Bank branches across the country have been closing as the result of the Great Recession.

Not in Manteca.

In fact, Manteca is adding two banks.

First, Oak Valley Community Bank just opened its doors at North Street and North Main. The Oakdale-based financial institution is celebrating with an open house for the community on Thursday at 5 p.m.

Just two blocks away, the shuttered Beacon station along with Fred’s Beer House have been leveled. It is where F&M Bank headquartered in Lodi is preparing to build its first Manteca branch.

When the F&M branch is done, North Main Street will be home to six of Manteca’s 13 banks and credit unions. 

“They obviously have confidence in Manteca,” said Manteca Mayor Willie Weatherford.

The mayor noted Manteca has positioned itself well to benefit from the next surge of economic growth when it occurs. He believes the banks understand that as well.

Manteca has experienced retail and residential growth that is significantly stronger than other communities in the Northern San Joaquin Valley region since the Great Recession started. For the past three years it has added 300 new residential housing units annually - more than all other jurisdictions in San Joaquin County combined.

Del Webb at Woodbridge gets credit from city leaders and the development community for anchoring the new housing growth in the middle of the foreclosure crisis. Thirty percent of all new single family homes built have been in Del Webb.

Sales tax performance during the Great Recession also has been stronger than elsewhere.

In the third quarter of 2009-10, taxable retail sales were up 7 percent in Manteca while they dropped 9.8 percent in Tracy, 23.5 percent in Stockton, and 14.8 percent in California. In subsequent quarters Manteca enjoyed modest gains or single digit losses that were still a lower decline than on nearby jurisdictions.

Bass Pro Shops - pulling in sales tax from a 100-mile radius - is given the credit for the city’s retail performance when it comes to sales tax. It has been estimated that more than 97 percent of Bass Pro sales are to out-of-town customers.

F&M Bank - the primary subsidiary of Farmers & Merchants Bancorp - was founded in 1916.

The bank has $1.7 billion in assists and has consistently been rated as one of the nation’s safest banks by independent rating firms. F&M Bank has 24 locations from Sacramento to Merced including Hilmar, Turlock, Modesto, Lodi, Linden, Galt, Elk Grove, and South Sacramento.

Oak Valley was founded in 1991.

The bank has 13 branches with over $500 million in assets.

Branch locations are in Ripon, Escalon, Turlock, Modesto, Stockton, and Patterson as well as the Eastern Sierra.