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ONTARIO — CVB Financial Corp. said Wednesday it bought back all the preferred stock it sold to the Treasury Department in December under the federal program to aid banks.
CVB, which operates Citizens Business Bank, said it paid $130 million to buy back the stock and a final dividend payment of $226,000.
The Treasury Department bought the stock with warrants under the Troubled Asset Relief Program, or TARP.
CVB said Wednesday that it paid $4.7 million in dividends to the Treasury since December.
In July, CVB raised $132.5 million in gross proceeds from a stock offering, which allowed the company to repay the Troubled Asset Relief Program earlier than expected, said CEO Chris Myers.
Citizens Business Bank has locations in 39 cities in Southern California and the Central Valley region of the state.
Shares of CVB fell 20 cents, or 2.9 percent, to $6.70.
