BAKERSFIELD, Calif., Nov. 30, 2017 /PRNewswire/ -- Valley Republic Bancorp (OTCQX: VLLX) today announced its Board of Directors has declared a 5% stock dividend payable to shareholders of record as of December 15, 2017, payable on December 29, 2017.
Bruce Jay, President & CEO, stated, "This dividend reflects Valley Republic Bank's exceptional performance that has served to enhance shareholder value and allowed us this opportunity to reward our Shareholders. Since the inception of the Bank in 2009, consistent and record growth in assets and earnings has resulted in an increase of over 150% in the value of the Company's stock. As of September 30, 2017, Valley Republic Bank was in the top 20% of all banks in the United States, as measured by total assets."
Eugene Voiland, Chairman of the Board, added, "This stock dividend not only recognizes the performance of the Company, but it also recognizes the confidence and support our shareholders have invested in us."
About Valley Republic Bancorp and Valley Republic Bank
Valley Republic Bancorp is a bank holding company formed in 2016. Valley Republic Bank, a wholly-owned subsidiary of Valley Republic Bancorp, is a community bank headquartered in Bakersfield, California. The Bancorp is subject to the regulatory oversight of the Federal Reserve Bank, and the Bank is subject to the regulatory oversight of the Federal Deposit Insurance Corporation and the California Department of Business Oversight. Valley Republic Bank is an insured, state-chartered, non-member bank of the Federal Reserve System. The Bank is in its ninth year of operation, having been established in 2009. Valley Republic Bank is a full-service, community bank with three full-service banking offices in Bakersfield and one full-service banking office in Delano. Valley Republic Bank emphasizes professional, high quality banking services provided to a wide range of businesses and professionals. The Bank also provides a full complement of banking services that are available to individuals and non-profit organizations.
Valley Republic Bancorp Contact Information
President & CEO
Stephen M. Annis
Executive Vice President & Chief Financial Officer
Company Website: www.valleyrepublicbank.com
Forward Looking Statements
This news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, and Valley Republic Bancorp and Valley Republic Bank (together, the "Company") intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.
Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the Company's ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally, in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company's operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.
The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
SOURCE Valley Republic Bancorp