222 1322central Valley Community Bancorpcompletes Acquistion of Bank of Madera Countyclovis Californiadecember 31 2004
222 1322CENTRAL VALLEY COMMUNITY BANCORPCOMPLETES ACQUISTION OF BANK OF MADERA COUNTY!CLOVIS, CALIFORNIA…December 31, 2004… Sample Clauses
222-1322CENTRAL VALLEY COMMUNITY BANCORPCOMPLETES ACQUISTION OF BANK OF MADERA COUNTY!CLOVIS, CALIFORNIA…December 31, 2004…. Central Valley Community Bancorp (Company) (NASDAQ: CVCY), the parent company of Central Valley Community Bank (Bank), announced today the completion of its first acquisition, Bank of Madera County, effective after close of business, December 31, 2004. Bank of Madera County shareholders approved the cash-stock combination transaction valued at approximately $12,400,000 at a meeting held on December 20, 2004, which followed the receipt of all required regulatory approvals.Central Valley Community Bancorp reported assets at September 30, 2004 in excess of $357 million with Bank of Madera County reporting $63 million in assets at the end of the same period. Central Valley Community Bank projects that the Bank of Madera County acquisition will be profitable within the first year of combined operations. 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.Bank of Madera County was established in 1999 as a community bank headquartered in Oakhurst, California. Its principal focus has been to serve the community banking needs of local businesses and residents in the Madera County region. Both Central Valley Community Bank and Bank of Madera County are well-known for their excellent customer service and community support, which will not change as a result of the merger.