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MOLB: Cash merger; MOLB was acquired by Oak Valley Bancorp (NASDAQ: OVLY); for every 1 share of MOLB, shareholders will receive $1.65 in cash.
FINRA delete symbol:
http://otce.finra.org/DLDeletions
Oak Valley Bancorp Completes Acquisition of Mother Lode Bank
Salty
OAKDALE, CA -- (Marketwired) -- 12/23/15 -- Oak Valley Bancorp (NASDAQ: OVLY) (the "Company"), the bank holding company for Oak Valley Community Bank and Eastern Sierra Community Bank, reported today that it completed its acquisition of Mother Lode Bank (OTC PINK: MOLB) upon the merger of Mother Lode Bank into Oak Valley Community Bank. The aggregate consideration paid by the Company in the acquisition, including cash consideration to holders of outstanding stock options, was approximately $7.3 million in exchange for all outstanding common stock shares.
As announced on August 27, 2015, the Company entered into an agreement to acquire Mother Lode Bank, a California-state chartered bank having $78 million in assets and two branches in Sonora, CA. Oak Valley Community Bank opened its second branch in Sonora earlier this month and plans to close the two Mother Lode Bank branches as of January 29, 2015. Mother Lode Bank customers will be serviced by the two existing Oak Valley Community Bank branches.
H. Randolph Holder, a director of Mother Lode Bank, joined the Boards of Directors of the Company and Oak Valley Community Bank upon the closing. Mr. Holder is President and CEO of Clarke Broadcasting Corp., which owns and operates KVML, KZSQ and KKBN, Sonora's local radio stations since 1986.
I snapped up shares back in late 2012 early 2013- still have them and not looking to unload them either anytime soon. Their balance sheet looks better and I expect it to actually brighten even more.
Undervalued and not many shares out there. Great recipe for an investor off the beaten path...just the way I like it.
Salty,
I hope MOLB last quarter earnings report put a smile on your face when released.
I don't think it would take much in the way of a positive 2nd quarter report to get the MOLB pps moving close to the three buck level. Let's keep our fingers crossed.
February 18, 2014
Dear Shareholder:
It is with mixed emotions that I announce the resignation of one of our founding Directors. As you likely are aware, Kate Powell Segerstrom was recently appointed Superior Court Judge by Governor Brown. While we congratulate Kate on earning this distinguished appointment, we regret that it precludes her from continuing as a member of the Bank’s Board of Directors. On behalf of her fellow Directors and the entire staff of Mother Lode Bank: For more than ten years of dedicated service - Kate, we sincerely thank you.
As for the Bank’s performance during calendar year 2013, I am pleased to report achievement of annual profitability for the first time in our history with positive earnings of $162,300. As reported in our previous shareholder letter, earnings in large part were captured from gains on securities sold. We again extend our appreciation to you our shareholders and our community. Without your support from new deposit growth we would not have been able to realize earnings from these investment securities.
Our foothill community’s economic data continued to reflect improvement in 2013 albeit slight when compared to statewide improving conditions. For Tuolumne County, single family residential values for the period ending December continued to reflect improvement. Median sales price was up 17% over year end median of $166,000 for 2012. While current economic data is clearly not robust, we welcome improving trends and remain cautiously optimistic for 2014.
For the period ending June 30th 2013 we reported improvement in Sub-standard loans and Other Bank Owned Real Estate. We are very pleased to report ongoing progress in reducing our Sub-standard and Other Bank Owned Real Estate assets - now reflecting a decrease of over $2.3 million, or a 48% improvement when compared to fiscal year end 12/31/12.
As you know we have consistently reached out to our shareholders and community asking for your referrals of friends and neighbors enabling us to deploy deposit funds into loans which provide improved earning opportunities. We are pleased to report that, during the quarter ended December 31, 2013, we realized total performing loan growth of 7.27% or $2.6 million. While this is partially attributed to opportunities presented from outside our immediate community, we look forward to additional opportunities in our market area that will allow this positive trend to be sustained.
Finally, I am extremely pleased to report the addition of Dennis A. Reed as Senior Vice President and Credit Administrator. Mr. Reed brings over thirty-five years of community banking experience and is a welcome addition to the Mother Lode Bank team.
In closing, our directors, management and staff extend our sincere gratitude for your business and for the confidence that you have placed in us. We continue to look to each of you for referrals of your friends, neighbors, and business associates to Mother Lode Bank.
We are your community bank and we are here to serve you.
Sincerely, Charles W. Milazzo - President & CEO
Salty, I hope MOLB make you rich!
If the next quarterly report is anything like the last few, MOLB will be going for over five bucks a share.
Salty,MOLB is doing well.Not many share outstanding and a nice profit.
MOLB keeps on rolling along. The bank had a profit of 164K last quarter. I think we'll be seeing a pps of over two bucks soon.
AMEN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Salty, we should have purchased shares of MOLB with the money we invested in FFIS.
By this time next year I think the MOLB pps could easily be pushing five bucks.
Salty,MOLB pps is very,very close to $1.00.
Thanks, I saw. I figured it would be good as the PPS was up yesterday. Capitalization ratios excellent.
illegal,check out MOLB financial report. http://www2.fdic.gov/idasp/main.asp
FDIC certificate number 57637
Salty,Molb financial report http://www2.fdic.gov/idasp/main.asp
FDIC Certificate number 57637
Salty, .79 x 1.00 eom.
Mother Lode has the poential to be a star performer. I guess the next few days will tell the tale.
Would be nice. Noticed 5000 shares on the ask. Looks promising.
Salty,that would be nice.I hope earnings will be released soon.
I noticed that the bid got up to .79 today. Assuming the 3rd quarter numbers are positive, I wouldn't be surprized to see the pps triple.
Salty, MOLB .80.
Hi Salty, I am also looking forward to MOLB earnings.I hope the pps hit $2.00 after the earnings are released.I like the fact MOLB does not have many shares outstanding.
I'm eager to see what kind of numbers MOLB will show us for the 3rd quarter. If the numbers are close to what they did last quarter, I think the pps will probabaly blow past two bucks.
Yes, MOLB is doing fine and is going to do better. The pps of .77 is way too low.
Salty,MOLB is coming along just fine.
Salty, I am glad pps is moving up again.Hopefully,the share price will be $1.00 soon.
And we moved up again!
Considering the very fine quarter MOLB turned in, I doubt this will be the last rise in pps we see.
MOLB moved up today.
WOW! Salty that is great.
Roughly speaking, .23 or .24 cents a share.
Salty,do you know what MOLB earnings per share was last quarter?
I'm now an official member of the 1000 share club.
Yeah, I rolled the dice and picked up 1000 shares. Unlike spouses or bastard children, you can always sell them when it doesn't work out.
Hola IA, great to have you here! I haven't bought shares in MOLB yet but am thinking about making this bank one of my "1000 share wonders". It seems like a pretty safe bet compared to many of the banks we have on our radar.
!Hola Salty! Picked up some MOLB the other day.
MOLB continues it's march forward by showing a profit of 336K for the 2nd quarter.
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