SOURCE: Oak Valley

May 09, 2008 18:35 ET

Oak Valley Community Bank to Submit Application to Establish Bank Holding Company

OAKDALE, CA--(Marketwire - May 9, 2008) - 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.

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