Central Valley Community Bancorp gets OK to acquire Folsom Lake Bank
Staff Writer |
Central Valley Community Bancorp, the parent company of Central Valley Community Bank, announced that required regulatory approval has been received by the Federal Deposit Insurance Corporation (FDIC) and California Department of Business Oversight authorizing Central Valley Community Bancorp to acquire Folsom Lake Bank.
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Final closing of the acquisition is dependent upon a special Folsom Lake Bank shareholder meeting scheduled for August 10, 2017, as well as certain closing conditions contained in the merger agreement.
The transaction is expected to be completed on October 1, 2017 and the Folsom Lake Bank name change to Central Valley Community Bank will also be effective as of this date.
In addition, the conversion of all operational systems will be completed in the first quarter of 2018. As of March 31, 2017, on a pro forma consolidated basis with Folsom Lake Bank, Central Valley Community Bancorp would have had over $1.6 billion in total assets and 24 branches.
Central Valley Community Bancorp trades on the NASDAQ stock exchange under the symbol CVCY and as of March 31, 2017 has reported assets of nearly $1.5 billion.
Central Valley Community Bank, headquartered in Fresno, California, was founded in 1979 and is the sole subsidiary of Central Valley Community Bancorp. Central Valley Community Bank operates 22 full-service offices in Cameron Park, Clovis, Exeter, Fair Oaks, Folsom, Fresno, Kerman, Lodi, Madera, Merced, Modesto, Oakhurst, Prather, Roseville, Stockton, Tracy, and Visalia, California.
Additionally, the Bank operates Commercial Real Estate Lending, SBA Lending and Agribusiness Lending Departments. Central Valley Investment Services are provided by Investment Centers of America, Inc.
Folsom Lake Bank, headquartered in Folsom, California, reported assets of $202.7 million as of March 31, 2017.
Folsom Lake Bank, founded in 2007, operates three full-service branch offices in Folsom, Rancho Cordova and Roseville. ■