MoFo News Item

MoFo Advises CVB Financial on Merger with Community Bank

10 Aug 2018

Morrison & Foerster advised CVB Financial Corp. (CVBF), the holding company for Citizens Business Bank, in the August 10, 2018 merger of Community Bank with and into Citizens Business Bank, in a stock and cash transaction valued at approximately $903 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.

The combined bank, with pro forma assets of approximately $11.8 billion, will operate as Citizens Business Bank and will have an expanded branch and ATM network along with a broader range of products and services.

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 was led by Los Angeles senior counsel Henry Fields and of counsel Ben Chung, and included 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:

  • M&A Navigator: “CVB Financial Closes USD 878m Acquisition of Community Bank” (August 13, 2018)
  • Chasing Markets: “CVB Financial Corp. and Community Bank Announce Completion of Merger” (August 12, 2018)
  • 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)


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