Connect with us

Banking & Financial Services

CVB Financial Corp. Announces Appointment of David A. Brager as new CEO

Published

on

David A. Brager, Executive Vice President & Sales Division Manager, will succeed Christopher D. Myers

CVB Financial Corp. (NASDAQ:CVBF) and its principal subsidiary, Citizens Business Bank (together, “the Company”), announced that the Company’s Board of Directors has chosen David A. Brager to be the organization’s next Chief Executive Officer. Mr. Brager, who currently serves as Executive Vice President, Sales Division Manager, will assume the role on March 16, 2020 upon the scheduled retirement of the Company’s current President and CEO, Christopher D. Myers. Concurrently, Mr. Brager is being appointed to the respective Boards of Directors of CVBF and Citizens Business Bank.

CVBF’s Board of Directors led a thorough, nationwide search in partnership with Spencer Stuart, a leading executive search firm. The promotion of Mr. Brager affirms the quality of the Company’s senior management team and the Board’s confidence in the Company’s strategy and continued strong performance. In order to facilitate a smooth and orderly transition, Mr. Myers, who has served as the Company’s CEO since 2006, will remain available to the Company as a consultant through December 31, 2020.

“Our Board is very grateful for Chris Myers’ leadership the past 13 years and is truly delighted to have selected Dave Brager as CEO to lead our Company’s next chapter,” said Raymond V. O’Brien III, the Company’s Chairman of the Board. “Following Chris’ decision to retire, which was announced this past July, our Board engaged in a thoughtful evaluation process. While the Board was of course already impressed with Dave, it was important and helpful to have the opportunity to benchmark his candidacy against an extensive, nationwide field of contenders. We are quite pleased with the outcome.”

“I am truly honored that our Board has chosen me to lead this outstanding organization that has been named #1 on the Forbes’ America’s Best Banks list for two of the past four years — including 2020,” said David A. Brager, Executive Vice President, Sales Division Manager and the Board’s appointee to be the next CEO of the Company. “I see this as a terrific opportunity to leverage my deep understanding of our Bank’s growth strategies and local geographic markets to continue to deliver strong financial results. We have worked hard to build our industry-leading platform, and I am confident that our talented team will continue to expand and reach new heights for the sake of our customers, communities, shareholders and employees.”

Chris Myers, the Company’s retiring President and CEO, commented: “Dave and I have worked closely together for the past nine years. He has been deeply involved in executing our strategy, particularly on the sales side of the business. As such, he should be well prepared to continue ahead on our path of excellence. From a continuity standpoint, Dave is the right choice to lead this Company. He will be well supported by a seasoned and motivated senior leadership team. I wish Dave all the best in his new role and am confident that the incredible legacy of this Company is intact and ready to move forward.”

Mr. Brager has over 30 years of banking experience in a variety of senior leadership roles, including serving the past 17 years at Citizens Business Bank, where his present responsibilities encompass oversight of all the Bank’s business financial centers, customer lending and deposit relationships, marketing, treasury management, international services, government services and bankcard products. Dave joined CVBF in 2003 as a Vice President and was recruited to build and manage the Fresno Business Financial Center on a de novo basis. The office achieved early entrepreneurial success and, four years later, he was promoted to SVP and Regional Manager for the entire Central Valley area of California. Based on his continued strong record of achievement, at the beginning of 2011, Dave was promoted to EVP and Sales Division Manager, reporting directly to CEO Myers in Ontario, CA. Prior to his tenure with the Company, Mr. Brager worked for over seven years at Westamerica Bank. Mr. Brager received his B.S degree from California State University, Fresno. He is a graduate of the Pacific Coast Banking School in partnership with the University of Washington’s Graduate School of Business.

Corporate Overview

CVB Financial Corp. (“CVBF”) is the holding company for Citizens Business Bank. CVBF is one of the 10 largest bank holding companies headquartered in California with over $11 billion in total assets. Citizens Business Bank is consistently recognized as one of the top performing banks in the nation and offers a wide array of banking, lending and investing services through 58 banking centers and 3 trust office locations serving the Inland Empire, Los Angeles County, Orange County, San Diego County, Ventura County, Santa Barbara County, and the Central Valley area of California. Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol “CVBF”. For investor information on CVB Financial Corp., visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab.

The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Banking & Financial Services

Bank of America Private Bank Announces New Inland Desert Market, Names Patricia Chavez as Market Executive

Published

on

Reflecting the growing wealth and economic expansion of the Inland Empire, Bank of America Private Bank today announced Patricia Chavez has been named as the Market Executive for the Private Bank’s newly created Inland Desert market. This market will serve Private Bank clients across the Inland Empire from offices in Palm Springs, Palm Desert, Ontario, and Riverside. Chavez will oversee a team of dedicated private client advisors who deliver custom investment management, wealth structuring, estate planning, philanthropy, private business financing, banking, credit and trust service needs to high net worth individuals, families and institutions.

“We believe Patricia’s extensive leadership and experience make her the perfect candidate to lead this market,” said Mark Benson, Private Bank Managing Director/ West Division Executive. “Throughout the Private Bank’s long history, we have helped our clients by providing personalized investment management, credit and banking solutions and as a bridge between generations. Under Patricia’s leadership, the local team will continue to deliver private banking capabilities to help clients create a legacy that gives meaning to their wealth today and in the future.”

Chavez is a third-generation Bank of America employee who began her career as a teller in La Mirada in 1989.  She most recently served as Managing Director and Philanthropic Market Executive for the West and Central North Divisions for Bank of America Private Bank, and prior to that was a Business Banking executive for the Inland Empire for 14 years. She serves on the board of trustees for the Autry Museum of the American West, sits on the College of Business and Public Management Advisory Board of the University of La Verne, and previously served on the boards of Habitat for Humanity Riverside, Foothill Family Shelter Upland and the Inland Empire Economic Partnership.

Chavez earned her M.B.A. with a concentration in Finance from the University of La Verne, her Bachelor’s degree in Business Administration with an emphasis in Marketing from California State University Fullerton, and is a graduate of Pacific Coast Banking School.  Last year, she was recognized as a “Top Woman of Influence in Banking” by the Los Angeles Business Journal and as a “Latina to Watch” by the Association of Latino Professionals For America (ALPFA).

Continue Reading

Banking & Financial Services

Falcon Wealth Planning To Celebrate 7 Year Anniversary With Ribbon Cutting Ceremony At Their New Location

Published

on

The Inland Empire Regional Chamber of Commerce (IERCC) is excited to announce their newest member, Falcon Wealth Planning, Inc. With that announcement comes a celebration, as the IERCC will be helping Falcon Wealth Planning celebrate their 7-year anniversary with a Ribbon Cutting Ceremony for the grand opening of their new building on April 19, 2022.

For this special event, guests will be able to enjoy a meet and greet with Falcon Wealth Planning’s executive staff, high-quality networking, food, and drink, and most of all a great time. The ceremony will take place between 4:30 p.m. and 6 p.m. and include guest speakers from Gabriel Shahin, Principal at Falcon Wealth Planning, Inc., and Edward Ornelas, Jr., President, and CEO of Inland Empire Regional Chamber of Commerce.

Falcon Wealth Planning focuses heavily on tax planning and works with Certified Public Accountants so that you can breeze through tax season and plan today, avoiding stress during your retirement. With over 30 years of experience, they dedicate their services to preparing creative solutions tailored specifically to you.

The IERCC’s mission is to support and contribute to the interests of commerce and economic prosperity throughout Riverside County and San Bernardino County. They are a progressive, non-profit business organization striving to bring true value to their members, investors, sponsors, and community.

Together, they will be celebrating the grand opening of Falcon Wealth Planning’s new building located at 3400 Inland Empire Boulevard In Ontario, California, on April 19, 2022, starting at 4:30 p.m. Tickets for the event are free. It is highly recommended to register early, which you can do so by clicking here!

If you have any questions or need more information, please contact the IERCC at info@iechamber.org.

Continue Reading

Banking & Financial Services

Q&A Session with Black Cooperative Investment Fund Executive Director—Kaine Nicholas

Published

on

Q&A with Kaine Nicholas, Executive Director of Black Cooperative Investment Fund

By Josaline Cuesta, Small Business Majority, Senior California Program Manager, and IEBJ Contributor

Why is financial literacy important for small business owners? What are the pillars of financial literacy?

Financial literacy is the comfort level one may have with topics related to money and its management. Financial literacy is critical to success, and it’s where everything begins for small business owners.  

At the beginning of a business venture, an entrepreneur can be cash-challenged and relatively inexperienced in practical business versus theory. It is important that while learning the business terrain, entrepreneurs have at the very least, a baseline of financial literacy to question documents and do calculations or have support to negotiate effective business terms. Any terms that are negotiated at the beginning of a venture can significantly affect the projections or the valuation of a business. These effects can vary widely, depending on the comfort level of financial literacy. 

The pillars of financial literacy are banking, budgeting, saving, credit, debt, and investing. What matters most to small business owners is budgeting, banking, and credit, and we recommend focusing on that order for small business owners. Understanding the numbers, having the assets with banking partners that can offer solutions, and building business and personal credit are all imperative to small business owners. BCIF and its trusted partner, AmPac Business Capital can help everyone gain a firm awareness of these pillars.

What’s needed to create a strong financial plan?

What is needed to make a strong financial plan is the actions that happen alongside writing the actual financial plan. While one may be uncertain of the “hockey stick” or optimistic revenue, what people can control is the cost. Know those costs and how they change in a good, better, or best scenario to keep you prepared.  

No one likes surprises. There is security and comfort in knowing that costs are consistent and predictable. Spend time conducting the research and use due diligence so that you and the financial partners understand the financial plan and financial statements. 

What’s in a business plan, and why is having one essential for a small business owner? 

A business plan is a document that, at its most basic level, can help small business owners navigate the who, what, where, why, and how to generate income with a product or service. The business plan tells the reader that this “document” is your prototype on paper. The business plan also helps readers understand the basic valuation of your business. 

If your business plan is on paper, does it articulate the vision, or is it a requirement for a loan program? The business plan is important because it represents as the creator of the business. Thinking business out on paper can reduce mistakes in real-world execution.  

What’s the best way to document and share major changes to a business plan with your financial advisor and employees, such as becoming a corporation or expanding to another state? 

Ensure the establishment of company meetings and hold them routinely, preferably with quarterly updates. This allows stakeholders to receive firm-wide public information and establishes communication between leadership, management, and employees. 

What are some tips for thinking strategically about cash flow?  

One tip is to understand what is in the pipeline and/or accounts receivables and monitor subscriber trends to your products or solutions. When I ask business owners how their business is doing, they usually respond with, “it’s going well.”  And I always ask myself, what does that really mean, and is the owner aware of the items that support healthy cash flow?

Is a personal credit score relevant to small business success? What defines a “good credit score” and how can you maintain one?

Personal credit is relevant to businesses at the earlier stages of a business. If used correctly, one should leverage good credit and create business credit as soon as possible. Personal credit and business credit are created differently and operate differently. That difference can be critical to accessing capital. Unfortunately, a “good credit score” is not universal. We recommend owners investigate the potential creditor by asking what numerical score and credit history on the credit report will produce a favorable outcome. A credit score and credit report are two components that contribute to a sizable credit decision. With that information, the small business owners have a credit “road map.” What is most important is that the business owner is proactive in the credit conversation. One can maintain and learn more with one of BCIF’s trusted partners, AmPac Business Capital.  

What are the top three easy-to-navigate business loans for a startup business? Do the types of loans that are needed change in your 2nd or 3rd year of business?

The top and the easiest loan is a zero-interest loan based on an alternative way of evaluating personal credit and traditional risk models. If one can find a small business loan that targets a certain demographic or type of business, that should be extremely helpful. Third, look for a small business loan that can be forgiven. 

The types of loans that could change in your second or third year of business can be tricky. Business success and loan/funding gaps require careful consideration, but most important, predictability. 

How will I know that a financial literacy resource is proven and credible?

Financial literacy is a journey. One way to affirm credibility is to compare it to your financial situation. Always have a backup resource for validation.

How can the average entrepreneur improve their financial literacy?

This is an important and critical question that I will answer in an alternative, more direct way. I strongly recommend these three words as ways to improve personal and business financial literacy:

  • Curiosity
  • Humility
  • Discipline

Start with opening your mail and being curious about the words that you do not understand in your statements. Call the service number and ask the person to explain what these words mean regarding your account. It sounds simple, but it truly is a free lesson that benefits your personal or professional situation. The information is memorable because the asker is learning even when configuring the question. (Do not forget your tax person or accountant.   They are your resources).

Humility helps your behavior when you ask a question, and you partially know the answer, but you ask questions to attain mastery.  

Lastly, you must be disciplined and determined when you call the service line or account representative when you do not fully understand a financial term. Do not feel like you are wasting their time asking basic questions. If they have chosen to do business, service your needs, or hold your money, you are only using your mutual rights within the relationship. 

What is the best way to stay abreast of COVID relief funds and resources in the Inland Empire area?

Contact the Black Cooperative Investment Fund (BCIF) at www.bcifund.org, 310-904-6336, reach out to our partner, AmPac Business Capital at www.ampac.com, or visit Venturize: https://venturize.org/—Small Business Majority’s free online resource hub for small business owners who need help accessing tools and resources to grow their businesses.

Continue Reading

Business Journal Newsletter



Trending