Cvb Financial Corp:
* CVB Financial Corp and Valley Commerce Bancorp announce merger
* Valley Commerce Bancorp shareholders receive cash and stock in transaction, as well as a special cash dividend paid prior to close
* Upon completion of merger, valley business bank will operate as citizens business bank
* Merger agreement provides for VCBP to pay a special dividend to its shareholders conditioned upon VCBP’s equity
* VCBP shareholders would hold, in aggregate, about 1.8% of CVBF’s outstanding common stock following merger
* Expects transaction to result in modest earnings accretion in 2017
* Estimates tangible book value dilution at close of approximately 1% to be earned back within three years
* Will acquire Valley Commerce Bancorp Holding Company for valley business bank, with $416 million in assets as of June 30, 2016
* Boards of directors of Valley Commerce Bancorp, Valley Business Bank, CVBF and citizens business bank have approved transaction Source text for Eikon: Further company coverage:
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Source: Reuters.com
