Banks amend merger agreement
Written by The Business Journal Staff
CVB Financial Corp. and Valley Commerce Bancorp in Visalia announced the two banks have amended a merger agreement announced in September.
Under the amendment, shareholders of Valley Commerce Bancorp, parent company of Valley Business Bank, may receive a fixed number of CVB Financial of shares at 1,942,673, but the combined value of those shares must be no less than $50.6 million and no more than $62.2 million, depending on the average closing price of CVB Financial’s common stock prior to closing.
CVB Financial Corp. is the parent company of Citizens Business Bank, which is based in Ontario, California but has a Fresno branch.
The parties expect the merger to close during the first quarter of 2017.
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