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California's CVB Financial to buy Community Bank

CVB Financial Corp. is acquiring a fellow Californian, Pasadena-based Community Bank.

Their cash-and-stock deal is valued at approximately $878.3 million, based on the buyer's Feb. 23 closing price of $23.37.

The merger will push CVB's asset size to approximately $12.0 billion from its year-end 2017 level of $8.27 billion.

More details to follow.