|By Marketwired .||
|June 19, 2013 04:53 PM EDT||
FRESNO, CA -- (Marketwired) -- 06/19/13 -- The Board of Directors of Central Valley Community Bancorp (Company) (NASDAQ: CVCY), the parent company of Central Valley Community Bank (Bank), announced today that Visalia Community Bank shareholders approved the merger between Visalia Community Bank and Central Valley Community Bancorp at a special meeting held on Tuesday, June 18, 2013 in Visalia, California. The transaction, subject to customary closing conditions is expected to be completed on July 1, 2013. The 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.
Under the terms of the agreement established as of December 2012, Visalia Community Bank, with now three branches in Visalia and one in Exeter, will merge with Central Valley Community Bancorp's subsidiary, Central Valley Community Bank. The agreement valued the merger at approximately $22.1 million or $52.00 per share to Visalia Community Bank shareholders. The purchase price is to be paid half in cash and half in Central Valley Community Bancorp common stock.
As of March 31, 2013, on a pro forma consolidated basis with Visalia Community Bank, Central Valley Community Bancorp would have had approximately $1.081 billion in total assets and 21 branches.
"We are pleased with the merger progress thus far and we look forward to the successful blending of our two great banks. Central Valley Community Bank is dedicated to the communities we serve by providing the highest standards of customer service and charitable giving, alongside the competitive financial products and education that meet the unique needs of our business and personal customers. We are also pleased to soon add offices in Visalia and Exeter with quality bankers whose standards of customer and community support mirror that of our successful 33-year-old bank," stated Daniel J. Doyle, President and CEO of Central Valley Community Bank and Central Valley Community Bancorp.
Central Valley Community Bancorp trades on the NASDAQ stock exchange under the symbol CVCY. Central Valley Community Bank, headquartered in Fresno, California, was founded in 1979 and is the sole banking 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. Investment services are provided by Investment Centers of America and insurance services are offered through Central Valley Community Insurance Services LLC. Members of Central Valley Community Bancorp's and the Bank's Board of Directors are: Daniel N. Cunningham (Chairman), Sidney B. Cox, Edwin S. Darden, Jr., Daniel J. Doyle, Steven D. McDonald, Louis McMurray, William S. Smittcamp, Joseph B. Weirick, and Wanda L. Rogers (Director Emeritus).
Forward-looking Statements - Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained herein that are not historical facts, such as statements regarding the Company's current business strategy and the Company's plans for future development and operations, are based upon current expectations. These statements are forward-looking in nature and involve a number of risks and uncertainties. Such risks and uncertainties include, but are not limited to (1) significant increases in competitive pressure in the banking industry; (2) the impact of changes in interest rates, a decline in economic conditions at the international, national or local level on the Company's results of operations, the Company's ability to continue its internal growth at historical rates, the Company's ability to maintain its net interest margin, and the quality of the Company's earning assets; (3) changes in the regulatory environment; (4) fluctuations in the real estate market; (5) changes in business conditions and inflation; (6) changes in securities markets; and (7) the other risks set forth in the Company's reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2012. Therefore, the information set forth in such forward-looking statements should be carefully considered when evaluating the business prospects of the Company.