Central Valley Bancorp Shareholder Approval of Merger With Bank of Stockton
October 27 2003 - 8:11PM
PR Newswire (US)
Central Valley Bancorp Shareholder Approval of Merger With Bank of
Stockton MODESTO, Calif., Oct. 27 /PRNewswire-FirstCall/ -- Central
Valley Bancorp (the "Company") (BULLETIN BOARD: CLVL) , parent
company of Modesto Commerce Bank, announced that at a special
meeting of its shareholders, the shareholders approved, by the
affirmative vote of a majority of the outstanding common shares,
the Agreement and Plan of Merger, dated June 19, 2003, between 1867
Western Financial Corporation, the parent company of Bank of
Stockton and Central Valley Bancorp and Modesto Commerce Bank.
Pursuant to the Agreement Central Valley Bancorp and Modesto
Commerce Bank will be acquired by Bank of Stockton. Under the terms
of the Agreement, each share of Central Valley Bancorp Common stock
will be exchanged for $26.00 in cash. The merger is subject to
final regulatory approval and is expected to close mid November
2003. The branches of Modesto Commerce Bank and Turlock Commerce
Bank will retain their respective names and operate as divisions of
Bank of Stockton under the continued leadership of Jeff Burda
immediately following the merger date. Bank of Stockton is
California's oldest bank still operating under its original
charter. Founded in 1867, it continues the outstanding tradition of
family leadership. In 1999 Bank of Stockton became the first
community bank headquartered in the Central Valley to reach more
than $1.0 billion in assets. Today assets exceed $1.4 billion. Bank
of Stockton has 12 offices and over 370 employees. Founded in March
1998, Modesto Commerce Bank provides banking services to
owner-operated businesses, members of the professional community
and individuals seeking personalized service. The Bank offers
innovative financial solutions and an enhanced product line of
convenient banking alternatives, which include internet banking,
on-line cash management, telephone banking, investment and
commercial sweep accounts, debit and credit cards and courier
service. For more information, visit our web site at
http://www.modcombank.com/. Forward-Looking Statements -- In
addition to historical information this press release includes
forward-looking information which is subject to the "safe harbor"
created by Section 27A of the Securities Act of 1993, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These forward looking statements include descriptions of plans or
objectives of management for future operations, products or
services and forecasts of future revenues, earnings and other
measures of economic performance. Forward-looking statements, by
their nature, are subject to risks and uncertainties. A number of
factors, many of which are beyond Central Valley Bancorp's control
could cause actual conditions to differ significantly from those
described in the forward-looking statements. Such risks and
uncertainties include, but are not limited to, the following
factors: competitive pressure in the banking industry; changes in
the interest rate environment; the declining health of the economy,
either nationally or regionally; the deterioration of credit
quality, changes in the regulatory environment; changes in business
conditions; certain operational risks involving data processing
systems or fraud; volatility of rate sensitive deposits;
asset/liability matching risks and liquidity risks. The Company
undertakes no obligation to revise or publicly release the results
of any revision to these forward-looking statements. DATASOURCE:
Central Valley Bancorp CONTACT: Jeffrey P. Burda, President and
Chief Executive Officer, +1-209-557-2216, or Sarah Thompson, SVP
& Chief Financial Officer, +1-209-557-2214, both of Central
Valley Bancorp Web site: http://www.modcombank.com/
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