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VALLICORP PRESIDENT RESIGNS TO PURSUE PERSONAL INTEREST IN MINORITY EDUCATION, EMPLOYMENT; PROVISIONS MADE FOR TRANSITION

       VALLICORP PRESIDENT RESIGNS TO PURSUE PERSONAL INTEREST


IN MINORITY EDUCATION, EMPLOYMENT; PROVISIONS MADE FOR TRANSITION
    FRESNO, Calif., Nov. 11 /PRNewswire/ -- ValliCorp Holdings, Inc. (NASDAQ-NMS: VALY) today announced the resignation of John W. Brocks Jr. president and chief executive officer, effective Nov. 30, 1991. Brocks has been president and chief executive officer since 1979 and the principal architect in building ValliCorp into the largest independent bank holding company in California's Central San Joaquin Valley.
    According to Patrick J. Mon Pere, chairman of the board, J. Mike McGowan, president of ValliCorp's lead bank, Bank of Fresno, will assume Brocks' duties while the board conducts its search for a new chief executive.  To aid in the transition and to help ValliCorp complete its recently announced acquisition of Pacific Bancorporation of Bakersfield, Brocks will serve as a consultant to ValliCorp and will continue in that capacity over the next two years.
    "I have had the opportunity to see ValliCorp grow from $30 million to more than $400 million in assets over the last 12 years, in which time the company has become a major banking institution in the San Joaquin Valley.  I feel very fortunate to have been part of this growth.  However, I also believe that in these dynamic times, 12 years of being president and CEO is a long time," Brocks said.
    When asked why he had elected to retire at this particular time, Brocks stated, "I have enjoyed a career of more than 27 years in finance and banking.  In my role at the bank over the past couple of years, I have become heavily involved with minority issues -- not only in terms of lending and bank services, but in minority education and employment issues here in the Central Valley.
    "If you are familiar with California's demographic trends, you are probably aware that those people we currently classify as minorities -- most notably the Hispanic and Southeast Asian populations -- will become a majority in many parts of California as we enter the next century.  I would like to devote considerably more time toward building bridges between the people, the education system and business to make them part of mainstream America," Brocks added.
    Mon Pere, chairman of ValliCorp's board of directors, said, "We are going to miss John.  And on behalf of the board, our stockholders and our employees, we want to thank him for his leadership and his contributions in making ValliCorp a major financial force in the valley."
    Mon Pere also indicated that Brocks' agreement to continue on as a consultant would aid in the transition and in filling the chief executive position at the holding company.  The board has indicated it will conduct both an internal and external search to identify a new president and chief executive officer.  During this search period, Mike McGowan will handle the duties of the chief executive. McGowan is president and chief executive officer of ValliCorp's largest subsidiary, Bank of Fresno, and has also served as chief operating and chief financial officer of ValliCorp during his tenure, which began in May 1990.
    In other recent news, ValliCorp announced plans to merge with Pacific Bancorporation, holding company for Community First Bank of Bakersfield, Calif.  This acquisition, based on today's figures, would rank ValliCorp among the top 20 bank holding companies headquartered in California with total assets of $622 million. Pending approval by stockholders of the respective companies and regulatory authorities, ValliCorp hopes to complete the transaction by the end of the second quarter of 1992.
    "The proposed merger -- the largest in our history --" Mon Pere explained, "was one of John's major undertakings and he will continue to assist us in bringing this acquisition to a successful completion. We have already assembled a task force under the co-direction of Wolf Muelleck and Don Fish and have begun the due diligence process.  We are confident that the merger will be completed on schedule." Wolfgang T.N. Muelleck is executive vice president and chief financial officer of  ValliCorp; Donald J. Fish is executive vice president and senior lending officer for Bank of Fresno.
    For the third quarter, ValliCorp reported the seventh consecutive increase in net income.  Net income was $1,050,000, or 24 cents per share on a primary basis, a 41 percent increase over net income of $744,000, or 18 cents per share, reported at Sept. 30, 1991 and 1990, respectively.  For the nine months ended Sept. 30, 1991, net income was $2,947,000, or 68 cents per share on a primary basis, up 47 percent over the $2,011,000, or 49 cents per share, reported for the comparable period.
    ValliCorp currently has assets of $421 million and is California's only regional independent bank holding company headquartered in Fresno -- the heart of California's Central San Joaquin Valley.  The company's common stock is traded on NASDAQ National Market System under the symbol VALY.
    For additional information on ValliCorp Holdings, Inc. by Fax: Dial 1-800-PRO-INFO, CODE No. 161.
    -0-                     11/11/91
    /CONTACT:  Diane Decker, VP-investor relations of ValliCorp, 209-221-2384; or at The Financial Relations Board:  Gary Strong or Nick Farina, 312-266-7800, Lillian Armstrong, 415-986-1591,  Regina Ryan, 212-661-8030, all of FRB for ValliCorp/
    (VALY) CO:  ValliCorp Holdings Inc. ST:  California IN:  FIN SU:  PER KJ -- LA023 -- 3163 11/11/91 16:48 EST
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Publication:PR Newswire
Date:Nov 11, 1991
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