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Subsequent Events
 6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events

13. SUBSEQUENT EVENTS

On July 27, 2021, we entered into a definitive agreement to merge Suncrest Bank with and into Citizens Business Bank. Suncrest Bank, headquartered in Visalia, California, had approximately $1.4 billion in total assets, $870 million in gross loans and $1.2 billion in total deposits as of June 30, 2021. Pursuant to the terms of the agreement, Suncrest Bank shareholders will have the right to receive consideration consisting of a fixed exchange ratio of 0.6970x CVB Financial Corp common stock and $2.69 per share in cash, subject to any adjustments set forth in the Merger Agreement. The merger transaction was valued at approximately $204 million in aggregate, based on CVB Financial Corp’s closing stock price of $19.36 on July 26, 2021. Consummation of the merger is subject to customary closing conditions, including, among others, Suncrest shareholders and regulatory approval, and is anticipated to occur in the fourth quarter of 2021 or first quarter of 2022.