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This merger with Folsom Lake Bank will become the fifth acquisition for Central Valley Community Bancorp, which acquired Sierra Vista Bank on October 1, 2016; Visalia Community Bank on July 1, 2013; Service 1st Bancorp and its subsidiary Service 1st Bank on November 12, 2008; and Bank of Madera County on January 1, 2005. As of March 31, 2017, on a pro forma consolidated basis with Folsom Lake Bank, Central Valley Community Bancorp would have had approximately $1.7 billion in total assets. Existing Central Valley Community Bancorp shareholders will own approximately 90.5% of the outstanding shares following the merger and Folsom Lake Bank shareholders are expected to own approximately 9.5%. The directors and certain executives of Folsom Lake Bank have entered into agreements pursuant to which they have committed to vote their shares of Folsom Lake Bank in favor of the acquisition. "For nearly four decades, Central Valley Community Bank has grown profitably and sensibly, building a highly attractive franchise in Central California's San Joaquin Valley and Greater Sacramento Region. Folsom Lake Bank's like-minded business model and Greater Sacramento presence in Folsom, Rancho Cordova and Roseville presents a timely opportunity to further our northern California growth potential, providing strength and size to meet the shared service needs of customers; provide professional growth opportunities for employees; and offer greater earnings power for shareholders," stated James M. Ford, President and CEO of Central Valley Community Bancorp and Central Valley Community Bank. "We expect that there will be abundant opportunity for businesses, customers, employees, and the community by uniting our two great banks," concluded Ford. "Folsom Lake Bank was founded in 2007 and opened for business on April 3, 2007 with the commitment to provide the communities surrounding Folsom Lake with a true independent bank for its small businesses and residents. It is with great pleasure that we merge with Central Valley Community Bank, as their community banking roots, financial industry leadership, stability, and respected culture of professional bankers are committed to the same shared values of customer advocacy and service to the community," stated Robert Flautt, President, CEO and Director of Folsom Lake Bank.
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