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McGOWAN BECOMES VALLICORP PRESIDENT, CEO; OTHER SENIOR EXECUTIVES NAMED

 McGOWAN BECOMES VALLICORP PRESIDENT, CEO;
 OTHER SENIOR EXECUTIVES NAMED
 FRESNO, Calif., Dec. 17 /PRNewswire/ -- ValliCorp Holdings Inc. (NASDAQ: VALY) today announced the promotion and election of three senior officers. J. Mike McGowan, currently president and chief executive officer of ValliCorp's largest subsidiary, Bank of Fresno, and interim president and chief executive officer of ValliCorp, has been elected president and chief executive officer of ValliCorp effective Jan. 1, 1992, filling the position previously held by John W. Brocks. On Nov. 25, 1991, O. James Woodward III joined ValliCorp in the newly created position of executive vice president, general counsel and director of corporate development. Effective Dec. 1, 1991, James W. Munch assumed the newly created position of executive vice president, director of marketing for Bank of Fresno.
 McGowan joined ValliCorp in June 1990 and has served as executive vice president and chief financial officer and executive vice president and chief operating officer of Bank of Fresno and ValliCorp. On March 1, 1991, McGowan was appointed president and chief executive officer of ValliCorp's largest subsidiary, Bank of Fresno.
 Prior to joining ValliCorp, McGowan was a partner with Ernst & Young and was a director of the Financial Services Industries Group for Arthur Young, as well as a member of the accounting firm's National Banking Committee. Patrick J. Mon Pere, chairman of ValliCorp's board of directors, said, "Mr. McGowan's rapid advancement in our company is indicative of the confidence the board of directors has in his abilities to serve us well in the position to which he is being appointed."
 Woodward, as general counsel and director of corporate development, will be responsible for mergers and acquisitions, corporate matters and investor relations. He will also oversee the human resources department of ValliCorp and be involved with compliance matters. Prior to joining ValliCorp, Woodward was first vice president for Guarantee Financial Corp. and executive vice president for Glendale Federal Bank. He served as vice president and counsel for Central Savings and Loan Association from 1981 to 1985 and vice president and counsel for First Savings and Loan Association from 1977 to 1981. A native of Fresno, Calif., Woodward received a master's degree in business administration from Stanford University Graduate School in 1961 and received his law degree from the University of California School of Law, Berkeley, in 1964.
 Munch, as director of marketing, will be responsible for business development, public relations, and advertising for Bank of Fresno. He will also be involved with the bank's community affairs and will oversee the corporate marketing stratgegy. Munch joins the bank after more than 23 years with IBM, where he held a number of marketing and management positions. During most of his career, he consulted with many of IBM's financial services customers in Phoenix, Ariz., and Los Angeles, and for three years acted as a special bank industry consultant across the country. Prior to joining IBM, Munch was an officer with a Plainfield, N.J., bank. A California native, he has just moved to Fresno from Long Beach, Calif.
 McGowan stated, "The addition of Jim Woodward and Jim Munch to our executive management team positions us well to pursue our growth strategies and to remain the dominant locally owned fianncial institution in California's San Joaquin Valley."
 ValliCorp currently has assets of $420 million and is California's only regional independent bank holding company headquartered in Fresno. ValliCorp's primary subsidiaries are Bank of Fresno and Merced Bank of Commerce. The company's common stock is publicly traded on the NASDAQ National Market System under the symbol VALY.
 For additional information on ValliCorp Holdings Inc., by fax, no cost, dial 1-800-PRO-INFO, CODE No. 161.
 -0- 12/17/91
 /CONTACT: O. James Woodward III, executive VP, director corporate development, ValliCorp, 209-221-2384; or Gary Strong or Nick Farina of Financial Relations Board (FRB) Chicago, 312-266-7800; FRB-San Francisco, Lillian Armstrong, 415-986-1591; or Regina Ryan of FRB-New York, 212-661-8030/
 (VALY) CO: ValliCorp Holdings Inc. ST: California IN: FIN SU:


CH -- LA008 -- 2951 12/17/91 12:23 EST
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Date:Dec 17, 1991
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