Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
CVB Financial Corp.
Actual Acquirer:
Citizens Business Bank
Target:
Citizens Commercial Trust & Savings Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
11/1/1995
Announcement Date:
11/1/1995
Announced Deal Value ($ M):
18.00
Status:
Completed
Completion Date:
3/29/1996
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 18.3

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 122.0 116.2
Price / Tangible Book (%) 122.0 116.2
Price / Earnings (x) 14.9 10.6
Price / Deposits (%) 17.05 14.37
Price / Assets (%) 14.59 12.51
Tangible Book Premium/ Deposits (%) 3.14 2.07
Deal Terms
Description of Consideration

Shareholders of Citizens Commercial received $18,000,000 plus accrued net earnings for the period from Oct. 1, 1995 until the acquisition was completed, for a total of $18,320,000.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) NA
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement NA
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes C.E. Peterson & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Manatt Phelps & Phillips LLP
Seller Yes Pillsbury Winthrop Shaw