Central Valley Community Bancorp (CVCY), the parent company of Central Valley Community Bank, said Monday that it has received the required regulatory approval by the Securities and Exchange Commission, Federal Deposit Insurance Corporation, California Department of Financial Institutions and the Federal Reserve Bank authorizing Central Valley Community Bancorp to acquire Visalia Community Bank.
Final closing of the acquisition is dependent upon a special Visalia Community Bank shareholder meeting scheduled for June 18, as well as certain closing conditions contained in the merger agreement.
The deal is expected to be completed after the close of business on June 30. The Visalia Community 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.
As of December 31, on a pro forma consolidated basis with Visalia Community Bank, Central Valley Community Bancorp would have had about $1.082 billion in total assets and 21 branches.
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