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Valencia Bank

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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.
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BUSINESS
August 7, 2002 | Bloomberg News
UnionBanCal Corp., California's second-largest bank, said it would buy Valencia Bank & Trust for $62 million in cash and stock to add branches in Los Angeles County. UnionBanCal, parent of Union Bank of California, said it would pay $31 million in cash and $31 million in stock for Santa Clarita-based Valencia, which has 92 employees and five branches. UnionBanCal valued the transaction at $34.13 a share, an 11% premium to Valencia's Monday closing price. Shares of Valencia jumped $2.30 to $33.
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CALIFORNIA | LOCAL
October 26, 1999
Valencia Bank & Trust, Santa Clarita, reported net income for the third quarter ended Sept. 30 of $424,000, up from $326,000 for the same period last year. Total deposits increased to $139.4 million, compared with $119.3 million. Valencia Bank & Trust offers commercial and personal loans, deposit, cash management, international banking and other services.
CALIFORNIA | LOCAL
October 24, 2000
Valencia Bank & Trust, Santa Clarita, reported net income for the third quarter ended Sept. 30 of $606,600, a 22% increase over net income of $497,000 for the same period last year. Revenue increased 15% to $4.4 million over $3.84 million. Valencia Bank & Trust offers financial services through five banking offices in the Santa Clarita and Antelope valleys including commercial and personal loans, international banking and other products.
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
July 25, 1989
Valencia National Bank reported that its net income for the second quarter, which ended June 30, was $139,339, up from a net loss of $12,893 for the same period a year ago. The Valencia-based bank reported that its deposits rose 71% from $20 million a year ago to $34.3 million, while its total assets increased 65% from $23.8 million to $39.4 million.
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.
CALIFORNIA | LOCAL
April 28, 1993 | DOUGLAS ALGER
A federal grand jury Tuesday charged an 18-year-old Santa Paula man with the April 7 robbery of the Home Savings of America branch in Valencia. Craig James Brashear is accused of using a shotgun to rob the bank of about $2,000 and then fleeing in a car north on the Golden State Freeway, the FBI said. Authorities gave chase on California 126 through Ventura County, ultimately covering 80 miles, before the car ran out of gas in Santa Barbara.
BUSINESS
November 22, 1985 | JAMES S. GRANELLI, Times Staff Writer
Financially troubled Valencia Bank's losses continued to mount during the third quarter, and the once-thriving bank's holding company has asked the Federal Deposit Insurance Corp. for financial assistance, according to a recent filing with the Securities and Exchange Commission. In addition, Santa Ana-based Valencia Bancorp reported in its quarterly statement to the SEC that it has "begun a search to supplement (the bank's) management in order to have a management team acceptable to the FDIC."
NEWS
February 8, 1986 | JAMES S. GRANELLI and RAY PEREZ, Times Staff Writers
Valencia Bank of Santa Ana was seized and declared insolvent by federal and state regulators Friday, succumbing to three years of losses totaling more than $10.4 million. The bank closure, the first in California and ninth nationwide this year, capped three unsuccessful efforts by Valencia's directors in the last two years to find a buyer for the bank, which had $101 million in assets at the end of 1985 and is the county's oldest independently owned bank.
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.
CALIFORNIA | LOCAL
October 26, 1999
Valencia Bank & Trust, Santa Clarita, reported net income for the third quarter ended Sept. 30 of $424,000, up from $326,000 for the same period last year. Total deposits increased to $139.4 million, compared with $119.3 million. Valencia Bank & Trust offers commercial and personal loans, deposit, cash management, international banking and other services.
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.
CALIFORNIA | LOCAL
February 2, 1999
Valencia Bank & Trust posted a 61% increase in earnings for 1998, and a 16% gain in revenues for the year, the company reported. Annual earnings rose to $1.206 million, or $1.07 per share, and revenue increased to $10.578 million. Net income for the fourth quarter rose 48% to $366,189 or 32 cents per share, while fourth-quarter revenues rose by 16% to $2.858 million. As of Dec. 31., the company had assets of $137.6 million, up from $113.9 million on Dec. 31, 1997.
BUSINESS
April 29, 1997
Valencia National Bank posted a 15% rise in its first quarter earnings. The bank had net income of $127,251 for the quarter that ended March 31, compared to net income of $111,128 a year earlier. Total assets as of March 31 were $103.8 million, up 18% from $88.3 million a year ago. The bank also said that its allowance for loan losses rose to $898,000 as of March 31, up from $698,000 a year earlier. The bank noted that in this same period its total loan volume rose 50% to $50.
BUSINESS
July 30, 1996
Valencia National Bank posted a 20% rise in its second-quarter profit and a 6% rise in profit for the six months that ended June 30. The Valencia-based bank had net income of $121,249 in the second quarter, up from $101,399 a year ago. For the six months, the bank posted net income of $232,377, compared to a $218,553 profit in the same period a year earlier. Total assets as of June 30 increased to $89.1 million, up 10% from a year ago.
BUSINESS
August 7, 2002 | Bloomberg News
UnionBanCal Corp., California's second-largest bank, said it would buy Valencia Bank & Trust for $62 million in cash and stock to add branches in Los Angeles County. UnionBanCal, parent of Union Bank of California, said it would pay $31 million in cash and $31 million in stock for Santa Clarita-based Valencia, which has 92 employees and five branches. UnionBanCal valued the transaction at $34.13 a share, an 11% premium to Valencia's Monday closing price. Shares of Valencia jumped $2.30 to $33.
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