Visalia Community Bank being acquired
Central Valley Community Bancorp, a bank holding company headquartered in Fresno, and Visalia Community Bank, headquartered in Visalia, jointly announced Thursday that a merger agreement has been signed by both parties.
Under the terms of the agreement, Visalia Community Bank, with four branches in Visalia and one branch in Exeter, will merge with Central Valley Community Bancorp’s subsidiary, Central Valley Community Bank. The transaction is subject to approval by Visalia Community Bank’s shareholders. The transaction is expected to close in the second quarter of 2013.
The sale is valued at approximately $22.1 million or $52 per share to Visalia Community Bank shareholders. The purchase price is to be paid half in cash and half in Central Valley Community Bancorp common stock.
The Central Valley Community Bancorp and Central Valley Community Bank directors and management team, led by Daniel J. Doyle, president and CEO, will continue to lead the combined team of professional bankers. F. T. “Tommy” Elliott IV, chairman of the board of directors of Visalia Community Bank, will join Central Valley Community Bancorp’s board of directors upon completion of the acquisition. This merger with Visalia Community Bank will become the third acquisition for Central Valley Community Bancorp, which acquired Service 1st Bancorp and its subsidiary Service 1st Bank in 2008, and Bank of Madera County in 2005.
Central Valley Community Bancorp trades on the NASDAQ stock exchange under the symbol CVCY and as of Sept. 30, reported assets of $887 million. Central Valley Community Bank was founded in 1979 and is the sole subsidiary of Central Valley Community Bancorp.
Central Valley Community Bank currently operates 17 full-service offices in Clovis, Fresno, Kerman, Lodi, Madera, Merced, Modesto, Oakhurst, Prather, Sacramento, Stockton and Tracy.