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Regulators OK Citizens Business Bank-Community Bank merger

The Federal Deposit Insurance Corp. and California Department of Business Oversight have approved the merger of Pasadena, Calif.-based Community Bank with CVB Financial Corp. subsidiary Citizens Business Bank.

The merger is expected to close Aug. 10.

Ontario, Calif.-based CVB Financial is acquiring Community Bank in a transaction valued at roughly $878.3 million, which was announced in February.