YUBA CITY, Calif., June 30, 2017 (GLOBE NEWSWIRE) — River Valley Community Bank (OTC markets:RVVY) (the “Bank”), announced that it has completed the reorganization of the Bank and River Valley Community Bancorp (the “Bancorp”), a newly formed bank holding company for the Bank. The reorganization was completed on June 29, 2017, through a share exchange in which the Bank’s shareholders will receive one share of common stock of Bancorp in exchange for each share of the Bank’s common stock. Shortly after June 30, 2017, the Bancorp’s common stock will be quoted on OTC markets under the new symbol “RVCB”.
CEO John M. Jelavich commented, “We are proud that our Bank’s growth and development over the past 11 years has put us in the position to reorganize our corporate structure and form a holding company. This new structure will give us additional flexibility in serving our customer base, addressing market opportunities, and driving shareholder value.” Jelavich continued, “Along with this reorganization, we are pleased to have coordinated the change in our stock trading symbol to RVCB, which is more reflective of our brand and is more intuitive for our shareholders and other market participants.”
Following the reorganization, the Bank’s shareholders will be shareholders of the Bancorp, and the Bancorp will be the Bank’s parent company. The Bancorp is a new corporation, which was organized for the sole purpose of forming a bank holding company, and its principal executive officers and directors are the same as those of the Bank. The Bank will continue to operate as a California bank, be managed by its current Board of Directors and officers, and continue the same business in which it presently is engaged at its branch offices. The Bank’s shareholders will soon be receiving a letter from the Bancorp’s transfer agent as to how they can exchange their share certificates.
Forward-Looking Statements: Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, competitive pressure in the banking industry, balance sheet management, net interest margin variations, the ability to control costs and expenses, changes in the interest rate environment and financial policies of the United States government and general economic conditions. The Bank disclaims any obligation to update any such factors.
For further information contact John M. Jelavich at (530) 821-2469.