SCVBank Reports Results of Treasury Auction of TARP

SANTA PAULA, Calif.–(BUSINESS WIRE)– Scott K. Rushing, Chairman of Santa Clara Valley Bank, announced that the auction of Santa Clara Valley Bank‘s TARP preferred stock by the United States Treasury closed February 28, 2013 with Guy Cole as the successful bidder for 100% of the shares.

Mr. Rushing added that he was “pleased that this transaction achieved the goals of the bank to maintain local ownership.” Ms. Cheryl L. Knight, President & Chief Executive Officer, added, “It’s good to see repayment of the Treasury and good for the bank by reducing related restrictions and reporting.” She expressed her appreciation to the Cole family for their continued support.

Founded in 1998, SCVBank currently operates three branches in Santa Paula, Fillmore, and Valencia. Under its stock symbol of SCVE, 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.