SCVBank Reports Results of Treasury Auction of TARP
SANTA PAULA, Calif.--(BUSINESS WIRE)-- Scott K. Rushing, Chairman of Santa Clara Valley Bank, announced that the auction of Santa Clara Valley Bank's TARP preferred stock by the United States Treasury closed February 28, 2013 with Guy Cole as the successful bidder for 100% of the shares.
Mr. Rushing added that he was "pleased that this transaction achieved the goals of the bank to maintain local ownership." Ms. Cheryl L. Knight, President & Chief Executive Officer, added, "It's good to see repayment of the Treasury and good for the bank by reducing related restrictions and reporting." She expressed her appreciation to the Cole family for their continued support.
Founded in 1998, SCVBank currently operates three branches in Santa Paula, Fillmore, and Valencia. Under its stock symbol of SCVE, SCVBank's stock is traded through McAdams Wright Ragen, Raymond James & Associates Inc., and Monroe Securities. The Bank's web site is www.SCVBank.com.
Santa Clara Valley Bank Corporation Headquarters
901 East Main Street
Santa Paula, California 93060
Statements concerning future performance, developments or events concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, the effect of interest rate changes, and the ability to control costs and expenses, the impact of consolidation in the banking industry, financial policies of the United States government, and general economic conditions.
Santa Clara Valley Bank
President & Chief Executive Officer
Senior Vice President & Chief Financial Officer
KEYWORDS: United States North America California
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