CVB Financial Amends Merger Deal with Valley Commerce Bancorp

CVB Financial shares were slightly higher Tuesday morning after the bank holding firm said it amended a merger agreement with Valley Commerce Bancorp.

Pursuant to the amendment, CVB Financial said the aggregate number of CVBF shares that Valley Commerce stockholders may receive in the merger is fixed at 1.9 million shares, but is now subject to a pricing collar that requires the merger consideration to have a value of not less than $50.6 million and not more than $62.2 million.

The amendment also allows CVB Financial to terminate the merger if its average closing price is less than $11 per share. The company also said a closing condition was removed that would have required Valley Commerce’s transaction-related expenses not to exceed certain thresholds. The companies continue to expect to close the merger in Q1.

By Marvin Goff