CHICO, Calif. - (Business Wire) Golden Valley Bank (OTCBB:
GVYB), a two and a half year old bank headquartered in Chico, California reported strong asset growth and its second consecutive quarterly profit in its short history. The company earned $41,628 in the quarter ended September 30, 2008.
The Bank’s total assets increased to $75 million, up 32% from a year earlier. Deposits were $60.4 million, up from $42.4 million on June 30, 2007. Loans ended the quarter at $50.7 million compared to $27 million a year ago. There were no non-performing assets or loans on non-accrual. Additionally, no loans were past due 30 days or greater and no loans had been adversely classified. The company is a well capitalized bank and far exceeds minimum regulatory requirements.
“We continue to have a great year, are ahead of our projections and in a very good position heading into uncertain economic times,” said CEO Mark Francis. “Our customers can count on us to be there for them as they weather this financial storm.”
Although some financial institutions have been negatively impacted by the recent collapse of the sub-prime mortgage loan market, Golden Valley Bank does not make sub-prime mortgage loans and has no exposure in this area. The bank specializes in relationship banking to local individuals and businesses.
“On behalf of our Board of Directors, our continued success is a strong indication of the hard work and talent of our Board, Advisers, Founders and employees and the strong support of our customers during these challenging times,” said GVB Chairman Robert Harp. “Golden Valley Bank is strong and profitable and we look forward to serving current and new customers banking needs.”
Golden Valley Bank is a locally owned and operated commercial bank serving the needs of individuals and businesses in northern California. The Bank has a full service office in Chico, California and a Loan Production Office in Redding, California. For more information regarding the bank please call at (530) 894-1000.
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 are pre-fiscal year-end audit and may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, expanded net interest margin, the ability to control costs and expenses, interest rate changes and financial policies of the United States government and general economic conditions. The Bank disclaims any obligation to update any such factors.
Golden Valley Bank
Mark Francis, 530-894-4920
mfrancis@goldenvalleybank.com
