CVB Financial Corp. Announces Authorization of 10 Million Share Repurchase Plan

Rhea-AI Summary

CVB Financial Corp. (NASDAQ:CVBF) announced that its Board of Directors has authorized a new share repurchase program for up to 10 million shares of the company's common stock. The 2024 Repurchase Program, which includes provisions for open market purchases and private transactions, replaces the previous 2022 program that had 4,300,059 shares remaining. The company, which holds over $15 billion in total assets, is among the 10 largest bank holding companies headquartered in California and operates Citizens Business Bank with more than 60 banking centers and 3 trust office locations across California.

Positive

• Authorization of large 10 million share repurchase program
• Strong capital position indicated by size of buyback
• $15 billion in total assets demonstrates significant market presence
• Position as one of top 10 largest bank holding companies in California

Negative

• Cancellation of previous buyback program with 4.3 million shares still available

News Market Reaction

+2.75%

1 alert

+2.75% News Effect

On the day this news was published, CVBF gained 2.75%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Ontario, CA, Nov. 21, 2024 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:CVBF) announced that, at its regular meeting on November 20, 2024, 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 “2024 Repurchase Program”), including by means of 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 2024 Repurchase Program replaces in its entirety the Company’s previous 2022 share repurchase program under which 4,300,059 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 $15 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 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

How many shares can CVB Financial Corp. (CVBF) repurchase under its new 2024 program?

CVB Financial Corp. can repurchase up to 10 million shares under its new 2024 repurchase program.

When did CVBF announce its new share repurchase program?

CVB Financial Corp. announced the new share repurchase program on November 21, 2024, following board approval on November 20, 2024.

What happened to CVBF's previous 2022 share repurchase program?

The 2024 Repurchase Program completely replaces the previous 2022 program, which had 4,300,059 shares remaining available for repurchase.

How many banking centers does Citizens Business Bank (CVBF) operate?

Citizens Business Bank operates more than 60 banking centers and 3 trust office locations serving California.