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VALLICORP, PACIFIC BANCORPORATION EXTEND MERGER DEADLINE TO ACCOMMODATE DELAY IN REGULATORY APPROVAL

 VALLICORP, PACIFIC BANCORPORATION EXTEND MERGER DEADLINE
 TO ACCOMMODATE DELAY IN REGULATORY APPROVAL
 FRESNO, Calif., May 28 /PRNewswire/ -- ValliCorp Holdings Inc. (NASDAQ: VALY) and Pacific Bancorporation (NASDAQ: PABC) today jointly announced the extension of the deadline for their previously disclosed merger plans. The deadline was extended to July 31, 1993, to accommodate an unexpected delay in seeking regulatory approval for the merger. The postponement has resulted from a recent Community Reinvestment Act and compliance examination of Bank of Fresno, ValliCorp's principal banking subsidiary.
 J. Mike McGowan, president and chief executive officer of ValliCorp and Bank of Fresno, and Henry Wheeler, president and chief executive of Pacific Bancorp, each stated that the two bank holding companies are fully committed to the culmination of the merger process.
 "In simplest terms, what we have is principally an issue of form over substance, resulting in formal steps to support existing efforts," McGowan commented. "The compliance report, issued by the Federal Deposit Insurance Corp., indicates that Bank of Fresno needs to make certain policy and procedural changes to improve the bank's analysis and documentation of CRA-related activities. Most of these changes have already been made and the remainder will be completed in the very near term.
 "We were surprised and extremely disappointed with our recent rating, particularly in light of our on-going record of community accomplishments," McGowan said. "We have always been committed to the spirit and objectives of the Community Reinvestment Act. This spirit and commitment continues to be alive and well at Bank of Fresno.
 "We currently expect to be re-examined in the first quarter of 1993, at which time the policies and documents will have been in place and necessary procedures implemented for some time. Our belief is that the re-examination will show sufficient improvement so that regulatory approval can be successfully completed and the merger concluded in the early part of 1993. We had originally anticipated the merger to be completed by the fourth quarter of 1992," McGowan explained.
 ValliCorp Holdings Inc. is a $430 million multibank holding company with two bank subsidiaries: Bank of Fresno and Merced Bank of Commerce. ValliCorp is California's largest regional independent bank holding company headquartered in Fresno in California's San Joaquin Valley. The company's common stock is traded on the NASDAQ National Market System under the symbol VALY.
 Pacific Bancorporation currently has assets of $197 million and is also headquartered in Fresno although its primary subsidiary, Community First Bank, is headquartered in Bakersfield. Pacific Bancorporation has 18 facilities throughout the San Joaquin Valley. Pacific Bancorporation stock is traded on the NASDAQ National Market System under the symbol PABC.
 -0- 5/28/92
 /NOTE: For additional information on ValliCorp Holdings Inc., by FAX, no cost, dial 800-PRO-INFO, code no. 161./
 /CONTACT: Wolfgang T.N. Muelleck, executive VP/CFO of ValliCorp Holdings, 209-221-4427; or Henry Wheeler, president/CEO of Pacific Bancorp, 209-221-7381; or Gary Strong or Nick Farina of Financial Relations Board (FRB), Chicago, 312-266-7800; or Lillian Armstrong of FRB, San Francisco, 415-986-1591/
 (VALY PABC) CO: ValliCorp Holdings Inc.; Pacific Bancorporation ST: California IN: FIN SU: TNM


AL -- LA020 -- 4685 05/28/92 11:15 EDT
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Publication:PR Newswire
Date:May 28, 1992
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