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Raymond V. O'Brien Announces Retirement as Chairman of CVB Financial Corp.; Hal W. Oswalt Appointed as Successor Chairman
ONTARIO, Calif., May 18, 2022 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ: CVBF) and its principal subsidiary, Citizens Business Bank (“CBB,” and together
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[{"type":"text","content":"ONTARIO, Calif., May 18, 2022 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ: CVBF) and its principal subsidiary, Citizens Business Bank (“CBB,” and together with CVBF, the “Company”), announced today that Raymond V. O’Brien III has decided to step aside as Chairman of the Boards of CVBF and CBB, effective following the end of his current term as Chairman at CVBF’s and CBB’s respective annual meetings on May 18, 2022. Mr. O’Brien will continue to serve as a director of CVBF and CBB, and he was elected as Chair of CBB’s Board Credit Committee at CBB’s annual organizational meeting immediately following the annual meeting. The Company also announced that the Board of Directors has elected current director Hal W. Oswalt as Chairman of the Boards of CVBF and CBB. Mr. Oswalt will assume this role immediately. Mr. Oswalt has been a director of CVBF and CBB since 2014. He is a veteran of the U.S. Banking industry having served as CEO, Director and President of several community banks as well as President and Managing Director of two different national financial consulting firms. He will continue to serve as Chair of CVBF’s Compensation Committee. He earned both a B.S. and an MBA in business from Oklahoma State University. Mr. O’Brien has served as a director of CVBF and CBB since 2012 and was appointed Chairman of the Boards of both entities in 2014. He is currently the CEO and owner of Cal Plate, Inc., based in Artesia, California, one of the largest prepress/plate manufacturers operating on the west coast. Mr. Oswalt made the following statement: \"During the past seven-plus years, Ray O’Brien has served as only the fourth Chairman in Citizens Business Bank’s 48-year history. Ray has demonstrated exemplary leadership while helping our Bank to consummate five significant acquisitions, cross the $10 billion asset threshold, and transition to a new CEO in 2020. Ray’s steady guidance and vision have directly contributed to the Company’s outstanding growth and success as one of the top performing financial institutions in the country. I’m elated that Ray has agreed to continue serving as a director of CVBF and CBB, and I look forward to carrying on our collaboration as we meet future challenges and opportunities.\" Mr. O’Brien then stated as follows: “When I made my decision to step aside from the role of Chairman, I was gratified to kno...