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December 12, 1996 | Times Staff and Wire Reports
Santa Barbara Bancorp, the holding company for Santa Barbara Bank & Trust and Lompoc-based First Valley Bank, said they have signed a definitive merger agreement. The deal is valued at $26.1 million. The agreement would give shareholders of the closely held First Valley Bank $58 in cash for each of the 450,000 First Valley Bank shares outstanding. First Valley Bank has three offices in the Lompoc area, one in Santa Maria, and one in Los Olivos.
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BUSINESS
December 12, 1996 | Times Staff and Wire Reports
Santa Barbara Bancorp, the holding company for Santa Barbara Bank & Trust and Lompoc-based First Valley Bank, said they have signed a definitive merger agreement. The deal is valued at $26.1 million. The agreement would give shareholders of the closely held First Valley Bank $58 in cash for each of the 450,000 First Valley Bank shares outstanding. First Valley Bank has three offices in the Lompoc area, one in Santa Maria, and one in Los Olivos.
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NEWS
October 4, 1992
Bruce Vorhauer, inventor of the Today contraceptive sponge. Vorhauer was founder and chief executive officer of VLI Corp. of Irvine, which developed and sold the innovative method of birth control. The self-made millionaire left the company in 1987. Moving to Montana, he founded and served as director of Basic Biosystems research laboratory, founded the First Valley Bank of Seeley Lake and ran unsuccessfully for the Republican nomination for the U.S. Senate in 1990.
BUSINESS
December 31, 1996 | BARBARA MURPHY
The board of directors of Santa Barbara Bancorp, parent company of Santa Barbara Bank & Trust, has announced an increase in the quarterly dividend from 18 cents to 20 cents per share. The dividend will be payable Feb. 11 to shareholders of record on Jan. 21. The board increased the dividend in recognition of four successive quarters of record income, said Tom Thomas, president and chief executive officer of Santa Barbara Bank & Trust.
CALIFORNIA | LOCAL
December 7, 1999
Valencia Bank & Trust, Santa Clarita, said it has acquired First Valley National Bank in a stock-for-stock transaction valued at $6.1 million. Shareholders of First Valley will receive 0.816 shares of Valencia stock per share. First Valley's Lancaster and Palmdale branches will each be renamed First Valley, a Division of Valencia Bank & Trust.
BUSINESS
July 22, 1997 | BARBARA MURPHY
Santa Barbara Bancorp, parent company of Santa Barbara Bank & Trust, had second-quarter earnings of $4.5 million compared with $3.77 million for the same quarter last year. Earnings were 57 cents per share, an increase of 19% over the 48 cents per share for the second quarter of 1996. The increase in earnings was due primarily to loan growth and additional fee income.
CALIFORNIA | LOCAL
April 25, 2000
Valencia Bank & Trust reported that net income for the first quarter ended March 31 rose to $521,000, a 30% increase above net income of $401,000 for the same period last year. Revenue increased 13% to $4 million compared with $3.57 million for the same period last year. Valencia Bank & Trust is an independent bank. It merged with First Valley National Bank in December.
BUSINESS
August 18, 1999 | Karen Robinson-Jacobs
Valencia Bank & Trust, the largest independent bank headquartered in northern Los Angeles County, plans to acquire Lancaster-based First Valley National Bank in a stock exchange agreement valued at about $6.1 million. The exchange rate will be set at the closing date of the deal. The merger, which is subject to approval by regulators and shareholders, would bring the total assets of the new bank to $185.3 million. In over-the-counter trading, Valencia shares rose $1.25 to close at $15.
BUSINESS
November 23, 1993
First Valley National Bank, a Lancaster-based community bank with a second branch in Palmdale, reported a profit of $64,000 for the first nine months of this year, up from $4,000 in the same period a year earlier. First Valley was founded in late 1990 by a group of local business owners. The bank's assets totaled $30.4 million as of Sept. 30, up 29% from a year earlier, said First Valley President Wayne Rosenberger.
CALIFORNIA | LOCAL
April 2, 1996 | NICHOLAS RICCARDI, SPECIAL TO THE TIMES
Armed with a unique interpretation of their rights as American citizens, the students of M. Elizabeth Broderick fanned out across the high desert in search of the American dream. One man rented a two-story house in a Canyon Country subdivision at the base of the San Gabriel Mountains. A family ordered three RVs with all the extras. Another bought eight Cadillacs.
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