Visalia Community Bank shareholders approved the merger between Visalia Community Bank and Central Valley Community Bancorp on Tuesday, June 18. The transaction is expected to be completed on July 1. The bank name and physical signage change to Central Valley Community Bank, in addition to the conversion of all operational systems is planned for the weekend of July 26-28. Visalia Community Bank, with now three branches in Visalia and one in Exeter, will merge with Central Valley Community Bancorp's subsidiary, Central Valley Community Bank. The agreement valued the merger at approximately $22.1M 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. As of March 31, on a pro forma consolidated basis with Visalia Community Bank, Central Valley Community Bancorp would have had approximately $1.081B in total assets and 21 branches.
- Financials Industry