane M. Shelley, Amanda Hines Gold, Phillip W. Kim, and Clara Lim

Corporate, Mergers + Acquisitions, and Financial Institutions + Financial Services

MoFo News Item

Morrison & Foerster is advising CVB Financial Corp. (CVBF), the holding company for Citizens Business Bank, in the proposed merger of Community Bank with and into Citizens Business Bank, in a stock and cash transaction valued at approximately $878.3 million. Community Bank, headquartered in Pasadena, California, had approximately $3.7 billion in total assets, $2.7 billion in gross loans and $2.9 billion in total deposits as of December 31, 2017.

Once the merger is complete, the combined bank will operate as Citizens Business Bank and will have an expanded branch and ATM network along with a broader range of products and services. The transaction is expected to close in the third quarter of 2018 and is subject to regulatory approvals and the approval of CVBF and Community shareholders.

Citizens Business Bank offers a wide range of banking, lending and investing services through 51 banking centers and three trust office locations, serving the Inland Empire, Los Angeles County, Orange County, San Diego County, Ventura County, Santa Barbara County and the Central Valley area of California.

The MoFo team advising CVBF is led by Los Angeles senior counsel Henry Fields and of counsel Ben Chung, and includes San Diego partner Shane Shelley, San Francisco of counsel Amanda Hines Gold and Los Angeles associates Phillip Kim and Clara Lim.

Please see the related press release.

Select media coverage:

  • American Banker: “CVB adding scale in Southern California with deal for Pasadena bank” (February 28, 2018)
  • The Deal: “CVB Changes Pace With Latest SoCal Bank Deal” (February 27, 2018)
  • Pasadena Business Now: “Pasadena’s Community Bank to be Purchased by Citizens Business Bank Holding Company for $878 Million” (February 27, 2018)
  • Markets Insider: “CVB Financial Corp. and Community Bank Announce Agreement to Merge” (February 26, 2018)
  • M&A Navigator: “CVB Financial, Community Bank to Merge in Deal Valued at USD 878m” (February 28, 2018)
  • San Francisco Daily Journal: “Merger/Acquisition: CVB Financial Corp.” (March 6, 2018)

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