SOURCE: Valley Community Bank

April 19, 2011 18:03 ET

Valley Community Bank Reports Adjustment to 2010 4th Quarter Results

PLEASANTON, CA--(Marketwire - Apr 19, 2011) - In late March 2011, Valley Community Bank (OTCBB: VCBC), determined that an additional adjustment to the provision for loan loss was warranted for the period of December 2010 due to late first quarter 2011 receipt of previously ordered valuations of collateral. "The result of this loan loss adjustment reduced net income for the year from $527,000 to $204,000," said President and CEO Rick Loupe. "As such, annual net earnings available to common shareholders were also reduced from the previously stated amount of $172,000 net income to $151,000 net loss.

"That being said, we began 2011, our thirteenth year in business, on a very positive note. Each of our three full service banking offices has well over $50 million in deposits. Our Pleasanton office has over $60 million in deposits and our SBA (Small Business Administration) operation in Santa Cruz is one of the most successful SBA loan offices in Northern California."

About Valley Community Bank
Valley Community Bank, which is locally owned and operated, remains committed to its original objective of providing banking services to professionals and local businesses in the Tri-Valley and San Jose areas. The bank opened for business on August 10, 1998 in the historic Johnston Building at 465 Main Street in Pleasanton and offers a range of credit and deposit services for companies and individuals such as Commercial, Real Estate and SBA loans, as well as online banking for both consumer and businesses, remote capture, bill pay and courier service. In addition to our signature face-to-face service, we offer walk-up ATM service in Pleasanton and Livermore, and our e-Deposit program that will allow you to make check deposits without coming to the bank. Detailed information about Valley Community Bank is available at www.vcb-ca.com.

Contact Information

  • CONTACT:
    Richard Loupe
    CEO & President
    925-621-7200