SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 19, 1998
CVB FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
California 95-3629339
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification number)
Commission file number: 001-10394
701 North Haven Drive, Suite 350
Ontario, California 91764
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (909) 980-4030
Not Applicable
(Former name or former address, if changed since last report)
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Item 1. Changes in Control of Registrant
Not Applicable
Item 2. Acquisition or Disposition of Assets
Not Applicable
Item 3 Bankruptcy or Receivership
Not Applicable
Item 4. Changes in Registrant's Certifying Accountant
Not Applicable
Item 5. Other Events
On August 19, 1998, CVB Financial Corp. (the "Company") issued a press
release, filed as Exhibit 99.1 hereto and incorporated herein by reference,
reporting that the Company's wholly owned subsidiary, Citizens Business Bank
(the "Bank"), has appealed the jury verdict in MRI Grand Terrace, Inc. v. Chino
Valley Bank. The lawsuit relates to the sale of real estate owned by the Bank. A
jury awarded the plaintiff approximately $4.9 million in a civil action in the
Superior Court of San Bernardino County, California. This includes approximately
$2.1 million in compensatory damages, $1.6 million in punitive damages and $1.2
million in prejudgment interest.
Item 6. Resignations of Registrant's Directors
Not Applicable
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Financial Statements
Not Applicable
(b) Pro Forma Financial Information
Not Applicable
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(c) Exhibits
99.1 Press Release of August 19, 1998
Item 8. Change in Fiscal Year
Not Applicable
Item 9. Sales of Equity Securities Pursuant to Regulation S
Not Applicable
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CVB FINANCIAL CORP.
(Registrant)
Date: August 19, 1998 By /s/ D. Linn Wiley
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D. Linn Wiley
President and
Chief Executive Officer
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Exhibit Index
99.1 Press Release of August 19, 1998.
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EXHIBIT 99.1
PRESS RELEASE OF AUGUST 19, 1998
Press Release
For Immediate Release Contact: D. Linn Wiley
President
Chief Executive Officer
(909)980-4030
CVB Financial Corp. Appeals Jury Verdict
Ontario, California, August 19, 1998. CVB Financial Corp. (AMEX/CVB) today
announced that its wholly owned subsidiary, Citizens Business Bank, has appealed
the jury verdict in MRI Grand Terrace, Inc. vs. Chino Valley Bank. The appeal
will be heard in the Fourth District Court of Appeal Division 2 in San
Bernardino County, California. It is expected that the appeal process will take
up to two years.
The lawsuit relates to the sale of real estate owned by the Bank. A jury
awarded approximately $4.9 million in a civil action in the Superior Court of
San Bernardino County, California. The judgment includes approximately $2.1
million in compensatory damages, $1.6 million in punitive damages and $1.2
million in prejudgment interest. A motion to vacate the jury verdict and a
motion for a new trial were denied on August 14, 1998.
Linn Wiley, President and Chief Executive Officer of CVB Financial Corp.,
said "We are at a loss to understand the rationale for this decision. We believe
our position is clearly supported by the facts, and the verdict is inconsistent
with other findings made by the jury in the trial. Therefore, we expect to be
fully exonerated through the appellate process." A final judgment for $4.9
million would reduce net earnings of the Company by approximately $3.0 million.
CVB Financial Corp. reported net earnings of $17.4 million for the year
ending December 31, 1997. Net earnings for the first six months ending June 30,
1998 were $9.8 million. Total assets were $1.4 billion, and stockholder's equity
was $108.3 million.
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Citizens Business Bank operates 23 offices in 19 cities throughout the
Inland Empire, San Gabriel Valley and North Orange County. It is the largest
bank headquartered in the Inland Empire region of Southern California. CVB
Financial Corp. common stock is listed on the American Stock Exchange under the
ticker symbol of CVB.
Certain matters discussed in this press release constitute forward looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. These forward looking statements relate to when a decision on the appeal
is expected to be heard and the company's expectation as to the outcome of the
appeal. These forward looking statements are subject to certain risks and
uncertainties that could cause the time period in which the appeal will actually
be decided and the actual outcome of the appeal to differ materially from that
expressed by the forward looking statements.
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