Auburn Bancorp shareholders approve merger with ValliCorp.FRESNO Fresno (frĕz`nō), city (1990 pop. 354,202), seat of Fresno co., S central Calif.; inc. 1885. Settled in 1872 as a station on the Central Pacific RR, Fresno profited from irrigated farming as early as the 1880s. , CA--(BUSINESS WIRE)--ValliCorp Holdings, Inc. (Nasdaq: VALY) -- Vallicorp Holdings, Inc. today announced that the shareholders of Auburn Auburn (ô`bərn). 1 City (1990 pop. 33,830), Lee co., E Ala.; inc. 1839. The city's economy centers around Auburn Univ.; there is some manufacturing. 2 City (1990 pop. 24,309), seat of Androscoggin co. Bancorp voted to approve the merger with Vallicorp. Auburn, with assets of approximately $75 million, has three branches located in Sacramento, Placer and Nevada Counties Nevada County is the name of two counties in the United States:
As previously announced, under the terms of the merger agreement, Auburn shareholders would receive 0.8209 shares of Vallicorp common stock for each share of Auburn common stock. The transaction is structured as a tax-free exchange tax-free exchange An exchange of assets between taxpayers in which any gain or loss is not recognized in the period during which the exchange takes place. Rather, taxpayers are required to adjust the basis of assets exchanged. and is planned to be accounted for using the purchase method. The merger, pending regulatory approvals, is scheduled to close on September 13, 1996. J. Mike McGowan, Chairman and Chief Executive Officer of Vallicorp, stated, "We are excited about the upcoming merger of Auburn Bancorp into Vallicorp, which expands our franchise in the Sacramento region. The combination creates a stronger entity with the resources to compete more effectively in our target market, an area in Central California Central California can refer to one of several divisions or regions of the U.S state of California:
Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. value to shareholders." John G. Briner, President and Chief Executive Officer of Auburn Bancorp, stated, "We're very enthusiastic about our association with Vallicorp as we look forward to becoming part of the successful franchise the Company has built for itself in the Central California region. The merger of Auburn Bancorp into Vallicorp is a strategy we feel will provide long-term value to our shareholders. Our customers will benefit from a much wider product selection, while continuing to enjoy the high-quality service they are used to." This merger increases Vallicorp's assets to approximately $1.4 billion with 58 branches serving customers in Central California. Vallicorp Holdings, Inc. is the largest supercommunity banking company based in Central California. CONTACT: ValliCorp Holdings Inc. Wolfgang T.N. Muelleck, 209/437-5700 |
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