SOURCE: Pacific Valley Bank

April 17, 2007 13:35 ET

Pacific Valley Bank Launches $1 Million Alvarado St. Loan Recovery Program

SALINAS, CA -- (MARKET WIRE) -- April 17, 2007 -- Pacific Valley Bank (OTCBB: PVBK) has announced a $1,000,000 loan recovery program for businesses impacted by the recent devastating fire on Alvarado Street in downtown Monterey.

The program comes just prior to the Bank's opening of its branch at 498 Alvarado and is designed to help businesses in that area weather the storm of the financial impact of the recent fire. Low cost, interest-only loans up to two years are being made available immediately to those businesses affected. Each loan is limited to $50,000 with a total of $1,000,000 in loan money available.

Ben Tinkey, President of Pacific Valley Bank, said, "Though we are not yet situated in the Monterey Community, we have already made a commitment there. The Alvarado Street Fire Recovery Program is an example of that commitment, and we look forward to helping many of the businesses in our new neighborhood."

Businesses may contact Pacific Valley Bank at (831) 422-5300. Those eligible for the low cost loan program may also open a Business Checking account free for one year, including no minimum balance and no monthly or transaction fees.

Louis P. Cosentino, President of Cosentino Realty Co. in Monterey and a founder and director of Pacific Valley Bank, said, "Since its opening, Pacific Valley Bank has been dedicated to serving the financial service needs of the communities we serve. We take pride in carrying on a tradition of local community banking."

Pacific Valley Bank was formed in Salinas in 2004 by local community and business leaders. Most of the bank's shareholders live and work in Monterey County. The bank opened a second branch in Salinas in mid-2006, a branch in King City in late 2006, and a branch in Hollister in early 2007. The Monterey Branch is expected to open in early summer 2007. At year-end 2006, the bank reported assets of $108 million.

Contact Information

  • For further information contact:
    Ben Tinkey
    President
    Pacific Valley Bank
    Sue Carlson
    Senior Vice President
    Pacific Valley Bank
    (831) 422-5300