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Valley Commerce Bancorp, (OTCBB: VCBP), a bank holding company and the parent company of Valley Business Bank, today announced first quarter 2010 net income of $251,000, or $0.06 per diluted common share. This compared to earnings of $347,000, or $0.10 per diluted common share, for the first quarter of 2009.
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Don Gilles, Chief Executive Officer and President of Valley Business Bank announced today that Bill Kitchen has joined the bank as Executive Vice President and Chief Credit Officer.
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Don Gilles, President and CEO of Valley Business Bank announced today that Mary T. Hill has joined the bank as a Vice President and Business Banking Officer.
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Allan Stone, Chief Credit Officer and Chief Operating Officer of Valley Business Bank announced today that Scott Iverson has been promoted to Vice President/Business Banking Officer.
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Don Gilles, President and CEO of Valley Business Bank announced that Jeff W. Lefler, Vice President and SBA Manager, graduated from Pacific Coast Banking School (PCBS) on September 4, 2009. This year’s graduating class consisted of 211 executives, representing a diverse mix of financial institutions from around the country.
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November 4, 2009, Jeff Lefler, Vice President and SBA Manager of Valley Business Bank, announced that the Bank was named Lender of the Year by the Business Finance Center (BFC) in Tulare, California.
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Valley Commerce Bancorp (OTCBB: VCBP), a bank holding company and the parent company of Valley Business Bank, today announced unaudited consolidated net income of $620,000 or $0.20 per diluted share for the quarter ended September 30, 2009, compared to $478,000 or $0.18 per diluted share for the same period of 2008. For the nine months ended September 30, 2009 the Company’s consolidated net income totaled $1,449,000 or $0.48 per diluted share compared to $1,432,000 or $0.54 per diluted share in the comparable 2008 period. The Company’s annualized return on average assets for the nine-month periods ended September 30, 2009 and 2008 was .63% and .65%, respectively. The annualized return on average common equity was 5.34% for the 2009 period compared to 6.55% for the 2008 period.
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Mr. Don Gilles, CEO of Valley Business Bank, Visalia, California announced today that the Bank has once again been awarded the distinguished 5-Star Superior rating from Bauer Financial, Inc.
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Don Gilles, President and CEO of Valley Commerce Bancorp and its subsidiary, Valley Business Bank, announced today that Allan W. Stone will assume the position of Executive Vice President Chief Credit Officer / Chief Operating Officer. Mr. Stone has held the position of Executive Vice President, Chief Credit Officer for the bank over the last eleven years.
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Valley Commerce Bancorp (OTCBB: VCBP), a bank holding company and the parent company of Valley Business Bank, today announced unaudited consolidated net income of $532,000 or $0.18 per diluted share for the quarter ended June 30, 2009, compared to $536,000 or $.21 per diluted share for the same period of 2008. For the six months ended June 30, 2009 the Company’s consolidated net income totaled $879,000 or $0.28 per diluted share compared to $953,000 or $.36 per diluted share in the comparable 2008 period. For both the three-month and six-month periods, the decrease in diluted earnings per share resulted mostly from dividends on preferred stock issued to the United States Treasury. The dividends for the three- and six-month periods totaled $70,000 and $161,000, respectively, and reduced the amount of net income available to common shareholders in the earnings per share calculation.
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