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Oak Valley hires new commercial loan officer, posts$1.4M net income

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Oak Valley hires new commercial loan officer, posts$1.4M net income

Michael Petrucelli

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POSTED October 30, 2012 1:38 a.m.

Oak Valley Community Bank recently announced that Michael Petrucelli has joined the bank as Vice President, Commercial Loan Officer. He will be primarily based in Manteca.

With 28 years of banking experience in the San Joaquin Valley, Petrucelli will be responsible for expanding the Bank’s commercial lending efforts in the Manteca area. Petrucelli currently lives in Tracy with his wife Susan and their two children.

Oak Valley Bancorp recently reported the consolidated financial results for the three months ending Sept. 30 showed net income was $1,479,000, while net income available to common shareholders was a record $1,395,000, or $0.18 per diluted common share.

This compared to net income of $1,749,000 and net income available to common shareholders of $1,177,000, or $0.15 per diluted common share for the same period a year ago.

Year-to-date results for the nine months ended September 30, 2012, include net income of $4,292,000 and net income available to common shareholders of $3,925,000, compared to net income of $4,364,000 and net income available to common shareholders of $3,371,000 during the same period last year.

Increased net income available to shareholders corresponds to reductions in preferred stock dividends and accretion. The source of the reductions is two-fold; initially, from the repayment of the Treasury Capital Purchase Program funds in 2011, and more recently, from last quarter’s repayment of $6,750,000, or half, of the outstanding preferred stock related to the Company’s participation in the Small Business Lending Fund.

For more information on Oak Valley Community Bank, call 1-866-844-7500 or visit www.ovcb.com.

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