Local Bank Merger Complete
Sonora, CA – Mother Lode Bank has officially merged into Oak Valley Bancorp, the bank holding company for Oak Valley Community Bank and Eastern Sierra Community Bank.
The company, headquartered in Oakdale, completed the acquisition on Wednesday. The aggregate consideration paid by Oak Valley Bancorp, including cash consideration to holders of outstanding stock options, was approximately $7.3 million.
As reported earlier this month, the newly constructed 4,000 sq. ft. Oak Valley Community Bank branch opened at 85 Mono Way in Sonora. Its hours are Monday through Thursday from 9:00 a.m. to 5:00 p.m., and Friday from 9:00 a.m. to 6:00 p.m. Drive-up service is also available starting at 8:30 a.m. on those days.
Company President and CEO Chris Courtney states, “We have an excellent team of experienced business bankers with strong ties in the community. We are excited at the opportunity to have opened a second location in the heart of Sonora. This ideal location and branch opening is part of Oak Valley’s continued approach to provide exceptional service and convenience to new and existing customers.”
A second Oak Valley Community Bank branch is located at 14580 Mono Way in East Sonora. Closing on January 29 will be the two Mother Lode Bank branches, located on Stockton Road and in the Junction Shopping Center.
One note, H. Randolph Holder, a director of Mother Lode Bank, joined the Boards of Directors of both the company and Oak Valley Community Bank upon the closing. Mr. Holder is President and CEO of Clarke Broadcasting Corp., which owns and operates KVML, KZSQ and KKBN, Sonora’s local radio stations since 1986.