CVB Financial in Ontario, Calif., announced Friday that co-founder John Borba would retire from its board on Nov. 30.
The news of John Borba’s retirement follows the Oct. 23 death of his brother, George Borba, who served as chairman. The company named Ronald O. Kruse as its acting chairman immediately following George Borba’s death, but three days later made the position permanent.
The Borba brothers and Kruse founded what was then called Chino Valley Bank in 1974. The $6.3 billion-asset CVB (CVBF) has turned a profit in every quarter for nearly 35 years and has paid a cash dividend to its shareholders for the past 23 years.
“John was instrumental in the bank’s formation. His solid business acumen and experience helped guide our organization over the past thirty-eight years,” Kruse said in a press release.
Throughout his tenure on the board, John Borba, 85, served as chairman of the audit committee from 1994 to 2009. He also owns John A. Borba & Sons Dairy.