CVB Financial Corp. of Ontario, Calif., is acquiring Granite State Bank in Monrovia for $27 million.
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The $4.4 billion-asset holding company for Citizens Business Bank announced the half-cash, half-stock deal for Granite on Thursday and expects it to close in the first quarter.
CVB said the deal would expand its operations in the affluent San Gabriel Valley, east of Los Angeles.
D. Linn Wiley, CVB's president and chief executive officer, called the $113 million-asset Granite "a good complement to our existing franchise and our business and professional banking strategy."
Founded in 1984, Granite is not publicly traded. The deal price is 2.7 times its shareholder equity of $9.8 million. It has branches in Monrovia and South Pasadena.
