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CVB Financial (CVBF) investor relations material
CVB Financial M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary17 Dec, 2025
Deal rationale and strategic fit
Merger creates a leading relationship-focused business bank with expanded reach into the Bay Area, achieving comprehensive geographic coverage and a top-5 mid-sized bank position in California by deposits.
Both organizations share a similar culture, client focus, and credit discipline, enhancing compatibility and integration while reducing execution risk.
The combination accelerates product and service expansion for clients, improves long-term positioning, and increases competitive positioning against larger banks.
Aims to preserve local focus, stability, and trust while leveraging a larger, diversified platform.
Entry into a top-5 mid-sized bank position in California by deposits, leveraging strong local demographics and business banking focus.
Financial terms and conditions
All-stock transaction with a fixed exchange ratio of 0.6500 CVBF shares for each Heritage share, valuing the deal at approximately $811 million, or $13.00 per Heritage share.
Pro forma ownership: 77% CVBF shareholders, 23% Heritage shareholders.
Pricing multiples: 12.6x 2027 EPS and 1.51x tangible book value.
Two Heritage Commerce directors to join the board; Heritage CEO to become President of the combined entity.
Synergies and expected cost savings
Projected cost savings of approximately 35% of Heritage Commerce's 2027E operating noninterest expense (~$43 million), with 75% phased in during the second half of 2026 and 100% thereafter.
Transaction expected to be immediately accretive to earnings per share, with 13.2% projected EPS accretion by 2027.
Internal rate of return estimated at 20%.
Tangible book value per share dilution of 7.7%, with an earn-back period of approximately 2.5 years.
Revenue synergies not modeled, but opportunities exist to deepen client relationships with expanded services.
Future M&A target size criteria
Impact of Heritage mortgage portfolio sale
Leverage combined scale in Bay Area market
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Next CVB Financial earnings date
Q4 202523 Jan, 2026
Next CVB Financial earnings date
Q4 202523 Jan, 2026
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CVB Financial Corp is a bank holding company for Citizens Business Bank, which provides banking and financial services to small and medium-sized businesses and individuals. The company offers commercial lending, deposit services, cash management, and wealth management solutions. It operates primarily in California through a network of branches and financial centers. CVB Financial Corp is headquartered in Ontario, California, and its shares are listed on the NASDAQ.
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