Contact Information: Contact: Ron Martin/Rick McCarty Phone: (866) 844-7500 www.ovcb.com www.escbank.com
Oak Valley Community Bank to Apply for Establishment of Bank Holding Company
| Source: Oak Valley Community Bank
OAKDALE, CA--(Marketwire - November 27, 2007) - Oak Valley Community Bank (OTCBB : OVYB )
announced plans to establish a one-bank holding company called Oak Valley
Bancorp. The Board of Directors of Oak Valley Community Bank, at their
regular meeting on November 20, 2007, approved a resolution which allows
the Bank to apply to the Federal Reserve Board of San Francisco (FRB) for
the formation of a one-bank holding company. It is expected that the
application to the FRB will be submitted in 2008.
"The formation of Oak Valley Bancorp is the first step to facilitate the
expansion of the business activities of the Bank. 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 conveniently located
branches: Oakdale, Escalon, Sonora, Turlock, Stockton, Patterson, Ripon,
two branches in Modesto, and three branches in their Eastern Sierra
Division, which include Bridgeport, Mammoth Lakes and Bishop. They
recently completed restoration of the Historic First National Bank building
in Oakdale and they are near completion on their full-service branch on
March Lane in Stockton.