|By Marketwired .||
|April 16, 2014 06:30 AM EDT||
FOLSOM, CA -- (Marketwired) -- 04/16/14 -- Sierra Vista Bank (OTCQB: SVBA), which is headquartered in Folsom, California, announced today its plans to open their third full service banking branch in Fair Oaks Village, Fair Oaks, California.
The Bank initially opened its Folsom branch in March 2007, followed by its Cameron Park branch in November 2008, and now enthusiastically looks forward to be able to serve the financial needs of the individuals and businesses in the Fair Oaks community. The Bank believes the new branch will provide a good base for deposit and loan growth.
Sierra Vista Bank experienced significant growth in 2013 with assets growing 29% to $102 million at December 31, 2013. "The Bank has positioned itself for market expansion," stated Gary Gall, President and CEO, "and we look forward to the opportunity to become a part of the Fair Oaks community."
Subject to regulatory approval, the Bank expects to open its new location at 10123 Fair Oaks Boulevard in July of this year.
About Sierra Vista Bank
Sierra Vista Bank is a locally owned community bank headquartered at 1710 Prairie City Road in Folsom, California since March 2007 and has a branch located in the Sam's Town Center in Cameron Park. The Bank prides itself on serving the financial needs of small businesses and professionals in Folsom and throughout the Highway 50 Corridor while remaining committed to community philanthropy. Additional information about Sierra Vista Bank can be found at www.sierravistabank.com or by calling (916) 850-1500.
Forward Looking Statement:
In addition to historical information, this press release includes forward-looking statements, such as statements regarding increases in non-interest income, future profitability, the bank's ability to address challenges impacting economy in which it operates and future loan losses, which reflect management's current expectations for the bank's future financial results and business prospects. Forward-looking statements are inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to: (a) changes in competitive pressures among depository and other financial institutions or in the bank's ability to compete effectively against larger financial institutions in its banking market; (b) actions of government regulators or changes in laws, regulations or accounting standards, that adversely affect the bank's business; (c) changes in interest rates and/or inflation; (d) changes in general economic or business conditions and the real estate market in the bank's market; and (e) other unexpected developments or changes in the bank's business or its customers' businesses. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. You should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.