FRESNO, CA and SACRAMENTO, CA--(Marketwired - Apr 29, 2016) -  Central Valley Community Bancorp (Company, together with its wholly owned subsidiary, Central Valley Community Bank (Bank)) (NASDAQ: CVCY), a bank holding company headquartered in Fresno, California, and Sierra Vista Bank (OTCBB: SVBA), headquartered in Folsom, California, jointly announced today that a definitive merger agreement has been signed by both parties. Under the terms of the agreement, Sierra Vista Bank, with three full service branches located in Folsom and Fair Oaks (Sacramento County), and Cameron Park (El Dorado County), will merge with Central Valley Community Bank. The transaction is subject to customary closing conditions, including regulatory approvals and Sierra Vista Bank shareholder approval. The Central Valley Community Bancorp and Sierra Vista Bank Boards of Directors have approved the transaction, which is expected to close in the fourth quarter of 2016.

As more fully described in the definitive merger agreement and investor presentation attached, Sierra Vista Bank shareholders will be entitled to receive cash and shares of Central Valley Community Bancorp stock, subject to certain adjustments described in the definitive merger agreement including if options or warrants are exercised prior to close. Sierra Vista Bank shareholders may elect to receive cash, Central Valley Community Bancorp stock, or a combination of both, subject to proration. Based on the closing price of Central Valley Community Bancorp on Thursday, April 28, 2016, the transaction, including redemption of certain outstanding Sierra Vista Bank securities immediately prior to the closing, would have a value of $24.0 million, or $5.22 per Sierra Vista Bank common share. However, the deal value will fluctuate with changes in Central Valley Community Bancorp's stock price through the closing date.

The Central Valley Community Bancorp Board of Directors and the Central Valley Community Bank Executive Management team, led by James M. Ford, President and CEO, will continue to lead the combined team of professional bankers. Gary D. Gall, President, CEO and Director of Sierra Vista Bank, will join Central Valley Community Bancorp's Board of Directors upon completion of the acquisition. This merger with Sierra Vista Bank will become the fourth acquisition for Central Valley Community Bancorp, which acquired Visalia Community Bank on July 1, 2013, Service 1st Bancorp and its subsidiary Service 1st Bank on November 12, 2008, and Bank of Madera County on January 1, 2005.

As of March 31, 2016, on a pro forma consolidated basis with Sierra Vista Bank, Central Valley Community Bancorp would have had approximately $1.5 billion in total assets, with 23 branches throughout California's San Joaquin Valley. 

"Sierra Vista Bank's community banking culture, leadership and dedication to supporting small businesses and the greater Sacramento region mirrors the values that Central Valley Community Bank has lived by for the past 36 years. Once completed, the merger will complete another step in our long-term strategy to increase our northern Valley presence which began 14 years ago in Sacramento County's Gold River business community," stated James M. Ford, President and CEO of Central Valley Community Bancorp and Central Valley Community Bank. 

"By combining our two great banks we believe our growth will enhance opportunities for businesses, customers, employees, the community and our Bank," concluded Ford.

"Sierra Vista Bank was founded nine years ago with the goal to bring true community banking to the Folsom area by offering a financial partnership for small businesses and to help grow the local economy. Merging with Central Valley Community Bank will allow our customers and other small businesses within the region to grow and expand with a banking partner whose values and dedication to businesses, customer service and the community so closely match our own," stated Gary Gall, President and CEO of Sierra Vista Bank.

 "Central Valley Community Bank has grown profitably and sensibly over the past three decades. Their quality business reputation, character and leadership are well-known within the financial industry. More importantly, their team of banking professionals, like ours, live, work and actively serve their community by investing their time, financial expertise and business advocacy to help each region thrive," concluded Gall. 

 Central Valley Community Bancorp trades on the NASDAQ stock exchange under the symbol CVCY and as of March 31, 2016 has reported assets of over $1.2 billion. 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 operates 20 full service offices in Clovis, Exeter, Fresno, Kerman, Lodi, Madera, Merced, Modesto, Oakhurst, Prather, Sacramento, Stockton, Tracy, and Visalia, California. Additionally, the Bank operates Commercial Real Estate Lending, SBA Lending and Agribusiness Lending Departments. Central Valley Investment Services are provided by Investment Centers of America, Inc.

Members of Central Valley Community Bancorp's and the Bank's Board of Directors are: Daniel J. Doyle (Chairman), Daniel N. Cunningham (Lead Independent Director), Edwin S. Darden, Jr., F. T. "Tommy" Elliott, IV, James M. Ford, Steven D. McDonald, Louis McMurray, William S. Smittcamp, and Joseph B. Weirick. Wanda L. Rogers and Sidney B. Cox are Founding Directors Emeriti. More information about Central Valley Community Bancorp and Central Valley Community Bank can be found at Also, visit Central Valley Community Bank on Twitter and Facebook.

Sierra Vista Bank, headquartered in Folsom, California, reported assets of $156,117,000 as of March 31, 2016. Sierra Vista Bank, founded in 2007, operates three full service branch offices in Folsom, Cameron Park and Fair Oaks. Additional information about Sierra Vista Bank can be found at

Central Valley Community Bancorp received a fairness opinion from Keefe, Bruyette & Woods, Inc., and Downey Brand LLP served as legal advisor. Sierra Vista Bank received advisory service and a fairness opinion from Sandler O'Neill + Partners, LP, and its legal counsel was Manatt, Phelps & Phillips, LLP.


  • Investor Presentation - Acquisition of Sierra Vista Bank
  • Central Valley Community Bancorp logo

Forward-looking Statements- Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained herein that are not historical facts, such as statements regarding the Company's current business strategy and the Company's plans for future development and operations, are based upon current expectations. These statements are forward-looking in nature and involve a number of risks and uncertainties. Such risks and uncertainties include, but are not limited to (1) significant increases in competitive pressure in the banking industry; (2) the impact of changes in interest rates, a decline in economic conditions at the international, national or local level on the Company's results of operations, the Company's ability to continue its internal growth at historical rates, the Company's ability to maintain its net interest margin, and the quality of the Company's earning assets; (3) changes in the regulatory environment; (4) fluctuations in the real estate market; (5) changes in business conditions and inflation; (6) changes in securities markets; (7) the risk that the merger might, for any reason, not occur, and (8) the other risks set forth in the Company's reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2015. Therefore, the information set forth in such forward-looking statements should be carefully considered when evaluating the business prospects of the Company.

Central Valley Community Bancorp will file a registration statement with the SEC, including a proxy statement/prospectus and other relevant documents concerning the proposed transaction. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. WE URGE INVESTORS TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE MERGER OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. After it is filed with the SEC, the proxy statement/prospectus will be available for free, both on the SEC website ( and from Central Valley Community Bancorp and Sierra Vista Bank.