CVB Financial Corp. (NASDAQ: CVBF) announced George A. Borba Jr. has been elected chairman of the board, while Hal W. Oswalt transitioned from chairman to vice chairman. The leadership changes took effect immediately following the company's annual meeting on May 20.

Borba has served as a director and vice chairman of CVB Financial and its subsidiary Citizens Business Bank since 2012. He is a partner in George Borba & Son Dairy, L.P. and serves as president of Belonave Dairy and 5 Mile Ranch LLC in Bakersfield, California.

Oswalt joined the boards of CVB Financial and Citizens Business Bank as a director in 2014 and was appointed chairman in 2022. The company stated the transition is part of its ongoing commitment to governance and continuity.

"Hal Oswalt has served with distinction as only the fifth Chairman in Citizens Business Bank's 51-year history," Borba said in a statement. He noted that under Oswalt's leadership, the company surpassed $20 billion in assets through recent mergers with Heritage Commerce Corp and Heritage Bank of Commerce.

Oswalt said he determined the time was appropriate to transition from chairman and expressed confidence in Borba's ability to lead. "George is an experienced director and a distinguished professional who has earned the deep respect of both management and his fellow Board members," Oswalt stated.

CVB Financial Corp. is the holding company for Citizens Business Bank, which operates more than 75 banking centers and three trust office locations in California. The company describes itself as one of the ten largest bank holding companies headquartered in California.