CVB Financial Corp. Announces Authorization of 10 Million Share Repurchase Plan, including $70 Million Accelerated Share Repurchase

Rhea-AI Summary

CVB Financial Corp. (NASDAQ:CVBF) has announced a new share repurchase program, authorizing the buyback of up to 10 million shares. This includes an initial accelerated repurchase of $70 million. The initiative underscores the company's strong capital position and commitment to shareholder value. This program replaces the prior 2016 buyback plan, from which 4,194,809 shares remained. CVBF operates as the holding company for Citizens Business Bank, which boasts over $16 billion in assets and is recognized for quality earnings.

Positive

• Authorization of a 10 million share buyback, enhancing shareholder value.
• Initial $70 million accelerated share repurchase demonstrates robust capital position.
• The new program replaces the previous buyback plan, streamlining capital return strategy.

Negative

• None.

ONTARIO, Calif., Feb. 01, 2022 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:CVBF) announced that the Board of Directors of CVB Financial Corp. (the “Company”), the holding company for Citizens Business Bank, authorized the Company to repurchase up to 10,000,000 shares of the Company’s common stock (the “2022 Repurchase Program”), including by means of (i) an initial accelerated share repurchase agreement involving $70,000,000 of the Company’s common stock and (ii) one or more Rule 10b5-1 plans or other appropriate buy-back arrangements, including open market purchases and private transactions.

“The approval of this share repurchase program reflects our robust capital position, consistent track record of producing quality earnings, and history of delivering long term value to our shareholders,” said David A. Brager, President and Chief Executive Officer.

This 2022 Repurchase Program replaces in its entirety the Company’s previous 2016 share repurchase program under which 4,194,809 shares remained available for repurchase.

Corporate Overview
CVB Financial Corp. (“CVBF”) is the holding company for Citizens Business Bank. CVBF is one of the 10 largest bank holding companies headquartered in California with over $16 billion in total assets. Citizens Business Bank is consistently recognized as one of the top performing banks in the nation and offers a wide array of banking, lending and investing services with more than 60 banking centers and 3 trust office locations serving the Inland Empire, Los Angeles County, Orange County San Diego County, Ventura County, Santa Barbara County, and Central California.

Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol “CVBF”. For investor information on CVB Financial Corp., visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab.

Contact:	David A. Brager
	President and
	Chief Executive Officer
	(909) 980-4030

FAQ

What is the purpose of CVB Financial Corp's 2022 share repurchase program?

The purpose is to enhance shareholder value and reflect the company's strong capital position.

How much stock is CVB Financial Corp authorized to repurchase in 2022?

CVB Financial Corp is authorized to repurchase up to 10 million shares.

What is the initial investment amount for the accelerated share repurchase by CVB Financial Corp?

The initial investment amount for the accelerated share repurchase is $70 million.

How does the new repurchase program affect existing plans for CVB Financial Corp?

The new program entirely replaces the previous 2016 share repurchase program.

What is the stock symbol for CVB Financial Corp?

The stock symbol for CVB Financial Corp is CVBF.