The merger is expected to close in either the fourth quarter of 2021 or the first quarter of 2022.
Through the agreement, each share of Suncrest common stock will receive consideration consisting of 0.697 shares of CVB Financial common stock and $2.69 in cash. CVB will pay aggregate consideration of about 8.5 million shares of CVB common stock and $39 million in cash. After the merger, Suncrest shareholders will hold about 6% of CVB’s common stock. Suncrest, which is based in Visalia, had approximately $1.3 billion in total assets, $900 million in gross loans and $1.2 billion in total deposits as of March 31. Suncrest has seven branch locations and two loan production offices throughout the Central Valley.
“As the second largest acquisition in our history, the acquisition of Suncrest will deliver important benefits to our combined customers through our increased presence in the Central Valley and expansion into Sacramento, a sizable and important new market for Citizens News Bank that presents significant growth opportunities going forward,” CVB Financial CEO David A. Brager said in a press release. Citizens News Bank is based in Ontario and has four branches in Ventura County and one in Santa Barbara.
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