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BRIEF-Central Valley Community to acquire Folsom Lake Bank in a stock merger
April 28, 2017 / 2:03 AM / in 3 months

BRIEF-Central Valley Community to acquire Folsom Lake Bank in a stock merger

2 Min Read

April 27 (Reuters) - Central Valley Community Bancorp

* Central Valley Community Bancorp to acquire Folsom Lake Bank

* Central Valley Community Bancorp and Folsom Lake Bank boards of directors have unanimously approved transaction

* Central Valley Community Bancorp will acquire Folsom Lake Bank in a stock merger

* Central Valley Community Bancorp - will acquire Folsom Lake Bank in a stock merger for 0.80 shares of Central Valley stock per Folsom Lake Bank share

* Deal for $33.6 million, or $18.74 per Folsom Lake Bank common share

* James Ford, president and CEO, will continue to lead combined team of professional bankers

* Central Valley Community Bancorp sees deal to be 1.8% dilutive to tangible book value/share initially resulting in tangible book value earnback of less than 2.5 years

* Expects transaction will be 3% accretive to earnings per share in 2018 and an irr greater than 15%

* Central Valley Community Bancorp- Robert Flautt, president, CEO of Folsom Lake Bank will join Central Valley Community Bank through transition period

* Central Valley Community Bancorp- directors, certain executives of Folsom Lake entered into agreements to vote their shares of Folsom Lake in favor of deal Source text for Eikon: Further company coverage:

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