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CVB Financial Corp. Announces 83rd Consecutive Cash Dividend; Adoption of 10b5-1 Plan by Chief Executive Officer

^{Published on 2010-06-17 13:00:15 - Market Wire}
 

ONTARIO, Calif.--([ BUSINESS WIRE ])--CVB Financial Corp. (NASDAQ:CVBF) announced an eight and one-half cent ($0.085) per share cash dividend for the second quarter of 2010. The dividend was approved at the regularly scheduled Board of Directors meeting on June 16, 2010. It will be payable on or about July 15, 2010 to shareholders of record as of June 30, 2010.

"Our Board of Directors is pleased to be in a financial position to pay significant dividends to our shareholders. This reflects their continued confidence in Citizens Business Bank and CVB Financial Corp."

aOur Board of Directors is pleased to be in a financial position to pay significant dividends to our shareholders. This reflects their continued confidence in Citizens Business Bank and CVB Financial Corp.,a said Christopher D. Myers, President and Chief Executive Officer.

On a separate note, CVB also announced that Mr. Myers has entered into a prearranged trading plan to sell, from time to time, a portion of his restricted stock as it vests. The purpose of the trading plan is to allow Mr. Myers to pay the income taxes related to the vesting of his restricted stock grants. The plan was adopted in accordance with Rule 10b5-1 promulgated pursuant to the Securities Exchange Act of 1934.

Rule 10b5-1 permits the adoption of written, pre-arranged trading plans by insiders. Once a plan is established, the insider retains no discretion over sales under the plan, and the pre-planned trades will be executed through a broker at later dates without regard to any subsequent material non-public information that the insider may receive.

CVB Financial Corp. is the holding company for Citizens Business Bank, a $6.8 billion financial services company based in Ontario, California. Citizens Business Bank serves 42 cities with 44 business financial centers and 6 commercial banking centers 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 aCVBF.a For investor information on CVB Financial Corp., visit our Citizens Business Bank website at [ www.cbbank.com ] and click on the CVB Investor tab.

Safe Harbor

Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to the Companya™s current business plan and expectations regarding future operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, local, regional, national and international economic conditions and events and the impact they may have on us and our customers; ability to attract deposits and other sources of liquidity; oversupply of inventory and continued deterioration in values of California real estate, both residential and commercial; a prolonged slowdown in construction activity; changes in the financial performance and/or condition of our borrowers; changes in the level of non-performing assets and charge-offs; the effect of acquisitions we may make; the effect of changes in laws and regulations (including laws and regulations concerning financial reform, taxes, banking, securities, executive compensation and insurance) with which we and our subsidiaries must comply; changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; inflation, interest rate, securities market and monetary fluctuations; political instability; acts of war or terrorism, or natural disasters, such as earthquakes, or the effects of pandemic flu; the timely development and acceptance of new banking products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowing and savings habits; technological changes; the ability to increase market share and control expenses; changes in the competitive environment among financial and bank holding companies and other financial service providers; continued volatility in the credit and equity markets and its effect on the general economy; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; changes in our organization, management, compensation and benefit plans; the costs and effects of legal and regulatory developments including the resolution of legal proceedings or regulatory or other governmental inquiries and the results of regulatory examinations or reviews.For additional information concerning these factors and other factors which may cause actual results to differ from the results discussed in our forward-looking statements, see the periodic filings the Company makes with the Securities and Exchange Commission, and in particular aItem 1A. Risk Factorsa contained in the Companya™s Annual Report on Form 10-K for the year ended December 31, 2009. The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.