FRESNO — The Federal Deposit Insurance Corporation and California Department of Business Oversight has given regulatory approval for Community Bancorp (the parent company of Central Valley Community Bank) to acquire Sierra Vista Bank.
The final closing of the sale is expected to occur Sept. 30, dependent on a special Sierra Vista Bank shareholder meeting, Aug. 30.
The Sierra Vista Bank name and physical signage will be changed to Central Valley Community Bank during the fourth quarter of 2016.
Central Valley Community Bank has assets of nearly $1.3 billion while Sierra Vista Bank, headquartered in Folsom, reported assets of $157,259,000. Sierra Vista Bank operates full service branch offices in Folsom, Cameron Park and Fair Oaks. Central Valley Community Bank operates 23 branches in the Central Valley, including offices in Stockton, Tracy, Lodi, Madera, Merced and Modesto.
“We are proud of our 36-year history of solid financial performance which will be enhanced with the addition of the Sierra Vista Bank team,” James M. Ford, president and CEO of Central Valley Community Bancorp and Central Valley Community Bank said in a release.
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