$77 Million Merger Agreement in Southern California

CVB Financial Corp. in Ontario, Calif., has a deal to buy nearby Orange National Bancorp for $77.2 million in stock.

The price is 3.03 times book value and 21.95 times earnings.

D. Linn Wiley, CVB's president and chief executive officer, said that Orange, which is based in the city of that name, would boost its own presence in Orange County and complement its focus on business and professional banking.

Orange National has $279 million of assets and six offices south of Los Angeles. CVB, the parent of Citizen's Business Bank, has $1.53 billion of assets and 24 branches in the Inland Empire, San Gabriel Valley, and northern Orange County.

CVB would exchange one and one-half shares of its stock for each share of Orange National. The deal is expected to close by the fourth quarter.

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