Mergers & Acquisitions

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Deal Overview

Buyer:
CVB Financial Corp.
Actual Acquirer:
Citizens Business Bank
Target:
Community Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
2/26/2018
Announcement Date:
2/26/2018
Announced Deal Value ($ M):
878.30
Status:
Completed
Completion Date:
8/10/2018
Announced Deal Value Per Share ($ )
277.07

Consideration Breakout
Cash ($M) 177.5
Common Stock ($M) 723.0
Common Stock Issued 29,841,760

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 246.4 251.6
Price / Tangible Book (%) 247.4 252.6
Price / Earnings (x) 32.5 33.9
Price / Deposits (%) 30.71 31.43
Price / Assets (%) 23.44 24.25
Tangible Book Premium/ Deposits (%) 21.03 NA
Deal Terms
Description of Consideration

CVB Financial Corp. paid $56.00 per share in cash and exchanged 9.4595 shares of its common stock for each of the outstanding share of Community Bank.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 547,144
Estimated Cost Savings (%) 50.00
Estimated Cost Savings ($ 000) 39,800
Est. Restructuring Charges ($ 000) 44,000
Maximum Termination Fee ($ 000) 35,132
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 9.459500
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 52,200
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes D.A. Davidson & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Morrison & Foerster LLP
Seller Yes Manatt Phelps & Phillips LLP