The board of directors of Oak Valley Community Bank has approved a resolution which allows the bank to apply to the Federal Reserve board of San Francisco (FRB) for the formation of a one-bank holding company. It is expected that the application to the FRB will be submitted in 2008.
Ron Martin, CEO of Oak Valley Community Bank, said: The formation of Oak Valley Bancorp is the first step to facilitate the expansion of the business activities of the bank. The establishment of the holding company is designed to promote our ability to provide continued long-term value to our shareholders.
