SCVBank Elects Cole As New Chairman
SCVBank Elects Cole as New Chairman
Santa Paula, CA. May 24, 2007- Santa Clara Valley Bank (SCVBank; OTC BB: SCVE.OB) today announced that Guy E. Cole of Santa Paula has been elected Chairman of the Board. Cole replaces Sanger C. Hedrick, Jr., who has served as Chairman for the past four years. He will continue to serve as a Director of the Bank. Additionally, Ralph DeLeon has been selected as Vice Chairman, replacing Mr. Cole in that position.
SCVBank Corporate Headquarters
In the spirit and tradition of community based organizations, the SCVBank Board has decided to rotate the leadership of the Board on a periodic basis.
Outgoing Chairman Hedrick reflected, "While we have attained many major goals over the past years, the Board has put a great deal of energy into a plan for continued success. No one has been a more thoughtful and involved contributor than Guy Cole. It is therefore appropriate for me to turn the responsibilities of Chairmanship of the Board over to Guy at this time."
Incoming Chairman Cole stated, "I am very honored to have been chosen to lead the Board as Chairman. I will continue to work diligently with my fellow directors to ensure SCVBank continues to prosper in the communities we serve. I want to congratulate Sanger Hedrick for the progress and remarkable growth that SCVBank experienced under his tenure. The accomplishments have been the result of great vision, leadership, and overall team effort". Cole continued, "The future looks bright and I am excited to be a part of it."
SCVBank President Michael D. Hause praised Hedrick for his leadership, "Under Sanger Hedrick the Bank experienced significant growth in terms of assets and loans. In addition, he led initiatives that resulted in opening a branch in Valencia, becoming a PLP SBA lender, and adding a Director from Santa Clarita, Terry Martin".
Founded in 1998, SCVBank currently operates three offices in Santa Paula, Fillmore and Valencia. Under its stock symbol of SCVE.OB, SCVBank's stock is traded through Wedbush Morgan Securities, and Howe Barnes Hofer & Arnett. The Bank's web site is www.SCVBank.com.
901 East Main Street
Santa Paula, California 93060
Statements concerning future performance, developments or events concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, the effect of interest rate changes, the ability to control costs and expenses, the impact of consolidation in the banking industry, financial policies of the United States government, and general economic conditions.