Oak Valley Bancorp completes acquisition of Mother Lode Bank.
Global Banking News-December 24, 2015--Oak Valley Bancorp completes acquisition of Mother Lode Bank
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Global Banking News - 24 December 2015
Oak Valley Bancorp (NASDAQ: OVLY), the bank holding company for Oak Valley Community Bank and Eastern Sierra Community Bank, has reported that it has completed its acquisition of Mother Lode Bank (OTC PINK: MOLB) following the merger of Mother Lode Bank into Oak Valley Community Bank.
The total consideration for the acquisition was approximately USD7.3m in exchange for all outstanding common stock shares.
In August, the company announced its plans to acquire Mother Lode Bank, a California-state chartered bank with USD78m in assets and two branches in Sonora, CA. Oak Valley Community Bank opened its second branch in Sonora earlier this month and plans to close the two Mother Lode Bank branches as of January 29, 2015. Mother Lode Bank customers will be serviced by the two existing Oak Valley Community Bank branches.
H. Randolph Holder, a director of Mother Lode Bank, joined the boards of directors of the company and Oak Valley Community Bank upon the closing. Holder is president and CEO of Clarke Broadcasting Corp, which owns and operates KVML, KZSQ and KKBN, Sonora's local radio stations since 1986.
Oak Valley Bancorp currently operates through 16 branches in Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, two branches in Sonora, three branches in Modesto, and three branches in their Eastern Sierra Division, which includes Bridgeport, Mammoth Lakes, and Bishop.
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|Publication:||Global Banking News (GBN)|
|Date:||Dec 24, 2015|
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