A homeotropically aligned nematic liquid crystal with positive dielectric and diamagnetic anisotropies is subjected to a destabilizing ac electric field (E) in the bend geometry in the presence of a stabilizing magnetic field (B). When the applied voltage (V) is gradually increased at a given frequency, the distortion that results above a threshold (vth) is spatially periodic with the wavevector depending on the electric frequency f . Sudden application of a voltage step, V,, higher than Vth causes a temporal evolution of the director field, which finally attains the homogeneously distorted (HD) state; the nature of temporal evolution depends on V,. If Vs is slightly higher than Vth, the transient deformation is periodic and the wavevector of periodicity depends on f . When V, is high enough, the transition to HD r)ccurs via a turbulent state.