A family trust set up by CVB Financial (CVBF) co-founder George Borba is considering selling up to 2 million shares for tax and estate planning purposes.
Borba, who co-founded the Ontario, Calif., company with his brother and other area business leaders, died in October at the age of 80. He had been chairman of CVB — originally known as Chino Valley Bank — since it was established in 1974 and had never sold a single share of stock he had accumulated, CVB said at the time of his death.
The 2 million shares represent roughly 11% of CVB's outstanding shares. In a news release Tuesday, CVB said the trust intends to sell the shares on the open market over an "extended" period of time. CVB "does not have any reason to believe that these sales by the Borba family will have any material impact on the company's business strategies, plans or results," the company said in a news release.
CVB, with $6.4 billion of assets, is the parent of Citizens Business Bank. Its shares closed at $10.96 Tuesday.