SALINAS, Calif., April 16, 2012 /PRNewswire/ -- Pacific Valley
Bank (OTCBB: PVBK) announced today that as a result of the passage
of H.R.3606, the "Jumpstart Our Business Startups Act," and the
signing of the bill into law by President Obama, since the Bank has
less than 1,200 owners of record, the Bank may de-register its
securities from the periodic filing requirements contained in the
Securities Exchange Act, as amended.
After carefully considering all of the amendments included in
the Act, Management has determined that the costs associated with
registration compliance outweigh the benefits and, therefore, filed
a Form 15 with the FDIC to voluntarily terminate their
registration.
Commenting on the filing, David B.
Warner, Pacific Valley Bank's Chief Executive Officer, said,
"We anticipate that deregistration of our securities will generate
significant non-interest expense savings and allow a greater focus
of our personnel resources on our customers and profitable growth.
The costs savings we anticipate from being able to de-register from
periodic filing requirements is exactly the benefit the JOBS Act
intended for community banks. Although the Bank's obligation to
file certain periodic reports with the FDIC is immediately
suspended, we still intend to release financial results, be audited
annually and issue press releases for the benefit of our
shareholders."
Upon the filing of the Form 15, the Company's obligation to file
Form 10-K, Form 10-Q, and Form 8-K was immediately suspended. Other
filing requirements will terminate upon the effectiveness of the
deregistration, which is expected to occur 90 days after the filing
of the Form 15.
Contacts:
David B. Warner
CEO
(831) 771-4323
Greg B. Spear
CFO
(831) 771-4317
SOURCE Pacific Valley Bank
