Valley Business Bank earnings up 41% in '11

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Published on 02/06/2012 - 11:04 am

Written by Business Journal staff

Valley Business BankValley Commerce Bancorp, parent company of Visalia's Valley Business Bank, announced earnings of $3.1 million (97 cents per share) for 2011 — up 41 percent from 2010.

In addition, fourth quarter net income was $783,000, compared to $764,000 in the fourth quarter of 2010.

In a statement, Allan W. Stone, president and CEO of Valley Commerce Bancorp, said 2011 was the most profitable year in the bank's 16-year history.

"Although the year over year improvement in earnings was mostly attributable to a reduction in the provision for loan losses, we feel that this was made possible by our dedicated efforts to identify, monitor and resolve the credit weaknesses that were an unfortunate reality of the recession," Stone said.

As of Dec. 31, 2011, total assets stood at about $366.5 million, compared to $341.4 million on the same date in 2010.

Valley Business Bank operates business banking centers in Visalia, Tulare and Fresno, with branch offices in Woodlake and Tipton.