Golden Valley Bank Posts Record Quarterly Profit

CHICO, Calif.--(BUSINESS WIRE)--Golden Valley Bank (OTCBB: GVYB), a three-year-old bank headquartered in Chico, California, reported its most profitable quarter in its short history. The company earned $108,120 in the quarter ended September 30, 2009. In the first nine months of 2009 the company has earned $206,107. The Bank’s total assets were $96 million, up 28% from a year earlier. Deposits were $80.8 million, up 34% from September 30, 2008. Loans ended the quarter up 18% at $60 million compared to $50.6 million a year ago. The company has aggressively set aside $1.2 million in loan loss reserves, or two percent of total loans, to protect it from economic uncertainties that may lie ahead. Golden Valley continues to be a well capitalized bank and far exceeds minimum regulatory requirements.“It certainly is a tough economy but we have been able to increase profitability while building our reserves,” said President and CEO Mark Francis. “The support we have from the community is very gratifying.”“Golden Valley Bank continues its solid steady profitability even in this difficult economic environment,” states GVB Board Chairman Robert Harp. Mr. Harp further states, “Golden Valley Bank has very loyal customers and outstanding employees that make the Bank successful.”Golden Valley Bank is a locally owned and operated commercial bank serving the needs of individuals and businesses in northern California. The Bank has a full service office in Chico, California and a Loan Production Office in Redding, California. For more information regarding the bank please call at (530) 894-1000.Forward-Looking Statements...
Click here to read the whole Article (external link)