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Tri-Valley Bank Announces New Chairman and Termination of Stock Purchase Agreement

^{Published on 2011-03-14 17:30:28 - Market Wire}
 

SAN RAMON, Calif.--([ BUSINESS WIRE ])--Tri-Valley Bank (OTCBB:TRVB), announced today the election of Arnold Grisham as Chairman of the Board. Mr. Grisham is an experienced banker having previously served as President and CEO of Alta Alliance Bank, President and COO of Civic Bank of Commerce and as an Executive Vice President of Wells Fargo Bank. He currently sits on the board of Amarantus Therapeutics and J.E. Higgins Lumber Company. He is also a trustee of DePaul University and former director of the Federal Reserve Board of San Francisco.

"We owe it to our shareholders and customers to complete a capital transaction within a reasonable time frame. It became clear to us that it was not going to happen"

aArnold brings strong leadership qualities and an ability to get things done,a according to David. P. Greiner, President and CEO. His immediate focus will be on assembling an experienced Board, developing new relationships for the Bank and securing capital for growth. Mr. Grisham is the second recent addition to the Board, as James DeLano; DVM, joined the board in February.

aWe will continue to seek out qualified individuals, who will best represent our shareholders,a stated Mr. Greiner. aWe are in a period of change, a period of self improvement and that means we must take difficult but necessary steps in order for the bank to move forward.a

Daljit Hundal, the current chairman, will remain with the Bank as a director. He will transition his duties to Mr. Grisham. aI welcome Mr. Grisham to the board. He supports our vision for the Bank and has the full support of the directors. I look forward to working with him,a said Mr. Hundal.

In another announcement, the Board has terminated an agreement to sell $10 million in common stock in a private placement, which was announced in September of 2010. aWe owe it to our shareholders and customers to complete a capital transaction within a reasonable time frame. It became clear to us that it was not going to happen,a stated Greiner. aIt will be the reconstructed Boarda™s responsibility to assure we have adequate capital as we plan to accelerate the growth of the Bank.a

Visit Tri-Valley Banka™s website at: [ www.trivalleybank.com ]

This release may contain certain forward-looking statements that are based on management's current expectations regarding economic, legislative, and regulatory issues that may impact the Bank's earnings in future periods. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "intend," "estimate" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could" or "may" and include. For example, statements about the banka™s future prospects, the adequacy of the banka™s capital, the anticipated growth of the bank and the success of efforts to raise capital. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values, and competition; changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory and technological factors affecting the Bank's operations, pricing, products and services. The Bank undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.