ONTARIO, Calif.--(BUSINESS WIRE)--
CVB Financial Corp. (NASDAQ:CVBF) was recently named as one of "America's Finest Companies." They were included in the 16th Annual America's Finest Companies investment directory from personal finance experts Bill and Mary Staton. CVB Financial Corp. was one of only 318 of 19,000 public companies based in the United States to receive this recognition. It is predicated on having at least 10 consecutive years of increased earnings per share or dividends.
CVB Financial Corp. also received the KBW Honor Roll Award from the investment banking firm of Keefe, Bruyette & Woods, Inc. at their annual Community Bank Investor Conference in New York on August 2, 2006. This award is presented to banks who have increased earnings per share for at least 10 consecutive years. This was the fourth consecutive year that CVB Financial Corp. has been recognized with this award.
CVB Financial Corp. recently reported record results for the first half of 2006. Net income of $37.2 million was up $2.0 million when compared with earnings of $35.2 million for the first six months of 2005. This produced a return on beginning equity of 21.85%, a return on average equity of 21.20% and a return on average assets of 1.35%.
The Company reported total assets of $5.95 billion as of June 30, 2006. This represents an increase of $1.14 billion, or 23.70%, over total assets of $4.81 billion on June 30, 2005. Deposits of $3.59 billion were up $600.3 million, or 20.06%, from $2.99 billion at the same time last year. Gross loans and leases were $2.84 billion on June 30, 2006. This represents an increase of $543.0 million, or 23.65%, from $2.30 billion on June 30, 2005.
On June 2, 2006, the Company announced the appointment of Christopher D. Myers as President and Chief Executive Officer of CVB Financial Corp. and its wholly owned subsidiary, Citizens Business Bank. He is also a member of the Board of Directors of both companies. Linn Wiley, the former President and Chief Executive Officer, will continue as a Vice Chairman of CVB Financial Corp. and Citizens Business Bank.
Citizens Business Bank is a dominant community bank in Southern California with 39 business financial centers serving 33 cities in Inland Empire, Los Angeles County, Orange County and the Central Valley areas of California.
Shares CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol of CVBF. For investor information on CVB Financial Corp., visit the Citizens Business Bank website at www.cbbank.com and click on the CVB Investors tab.
Source: CVB Financial Corp.
Contact: CVB Financial Corp. Chris D. Myers, President and Chief Executive Officer 909-980-4030