SCVBank Reports Release of Consent Order
SANTA PAULA, CA. Scott K. Rushing, Chairman of Santa Clara Valley Bank,
announced that effective November 12, 2013 the Office of the Comptroller of the
Currency of the United States, the primary banking regulator for SCVBank,
issued the Order Terminating the Consent Order entered into voluntarily by the
Bank, through its Board of Directors, on October 26, 2010. The Consent Order
set forth certain requirements for SCVBank to strengthen the safety and
soundness of its operations that have all been satisfied.
Mr. Rushing added he was "pleased to receive this acknowledgement of the
progress made in building a community bank that is not only safe and sound with
capital ratios in excess of regulatory requirements, but also positioned to grow
and become more successful serving our local communities. Having the order
lifted will enable SCVBank to focus its full attention to its core business”.
Founded in 1998, SCVBank currently operates three branches in Santa Paula, Fillmore, and Valencia. Under its stock symbol of SCVE.OB, SCVBank's stock is traded through McAdams Wright Ragen, Raymond James & Associates Inc., and Monroe Securities. The Bank's web site is www.SCVBank.com.
Santa Clara Valley Bank Corporation Headquarters
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, and 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.