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SCVBank Concludes Successful Stock Repurchase Plan

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  Published in Business and Finance on Tuesday, February 10th 2009 at 11:26 GMT, Last Modified on 2009-02-10 11:26:55 by Market Wire
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SANTA PAULA, Calif.--([ BUSINESS WIRE ])--Santa Clara Valley Bank (SCVBank) (OTCBB:SCVE) today announced its board of directors has discontinued the Bank's common stock repurchase plan. The decision was made in consideration of various factors including the success to date of the program.

Since April, 2008, the Bank has repurchased 13,772 shares. The average price paid was $10.75 per share.

Chairman Guy Cole stated, "The stock repurchase program has succeeded in reducing the number of shares outstanding, and as result, earnings per share will improve. The shares were purchased at a level very close to the Bank's book value."

Founded in 1998, Santa Clara Valley Bank has offices in Santa Paula, Fillmore, and Valencia. Under its stock symbol of SCVE.OB, Santa Clara Valley Bank's stock is traded through McAdams Wright Ragen, Howe Barnes Hofer & Arnett, and Wedbush Morgan Securities. The Bank's web site is [ www.SCVBank.com ].

Santa Clara Valley Bank Corporate Headquarters

901 East Main Street

Santa Paula, California 93060

805-525-1999

Statements concerning future performance, developments or events concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, the effect of interest rate changes, the ability to control costs and expenses, the impact of consolidation in the banking industry, financial policies of the United States government, and general economic conditions.