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VALLICORP REPORTS RECORD SECOND QUARTER, SIX-MONTH RESULTS: BOARD DECLARES REGULAR CASH DIVIDEND

 FRESNO, Calif., July 20 /PRNewswire/ -- ValliCorp Holdings, Inc., (NASDAQ: VALY), the largest independent multi-bank holding company in California's San Joaquin Valley, today announced record earnings for the second quarter and the first half of 1993. In further action, the board of directors also declared its regular cash dividend of 7 cents per share.
 Results for the quarter just ended represent the fourteenth consecutive increase in quarterly net income and earnings per share for ValliCorp. Net income for the quarter was $1,438,000 or 31 cents per share, a 20 percent increase over the $1,198,000, or 27 cents per share, reported in the corresponding quarter of 1992.
 For the six months ended June 30, net income was $2,793,000, or 61 cents per share, up 20 percent over the $2,328,000, or 53 cents per share, reported for the same period in 1992.
 J. Mike McGowan, president and chief executive officer of ValliCorp, stated, "ValliCorp continues to enjoy increased earnings through asset growth, a net interest margin of over 6 percent, containment of overhead expenses, continued focus on the quality of its assets and continued emphasis of high quality service to our customers through aggressive relationship banking. However," he continued, "we can give no assurance that net interest margins will remain at the current levels because of the uncertainties associated with the California economy and the interest rate environment."
 During the first half of 1993, the company reported an annualized return on average assets (ROAA) of 1.21 percent and a return on average equity (ROAE) of 13.83 percent. These ratios are up substantially from the 1.09 percent ROAA and 12.96 percent ROAE reported in the corresponding 1992 period. Total assets grew by 8 percent and deposits grew 7 percent. In contrast, overhead expenses increased by only 4 percent in the period to period comparison.
 Management's focus on asset quality showed continued positive results in the reporting period. Nonperforming assets as a percent of total assets was 1.06 percent at June 30, 1993 compared with 1.06 percent at June 30, 1992 and .93 percent at Dec. 31, 1992.
 Dividend Declaration:
 Separately, ValliCorp's board of directors approved a regular quarterly cash dividend of 7 cents per share, payable Aug. 15, 1993 to stockholders of record on Aug. 1, 1993. The 7 cent dividend represents a 17 percent increase over the company's cash dividend declared and paid in August 1992.
 Merger Update:
 As previously announced, ValliCorp plans to merge with Pacific Bancorporation, the $213 million holding company parent for Community First Bank of Bakersfield, Calif. The merger was approved by the Pacific and ValliCorp shareholders in May 1993. Subject to obtaining regulatory approval, ValliCorp hopes to complete the merger transaction before the end of 1993. Although minimum financing is no longer a condition to the Merger Agreement, the company anticipates announcing its final financing plans in August 1993, after consultation with its financial advisors. If ValliCorp decides to make a public offering of securities, the offering will only be made by means of a prospectus.
 ValliCorp Holdings, Inc. has assets of $482 million and is the largest independent multi-bank holding company in the San Joaquin Valley -- California's Heartland. The company's primary subsidiaries are 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.
 FINANCIAL HIGHLIGHTS
 (Dollars in thousands, except share data)
 Three Months Six Months
 Periods ended June 30 1993 1992 1993 1992
 STATEMENT OF INCOME DATA
 Net interest income $6,657 $5,650 $12,801 $11,293
 Provision for possible
 credit losses 653 376 1,098 661
 Other income 1,073 960 2,138 2,071
 Other expenses 4,698 4,228 9,144 8,779
 Income taxes 941 808 1,904 1,596
 Net income 1,438 1,198 2,793 2,328
 BALANCE SHEET DATA
 Total assets -- -- $482,365 $447,975
 Total loans -- -- 363,619 317,445
 Total deposits -- -- 436,351 406,033
 Stockholders' equity -- -- 41,693 36,930
 SHARE DATA
 Earnings per share
 Primary $ .31 $ .27 $ .61 $ .53
 Fully diluted .31 .27 .60 .52
 Book value -- -- 9.61 8.69
 SELECTED FINANCIAL RATIOS (In percentages)
 Return on average total assets 1.21 1.09
 Return on average equity 13.83 12.96
 Net interest margin 6.15 5.97
 Non-interest expenses
 to average assets 3.97 4.11
 Allowance for possible
 credit losses to total loans 1.51 1.55
 Net charge-offs to average loans .19 .19
 Nonperforming assets to
 total loans and OREO 1.40 1.49
 Nonperforming assets to total assets 1.06 1.06
 Receive the latest information about ValliCorp via FAX, no cost at 800-PRO-INFO, code 161.
 -0- 7/20/93
 /CONTACT: Wolfgang T.N. Muelleck, executive VP and CFO of ValliCorp, 209-221-4427; or Gary Strong or Nick Farina, 312-266-7800, both of Financial Relations Board - Chicago; or Lillian Armstrong of Financial Relations Board - San Francisco, 415-986-1591; or the FRB - New York, 212-661-8030/
 (VALY)


CO: ValliCorp Holdings, Inc. ST: California IN: FIN SU: ERN DIV

WB-MG -- NY067 -- 6843 07/20/93 12:49 EDT
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Date:Jul 20, 1993
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