Foothill Independent Bancorp

Banks Merging: The parent of Chino Valley Bank in Ontario, CVB Financial Corp., said it plans to merge with Foothill Independent Bancorp, parent of Foothill Independent Bank in Glendora. CVB will absorb Foothill, paying stockholders $6.79 and 0.491 of a share of preferred stock in the newly created CVB Preferred Financial Corp.

First Community Bancorp has agreed to buy Foothill Independent Bancorp for $238 million in stock and cash, gaining a bank with $794 million in assets. Shareholders of Glendora-based Foothill would receive about half a share of First Community stock, getting about $26.14, for each Foothill share, First Community said Thursday. Owners of Foothill stock options would receive cash for their unexercised options, Rancho Santa Fe-based First Community said.

First Community Bancorp has agreed to buy Foothill Independent Bancorp for $238 million in stock and cash, gaining a bank with $794 million in assets. Shareholders of Glendora-based Foothill would receive about half a share of First Community stock, getting about $26.14, for each Foothill share, First Community said Thursday. Owners of Foothill stock options would receive cash for their unexercised options, Rancho Santa Fe-based First Community said.

Dole Food Co., the world's largest producer and marketer of fresh fruit, said Thursday that second-quarter earnings fell 54% and warned that depressed banana prices in Europe will push profit lower in the third quarter. Profit from operations fell to $37.5 million, or 66 cents a share, from $82.1 million, or $1.35, a year ago. The company was expected to earn 64 cents, the average estimate of four analysts surveyed by First Call Corp. Individual estimates ranged from 60 cents to 75 cents.

Dole Food Co., the world's largest producer and marketer of fresh fruit, said Thursday that second-quarter earnings fell 54% and warned that depressed banana prices in Europe will push profit lower in the third quarter. Profit from operations fell to $37.5 million, or 66 cents a share, from $82.1 million, or $1.35, a year ago. The company was expected to earn 64 cents, the average estimate of four analysts surveyed by First Call Corp. Individual estimates ranged from 60 cents to 75 cents.

Foothill Independent Bancorp has named Cheryl Brown president of Platinum Results Inc., a subsidiary of the Glendora-based Foothill holding company of Foothill Independent Bank. The new unit provides back-room services to other financial institutions as well as data access and management services. Brown was vice president and data processing manager of Foothill Independent Bank. Stuart Spencer Executive search firm Stuart Spencer has opened an office in Irvine and named Michael C.

Adhesive products maker Avery Dennison Corp. said Tuesday that fourth-quarter earnings rose slightly, exceeding Wall Street's lowered expectations, despite a fall in revenue. The Pasadena company said net income was $67.5 million, or 69 cents per diluted share, compared with $67.3 million, or 67 cents, a year earlier. Analysts on average had expected 67 cents, according to data tracking firm First Call/ Thomson Financial. Avery Dennison said sales fell 1.2% to $933.1 million from $944.8 million.

Banks Merging: The parent of Chino Valley Bank in Ontario, CVB Financial Corp., said it plans to merge with Foothill Independent Bancorp, parent of Foothill Independent Bank in Glendora. CVB will absorb Foothill, paying stockholders $6.79 and 0.491 of a share of preferred stock in the newly created CVB Preferred Financial Corp.