FRESNO, CA -- (Marketwire) -- 07/02/09 -- Daniel J. Doyle, President and Chief Executive
Officer of Central Valley Community Bank (Bank), the sole subsidiary of
Central Valley Community Bancorp (Company) (NASDAQ: CVCY), announced the
Bank will accept registered warrants issued by the State of California for
a limited time.
Registered warrants will be accepted from existing customers beginning
Thursday, July 2, 2009 through Friday, July 31, 2009, or when the Bank
reaches a pre-determined dollar amount limit that has been designated
internally. The Bank will not be accepting third-party warrants.
"It is unfortunate that the State of California is in this situation, and
each bank must make an independent decision to choose to accept these
warrants based upon available capital and potential risk factors. Our Bank
is in the position to be able to accept the warrants and provide support
for our customers and their financial needs, which is always a top priority
for our 29-year-old bank," said Daniel J. Doyle, President and CEO
of Central Valley Community Bancorp and Central Valley Community Bank.
"Due to the Bank's purchase of millions of dollars of municipal bonds to
support various cities, counties, school districts, etc. in order to help
fund projects in the State of California, we are limited by our capacity
and prudent banking practices to undertake significantly more debt from the
State of California. We do have concerns that some of these local
communities and projects will have their own bond rating negatively
affected by the State of California ratings," concluded Doyle.
Central Valley Community Bancorp trades on the NASDAQ stock exchange under
the symbol CVCY. 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 currently operates
15 offices in Clovis, Fresno, Kerman, Lodi, Madera, Oakhurst, Prather,
Sacramento, Stockton, Tracy, and a loan production office in Modesto,
California. A new office (the Bank's 16th branch) is planned to open in
Merced during the third quarter of 2009. Additionally, the Bank operates
Commercial Real Estate Lending, SBA Lending and Agribusiness Lending
Departments. Investment services are provided by Investment Centers of
America and insurance services are offered through Central Valley Community
Insurance Services LLC. Members of Central Valley Community Bancorp's and
the Bank's Board of Directors are: Daniel N. Cunningham (Chairman), Sidney
B. Cox, Edwin S. Darden, Jr., Daniel J. Doyle, Steven D. McDonald, Louis
McMurray, Wanda L. Rogers (Director Emeritus), William S. Smittcamp, and
Joseph B. Weirick.
More information about Central Valley Community Bancorp and Central Valley
Community Bank can be found at www.cvcb.com.
