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CVB Financial Corp. Repays Federal Home Loan Bank Advances

 

Aug 30 - CVB Financial Corp. (NASDAQ: CVBF) has announced that its principal subsidiary, Citizens Business Bank of Ontario, Calif., has repaid five outstanding fixed-rate loans from the Federal Home Loan Bank, in an aggregate principal amount of $250 million, with an average coupon of 3.39 percent. The repayment of these advances, which resulted in a $20.4 million termination expense on a pre-tax basis, was funded from CBB deposits at the Federal Reserve Bank of San Francisco. The effective date of the transactions was Aug. 28, 2012.

CBB took this action to (1) deleverage the balance sheet and (2) reduce ongoing funding costs. Management is confident that the Company has sufficient cash reserves, both before and after consummation of these loan prepayments and payment of the associated prepayment fees, to fund its current business activities. The bank focused this set of prepayments on its Federal Home Loan Bank loans maturing in 2015, with relatively shorter maturities, but may consider prepaying a later-maturing Federal Home Loan Bank loan in the future, as circumstances merit.

Corporate Overview

CVB Financial Corp. is the holding company for Citizens Business Bank. The bank is the largest financial institution headquartered in the Inland Empire region of Southern California with assets of $6.3 billion. Citizens Business Bank serves 40 cities with 42 business financial centers, five commercial banking centers and two trust office locations in the Inland empire, Los Angeles County, Orange County and the Central Valley areas of California. Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol of CVBF. For investor information on CVB Financial Corp., visit our Citizens Business Bank website at www.cbbank.com and click on the CVB Investor tab.



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