Sunday, December 30, 2012 8:53:07 PM
Date : 12/20/2012 @ 8:30AM
Source : MarketWire
Stock : Central Valley Community Bancorp (MM) (CVCY)
Quote : $7.84 0.06 (0.77%) @ 4:45PM
Central Valley Community Bancorp (NASDAQ: CVCY), a bank holding company headquartered in Fresno, California, and Visalia Community Bank (OTCBB: VSMU), headquartered in Visalia, California, jointly announced today that a definitive 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 customary closing conditions, including regulatory approvals and approval by Visalia Community Bank's shareholders. The Central Valley Community Bancorp and Visalia Community Bank boards of directors have unanimously approved the transaction, which is expected to close in the second quarter of 2013.
The transaction is initially valued at approximately $22.1 million or $52.00 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. Based on a value of $8.75 per share of Central Valley Community Bancorp common stock, using the 30-day volume weighted average trading price at the time when the principal terms of the agreement were being established, in the aggregate approximately 1.263 million shares of Central Valley Community Bancorp common stock would be issued and $11,050,000 would be paid in cash. As a result, Visalia Community Bank shareholders would be entitled to receive approximately $26.00 and 2.97 shares of Central Valley Community Bancorp common stock per share. The total purchase price is subject to adjustments and closing conditions, including potential adjustments if the volume weighted average trading price of Central Valley Community Bancorp common shares rises or falls beyond certain levels prior to closing.
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 on November 12, 2008, and Bank of Madera County on January 1, 2005.
As of September 30, 2012, on a pro forma consolidated basis with Visalia Community Bank, Central Valley Community Bancorp would have had approximately $1.078 billion in total assets, with 23 branches throughout California's San Joaquin Valley
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Recent CVCY News
- Central Valley Community Bancorp Completes Community West Bancshares Merger, Adopts Name, Announces Board and Executive Reorganization • Business Wire • 04/01/2024 12:45:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 11:19:24 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 11:18:31 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 11:17:39 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 11:16:31 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/28/2024 05:09:46 PM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 02/14/2024 05:51:12 PM
- Central Valley Community Bancorp and Community West Bancshares Announce Receipt of Shareholder Approval for Merger • Business Wire • 02/09/2024 01:45:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/09/2024 11:02:18 AM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 02/07/2024 10:09:08 PM
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 01/30/2024 06:55:58 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/30/2024 06:55:00 PM
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 01/30/2024 05:11:54 PM
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 01/30/2024 01:13:57 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/30/2024 01:08:30 PM
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- Form 8-K - Current report • Edgar (US Regulatory) • 01/18/2024 09:04:01 PM
- Central Valley Community Bancorp Reports Earnings Results for the Year and Quarter Ended December 31, 2023, and Quarterly Dividend • Business Wire • 01/18/2024 09:00:00 PM
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 01/10/2024 09:32:51 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/10/2024 09:30:30 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 01/05/2024 02:29:42 PM
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