The Board of Directors of Central Valley Community Bancorp (Company) (NASDAQ: CVCY), the parent company of Central Valley Community Bank (Bank), recently announced that required regulatory approval has been received by the Securities and Exchange Commission, Federal Deposit Insurance Corporation, California Department of Financial Institutions and the Federal Reserve Bank authorizing Central Valley Community Bancorp to acquire Visalia Community Bank.
Final closing of the acquisition is dependent upon a special Visalia Community Bank shareholder meeting scheduled for June 18, 2013, as well as certain closing conditions contained in the merger agreement.
The $22 million transaction is expected to be completed after the close of business on June 30, 2013. The Visalia Community Bank name and physical signage change to Central Valley Community Bank, in addition to the conversion of all operational systems, is planned for the weekend of July 26-28, 2013.
As of December 31, 2012, on a pro forma consolidated basis with Visalia Community Bank, Central Valley Community Bancorp would have had approximately $1.082 billion in total assets and 21 branches. “We are proud of our 33-year history of solid financial performance which is demonstrated by the approval from all required regulatory agencies to complete the acquisition of Visalia Community Bank,” stated Daniel J. Doyle, President and CEO of Central Valley Community Bank and Central Valley Community Bancorp.
“The addition of their three offices in Visalia and one in Exeter will allow Central Valley Community Bank to increase our presence throughout California’s San Joaquin Valley and will provide long-term opportunities for the businesses, customers, employees, community and our Bank in this region.”
Central Valley Community Bancorp trades on the NASDAQ stock exchange under the symbol CVCY and as of Sept. 30, 2012 reported assets of $887,000,000. Central Valley Community Bank, headquartered in Fresno, California, was founded in 1979 and is the sole subsidiary of Central Valley Community Bancorp.
Central Valley Community Bank currently operates 17 full service offices in Clovis, Fresno, Kerman, Lodi, Madera, Merced, Modesto, Oakhurst, Prather, Sacramento, Stockton, and Tracy, California. Additionally, the Bank operates Commercial Real Estate Lending, SBA Lending and Agribusiness Lending Departments. For more information about Central Valley Community Bancorp and Central Valley Community Bank can be found at www.cvcb.com, Facebook and Twitter.
Visalia Community Bank, headquartered in Visalia, reported assets as of September 30, 2012 of $200,373,000. Visalia Community Bank was founded in 1977 and operates five full service branch offices in Visalia and Exeter. Additional information about Visalia Community Bank can be found at www.vcb.com.