Written by The Business Journal Staff
For the first nine months of the year, earnings for Valley Business Bank, were $3.2 million, up from $3 million in the same period of 2015.
“I’m very pleased to announce that our company is poised to complete both this year and its 20-year career with a very solid earnings performance. Over the past twelve months, we’ve grown loans by over $20 million and deposits by over $22 million while maintaining a favorable net interest margin. Coming off five consecutive years of record earnings, it is certainly a pleasure to note that our 2016 earnings are ahead of last year’s pace despite economic and regulatory challenges,” Allan W. Stone, president and CEO, said in a statement.
It’s been a busy time for Valley Business Bank, which last month announced a merger agreement with Southern California-based Citizens Business Bank valued at around $70 million for Valley Business Bank shareholders.
“As previously announced, we anticipate that our merger into Citizens Business Bank will be completed early next year,” Stone added. “I believe it will unquestionably be a win for the shareholders of both companies. Valley Business Bank has steadily moved up the ladder of financial performance rankings among community banks and Citizens Business Bank was recently ranked at the top of the industry.”
The bank’s total assets as of Sept. 30 were $429.86 million, up from $401.8 million on Sept. 30, 2015.