FRESNO, CA--(Marketwired - Jul 27, 2016) - The Board of Directors of Central Valley Community Bancorp (Company) (NASDAQ: CVCY), the parent company of Central Valley Community Bank (Bank), announced today that required regulatory approval has been received by the Federal Deposit Insurance Corporation and California Department of Business Oversight authorizing Central Valley Community Bancorp to acquire Sierra Vista Bank. Final closing of the acquisition is dependent upon a special Sierra Vista Bank shareholder meeting scheduled for August 30, 2016, as well as certain closing conditions contained in the merger agreement.
The transaction is expected to be completed after the close of business on September 30, 2016. The Sierra Vista Bank name and physical signage change to Central Valley Community Bank, in addition to the conversion of all operational systems, is expected to be completed in fourth quarter of 2016. As of June 30, 2016, on a pro forma consolidated basis with Sierra Vista Bank, Central Valley Community Bancorp would have had over $1.4 billion in total assets and 23 branches.
"We are proud of our 36-year history of solid financial performance which will be enhanced with the addition of the Sierra Vista Bank team. The addition of their three full service offices, located in Folsom, Fair Oaks (Sacramento County), and Cameron Park (El Dorado County), 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," stated James M. Ford, President and CEO of Central Valley Community Bancorp and Central Valley Community Bank.
Central Valley Community Bancorp trades on the NASDAQ stock exchange under the symbol CVCY and as of June 30, 2016 has reported assets of nearly $1.3 billion. 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 operates 20 full service offices in Clovis, Exeter, Fresno, Kerman, Lodi, Madera, Merced, Modesto, Oakhurst, Prather, Sacramento, Stockton, Tracy, and Visalia, California. Additionally, the Bank operates Commercial Real Estate Lending, SBA Lending and Agribusiness Lending Departments. Central Valley Investment Services are provided by Investment Centers of America, Inc.
Members of Central Valley Community Bancorp's and the Bank's Board of Directors are: Daniel J. Doyle (Chairman), Daniel N. Cunningham (Lead Independent Director), Edwin S. Darden, Jr., F. T. "Tommy" Elliott, IV, James M. Ford, Steven D. McDonald, Louis McMurray, William S. Smittcamp, and Joseph B. Weirick. Sidney B. Cox is Founding Director Emeritus. More information about Central Valley Community Bancorp and Central Valley Community Bank can be found at www.cvcb.com. Also, visit Central Valley Community Bank on Twitter and Facebook.
Sierra Vista Bank, headquartered in Folsom, California, reported assets of $157,259,000 as of June 30, 2016. Sierra Vista Bank, founded in 2007, operates three full service branch offices in Folsom, Cameron Park and Fair Oaks. Additional information about Sierra Vista Bank can be found at www.sierravistabank.com.
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; (7) the risk that the merger might, for any reason, not occur, and (8) 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, 2015. Therefore, the information set forth in such forward-looking statements should be carefully considered when evaluating the business prospects of the Company.
Central Valley Community Bancorp will file a registration statement with the SEC, including a proxy statement/prospectus and other relevant documents concerning the proposed transaction. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. WE URGE INVESTORS TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE MERGER OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. After it is filed with the SEC, the proxy statement/prospectus will be available for free, both on the SEC website (http://www.sec.gov) and from Central Valley Community Bancorp and Sierra Vista Bank.