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COMMUNITY FIRST BANK'S HOLDING COMPANY ANNOUNCES FIRST QUARTER EARNINGS

COMMUNITY FIRST BANK'S HOLDING COMPANY ANNOUNCES FIRST QUARTER EARNINGS
 FRESNO, Calif., April 21 /PRNewswire/ -- Community First Bank's holding company, Pacific Bancorporation (NASDAQ: PABC), announced consolidated net earnings, after extraordinary items, of $99,416 or $0.04 per weighted average share for the quarter ending March 31, 1992, as compared to earnings of $300,580 or $0.20 per weighted share during the comparable 1991 period.
 John Tait, recently appointed chairman of the board, president and chief executive officer of Community First Bank, stated that the reduction in earnings during the first quarter was partially the result of extraordinary items, including writedowns of various assets, which places the bank in a stronger position to realize increased earnings in the future. He added that salaries and benefits expense as well as occupancy and data processing expenses have been reduced significantly as the bank begins to realize some of the cost savings that have been implemented over the last year. Tait further stated that, compared to March 1991, the bank has been able to increase its adjusted total capital ratio to 7.74 percent of assets, well in excess of regulatory standards.
 Tait also noted that the bank will be placing a greater emphasis on new business development, which will have a significant impact on the strength of the institution. He stressed that the bank will continue to focus on being a leader in service standards to its customers.
 Book value per share decreased slightly to $8.00 at March 31, 1992, from $8.33 in the comparable 1991 period.
 Pacific Bancorporation has previously announced that a final merger agreement has been signed with Fresno-based ValliCorp Holdings Inc. (NASDAQ: VALY), a $430 million multibank holding company with two bank subsidiaries, Bank of Fresno and Merced Bank of Commerce, N.A. ValliCorp's common stock is traded on the NASDAQ National Market System under the symbol VALY.
 Pacific Bancorporation is traded on the NASDAQ National Market System under the symbol PABC. Bakersfield-headquartered Community First Bank serves the San Joaquin Valley and adjacent areas.
 -0- 4/21/92
 /CONTACT: Fred McKenna, VP, marketing manager of Community First Bank, 805-395-3286, or Gary Strong of The Financial Relations Board, 312-266-7800, for Community First Bank/
 (PABC VALY) CO: Community First Bank; The Financial Relations Board ST: California IN: FIN SU: ERN


AL -- LA019 -- 0601 04/21/92 11:33 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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