BANKING
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From Times Staff and Wire Reports
Bank Deal Set: CVB Financial Corp., parent of Chino Valley Bank, agreed to buy Fontana First National Bank for an estimated $5.3 million. Terms call for Fontana shareholders to receive cash equal to 1.6 times stockholders’ equity--$3.3 million as of March 31--and 0.6 times deferred loan fees, which totaled $113,000 on March 31. The final price is expected to be determined 10 business days before the acquisition is final. CVB is based in Ontario, while Fontana First is based in Fontana.
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