Folsom Lake Bank is officially part of the Central Valley Community Bank family.
Effective Oct. 1, parent company Central Valley Community Bancorp completed the acquisition of Folsom Lake Bank near Sacramento, with three-full service branches in Folsom, Rancho Cordova and Roseville that will now become Central Valley Community Bank locations. Signage will be converted by February 2018.
The sale, valued at $28.4 million, was first announced in April. Folsom Lake Bank had total assets of $205.88 million on June 30. With the acquisition, Central Valley Community Bancorp will have about $1.7 billion in assets and 24 branches through the Central Valley and Sacramento region.
“First and foremost, we are honored to combine our two like-minded community banks, each known for its incredible customer advocacy, deep commitment to business, and active service to the community. It has been a privilege to work with our collective teams to finalize this acquisition, which will enrich the Company’s future performance with the addition of truly outstanding new team members and loyal customers who value the same excellent quality service standards as Central Valley Community Bank,” stated James M. Ford, President and CEO of Central Valley Community Bancorp and Central Valley Community Bank.
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