Company: CVBF
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0000950170-25-051966
Chunk: 23

Company: CVB FINANCIAL CORP
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 23
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 on resiliency features and clean and efficient energy improvements that are installed in and integrated into the properties themselves.

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During 2024, Citizens Business Bank made C-PACE loans with committed principal balances in the aggregate amount of $11,455,000. This amount included loans (i) to improve the seismic resiliency, utility efficiency, building management systems and water conservation for a 118-room hospitality development, as well as (ii) to finance the installation of a solar carport adjacent to an office building to enable the office building to become self-sufficient in generating electric power.

Also during 2024, Citizens Business Bank made additional investments, totaling approximately $25 million, in connection with the financing of a number of energy projects, including community solar electricity projects, which in turn enabled Citizens Business Bank to qualify for federal and California state tax credits.

As noted above, where consistent with the needs of our customers and our business imperatives, we have implemented remote work options for associates in a variety of functions and departments, and we believe this in turn has significantly reduced commuting time and automobile use for our affected associates. In addition, we support our associates' use of electric vehicles for their work commutes, and, to this end, we have installed nine electric vehicle chargers at our corporate headquarters in Ontario, California and an additional six chargers at our primary banking operations center in Rancho Cucamonga, California, at no charge to our associates.

As a separate initiative, Citizens Business Bank has replaced conventional lighting, where cost-effective to do so, with more efficient LED lights, at both our corporate headquarters and our separate banking operations center (as well as in the associated parking areas for both facilities). This project has resulted in annual power usage savings in excess of 500,000 kWh. Moreover, when we open a new banking center or remodel an existing center, we typically seek to upgrade the lighting to utilize LED products.

We plan to continue to enhance these important environmental initiatives, including evaluating the feasibility of installing solar panels on the roof of our corporate headquarters and primary banking operations center buildings, in order to further reduce our conventional electricity power usage and costs.

Natural Resources

At the corporate level, Citizens Business Bank has adopted and implemented a company-wide paper recycling program, for at least the past ten years, and in 2024, we recycled approximately 430 tons of paper products. In addition, we have continued to implement a company-wide plan to reduce paper use and paper printing in favor of utilizing digital media and storage