CVB Financial to pay back TARP funds

CVB Financial Corp. (Ticker:CVBF) announced Monday that it has received final regulatory approval to repurchase all the preferred stock sold to the U.S. Department of the Treasury in December of 2008. CVB will pay $130 million to the Treasury to repurchase the preferred stock, plus accrued and unpaid dividends and intends to complete the repurchase as soon as possible. CVB recently had a stock offerring which raised $132 million.