OAKDALE, CA -- (MARKET WIRE) -- 05/09/08 -- Oak Valley Community Bank (OTCBB: OVYB)
previously announced plans to establish a one-bank holding company called
Oak Valley Bancorp. The Bank's Board of Directors approved a plan of
merger and reorganization for Bancorp at its April board meeting, subject
to regulatory approval and shareholder approval at the Bank's upcoming
meeting on June 17, 2008. The Bank and Bancorp submitted its application
today to the FDIC and California Department of Financial Institutions for
required approvals related to the reorganization.
Under the plan, the Bank will become a wholly owned subsidiary of the
Bancorp and the shareholders of the Bank will own 100% of the shares of the
Bancorp. "The establishment of the holding company is designed to promote
our ability to provide continued long-term value to our shareholders,"
stated Ron Martin, CEO.
Established in 1991, Oak Valley Community Bank offers a variety of loan and
deposit products dedicated to serving the needs of individuals and small
businesses. The Bank currently operates through 12 convenient locations:
Oakdale, Sonora, Turlock, Stockton, Patterson, Ripon, Escalon, two branches
in Modesto, and three branches in their Eastern Sierra Division, which
includes Bridgeport, Mammoth Lakes and Bishop. They recently opened a new
full-service branch on March Lane in Stockton.
Contact:
Ron Martin/Rick McCarty
Phone: (866) 844-7500 www.ovcb.com www.escbank.com
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