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$CVBF, the parent company of Citizens Business Bank, said the California Department of Business Oversight has approved its application to acquire Valley Business Bank, a subsidiary of Valley Commerce Bancorp. The merger is expected to close on or about March 10, 2017.
Retail banking provider $CVBF reported a 5.2% drop in its 4Q16 results. Net earnings fell to $27.1MM, or $0.25 per share during the quarter compared to $28.6MM, or $0.27 per share during 4Q15. Revenues was $2.6MM during the quarter. Net interest income, before provision for loan losses was $65.4MM during 4Q16.
$CVBF said it hired David Farnsworth as the new Chief Credit Officer for $CVBF and Citizens Business Bank. Farnsworth will replace James Dowd, the company's previous Chief Credit Officer, who retired from the company, effective on July 1. Farnsworth is expected to commence employment with the company on July 18.
Retail banking provider $CVBF said its BoD approved a $0.12 per share cash dividend with respect to 1Q16. The dividend will be payable on or about April 20, 2016 to shareholders of record as of April 6, 2016. This is the company's 106th consecutive cash dividend to its shareholders.