SUN VALLEY, Calif.,
Oct. 4 /PRNewswire/ -- President
& CEO Tamara Gurney of Mission
Valley Bancorp (OTC Bulletin Board: MVLY) the parent company of
Mission Valley Bank announced today, "I am very pleased to share
that on Friday, September 24, 2010,
Mission Valley Bancorp received $4,836,000 in capital via the Community
Development Capital Initiative (CDCI) program. Having just
recently received approval to exchange the bank's existing TARP
funding for the more favorably structured CDCI funds (August 20, 2010), we are extremely pleased to
receive this additional capital – as well as the 'vote of
confidence' that it represents from the U.S. Treasury and Federal
Reserve. Additionally – we have also just learned that
Mission Valley was once again recognized with a Bank Enterprise
Award of $600,000 for our lending
efforts during the previous year."
Both the CDCI funding and the BEA Award are tied to fact that
Mission Valley Bancorp has been recognized as a CDFI (Community
Development Financial Institution) since 2006. The CDFI Fund
was created for the purpose of promoting economic revitalization
and community development through investment in, and assistance to,
community development financial institutions (CDFIs). In turn,
CDFIs leverage private capital to respond to demand for affordable
financial products and services in economically distressed markets.
CDFIs respond to this demand through the provision of loans,
investments, training, technical assistance and basic financial
services such as checking or savings accounts.
While separate from the CDCI Capital Funding, Mission Valley's
pending receipt of the $600,000 Bank
Enterprise Award is in recognition of the Bank's continuing success
in getting funding, financial services and education to where it is
most needed.
Gurney continued, "We are proud of our CDFI distinction and take
the responsibilities associated with it very seriously. This
CDCI capital acquisition and Bank Enterprise Award will enable us
to do even more throughout the communities we serve and enhances
our ability to keep doing what we do best – assist in the growth
and success of our clients and our communities."
Mission Valley continues to exceed all requirements as a
well-capitalized institution with Tier 1 Capital to Assets of
16.00% with strong reserves and solid core revenue generation.
About Mission Valley Bank
Mission Valley Bank is a full-service, independent,
commercial bank specializing in the banking needs of small to
medium businesses in the San Fernando & Santa Clarita Valleys.
The Bank was chartered in July 2001,
with a vision of local ownership and a commitment to providing
financial solutions to meet the needs of its clients.
Forward-looking statements:
Certain matters discussed in this news release constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
based upon current management expectations and, therefore, are
subject to certain risks and uncertainties that could
cause actual results, performance, or achievements to differ
materially from those expressed, suggested, or implied by the
forward-looking statements. Forward-looking statements are
effective only as of the date that they are made and Mission Valley
Bank assumes no obligation to update this information.
www.MissionValleyBank.com
Member FDIC
SOURCE Mission Valley Bancorp
Copyright t. 4 PR Newswire
