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PROPOSED SALE OF COMMUNITY FIRST'S ATWATER BRANCH TO YOSEMITE BANK CANCELED; BRANCH BECOMES PART OF VALLICORP MERGER AGREEMENT

PROPOSED SALE OF COMMUNITY FIRST'S ATWATER BRANCH TO YOSEMITE BANK
 CANCELED; BRANCH BECOMES PART OF VALLICORP MERGER AGREEMENT
 FRESNO, Calif., Nov. 18 /PRNewswire/ -- Community First Bank, a subsidiary of Pacific Bancorporation, today announced that the previously announced agreement to sell the bank's Atwater branch to Yosemite Bank has been canceled by mutual consent. The agreement to sell the branch had been made prior to the recently announced decision to merge with ValliCorp Holdings Inc. (NASDAQ: VALY), according to Pacific Bancorporation's President Henry Wheeler. He said that the branch will be included in the merger agreement with ValliCorp Holdings Inc. instead.
 Based on its merger plans with ValliCorp, Pacific Bancorporation anticipates that the Atwater branch will become part of Merced Bank of Commerce, a wholly owned subsidiary of ValliCorp. "Since many of our customers work in or regularly do business in Merced, we feel that they will find this to be an advantageous merger," Wheeler said. It is expected that the merger between the two holding companies will be completed sometime in mid 1992, pending regulatory and shareholder approval.
 Community First Bank, a subsidiary of Fresno-based Pacific Bancorporation, has total assets of $202 million and has 18 offices. Yosemite Bank, headquartered in Mariposa, Calif., has total assets of approximately $62 million and has five offices. ValliCorp Holdings Inc., headquartered in Fresno, has total assets of more than $420 million and has 11 offices.
 -0- 11/18/91
 /CONTACT: Fred McKenna of Pacific Bancorporation, 805-395-3286/
 (VALY) CO: Community First Bank; Pacific Bancorporation; Yosemite Bank;
 ValliCorp Holdings Inc. ST: California IN: FIN SU: TNM KJ-CH -- LA016 -- 1461 11/18/91 12:53 EST
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Publication:PR Newswire
Date:Nov 18, 1991
Words:270
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