- CIT Group Confirms $3 Billion Financing Deal
- Cramer: Did FDIC Want CIT to Fail?
- Texas Instruments Profit, Outlook Top Expectations
- Productivity Booms, but Job Market Is Dismal
- It's 'See You In September' For Financial Reform Package
- Alleged Prostitution Tapes Put Berlusconi in Spotlight
- Boston Scientific Profit Jumps; Shares Climb
- Might Yahoo! Announce Microsoft Deal During Earnings?
- Home Foreclosures: Signs Emerge of Improving Results
- Jets Owner Says New Stadium Will Be Sold Out
- Toshiba Feeling the Blu's; Apple Next?
- Tech Stocks vs ETFs: Earnings Season Strategies
- CNBC’s Sports Twitter Rankings (July ’09)
- Toyota's New U.S. Boss: 'Time to Get Close to The Customer'
- Art Cashin: My Take on Goldman's S&P Call
- Lenny Dykstra, Michael Jackson, And Goldman Sachs is Running The Country - Your Emails
- Secular Bear Market For Another 10 Years: Strategist
- Lodging Losses Mount
- New Barnes & Noble multi-format e-books dog Amazon
- GM has little room for error this time, exec says
- Struggling biotech Epix Pharmaceuticals goes bust
- Boston Scientific 2Q profit helped by lower costs
- UnitedHealthcare buys some Health Net subsidiaries
- Idex 2Q profit sinks 38 percent as orders slow
- GM product chief says new vehicles must be hits
- CVB Financial launches stock offering
- RLI Corp. 2Q profit falls 12 percent
Text Size 
ONTARIO, Calif. - CVB Financial Corp. said Monday it launched an offering for about $115 million in common stock to buy back preferred stock and warrants sold to the federal government as part of the economic-stimulus package.
At CVB's closing price Monday, the offering would represent about 22.5 percent of all outstanding shares, according to figures from a recent regulatory filing.
CVB, the parent of Citizens Business Bank, said it would grant underwriters a 30-day option to buy up to an additional 15 percent of the shares sold in the offering to cover over-allotments, if any.
The company said that if regulators approve, it would use the proceeds to redeem preferred stock and warrants sold to the U.S. Treasury, which bought $130 million of preferred stock from CVB in December.
Citizens Business Bank serves 39 cities in Southern California and the Central Valley.
CVB shares fell 6 cents to $6.14 in regular trading, then after the announcement of the stock offering, they dropped another 34 cents, or 5.5 percent, to $5.80.
Print
Email
Data is a real-time snapshot *Data is delayed at least 15 minutes