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TriCo Bancshares (NASDAQ: TCBK) has successfully merged with Valley Republic Bancorp (OTC: VLLX) as of March 25, 2022, significantly enhancing its asset base to approximately $10.1 billion. This merger is poised to expand lending capabilities and product offerings for clients. Valley Republic Bank's former branches reopened under the Tri Counties brand on March 28, providing an extensive branch network and access to over 37,000 surcharge-free ATMs. Additionally, TriCo has resumed its stock repurchase plan, allowing for the repurchase of up to 1,936,683 shares of common stock.
TriCo Bancshares (TCBK) and Valley Republic Bancorp (VLLX) announced regulatory approvals for their merger, set to close around March 25, 2022. The merger will combine Valley into TriCo and Valley Republic Bank into Tri Counties Bank, enhancing their business models and cultural alignment. Pro forma, the combined entity will have approximately $10.1 billion in total assets, $5.7 billion in loans, and $8.6 billion in deposits as of December 31, 2021. The companies aim for successful integration to provide better service for clients and shareholders.
Valley Republic Bancorp (OTCQX: VLLX) has declared a cash dividend of $0.2375 per share, payable to shareholders of record by March 11, 2022, with payment scheduled for March 18, 2022. The company’s executives expressed enthusiasm about the dividend and their ongoing merger process with TriCo Bancshares, highlighting efforts to ensure a smooth transition for customers. The Board's decision reflects the company's financial success and commitment to shareholder value.
Valley Republic Bancorp (OTCQX: VLLX) reported strong fourth-quarter results for 2021, with net income up 32.8% to $4.7 million, translating to $1.08 per diluted share, compared to $3.5 million in Q4 2020. Total assets grew 11.7% to $1.4 billion, while deposits rose 12.3% to $1.2 billion. Gross loans increased 16.8% to $787.5 million, excluding PPP loans. The merger with Tri Counties Bank is expected to finalize in Q1 2022, enhancing operational capacity. For the year, net income reached $16.3 million, up from $12.5 million, affecting overall shareholder equity positively.
Valley Republic Bancorp (VLLX) reported a 9.8% rise in net income for Q3 2021, amounting to $3.4 million or $0.79 per diluted share. Total assets increased by 18.2% to $1.4 billion, while deposits rose 20.4% to $1.3 billion. Gross loans climbed 2.4% to $885.9 million with core loans growing 17%. The bank's merger with Tri Counties Bank is expected to enhance product offerings and community investments. Year-to-date earnings per diluted share rose to $2.73, a 27.6% increase year-on-year.
TriCo Bancshares (NASDAQ: TCBK) and Valley Republic Bancorp (OTCQX: VLLX) have entered into a definitive agreement for Valley to merge with TriCo in a stock transaction worth approximately $165.6 million, equivalent to $38.15 per share. This merger will create a community bank with over $9 billion in assets and make Tri Counties Bank the leading community bank in Bakersfield and Kern County. The merger is expected to be 5.5% accretive to TriCo’s earnings in 2022, with anticipated cost savings of 17% of Valley’s non-interest expenses.
Valley Republic Bancorp (VLLX) reported a 23.8% increase in net income for Q2 2021, totaling $4.554 million, or $1.07 per diluted share. Total assets rose by 12.0% to $1.366 billion, while deposits grew by 14.4% to $1.212 billion. The bank's return on average assets was 1.27% and return on average equity was 17.11%. Non-interest income surged 29% year-to-date, driven by an expansion in Treasury Management services. Shareholder equity increased 18.5% to $103.103 million, with a book value per share of $24.32, reflecting robust operational growth despite a challenging interest rate environment.
Valley Republic Bancorp (VLLX) reported strong financial results for Q1 2021, with net income after tax increasing by 64.4% to $3.708 million, or $0.88 per share. Total assets rose 41.4% to $1.350 billion, while total loans increased 53.8% to $988 million. The bank experienced solid loan growth, driven by an intentional focus on expense control and participation in the Paycheck Protection Program (PPP). The approval of a stock repurchase plan for up to 100,000 shares signals continued confidence in the company's performance.
Valley Republic Bancorp (OTCQX: VLLX) announced a new stock repurchase plan on March 17, 2021. The 2021 Rule 10b-18 Plan allows the company to buy back up to 100,000 shares of its common stock, commencing April 1, 2021, and running until April 1, 2022, unless completed sooner. This strategic move aims to enhance shareholder value and may positively impact stock liquidity. Valley Republic Bancorp operates Valley Republic Bank, offering comprehensive banking services in California.
Valley Republic Bancorp (OTCQX: VLLX) announced effective October 1, 2020, key executive appointments to enhance its leadership amid growth. Stephen M. Annis has transitioned to Executive Vice President and Chief Administrative Officer, while Michele Jasso is appointed Executive Vice President and Chief Operating Officer. Garth A. Corrigan remains Executive Vice President and Chief Financial Officer. Annis brings 50 years of experience, Jasso has a strong operational background, and Corrigan specializes in financial reporting. President Geraud Smith emphasized the company's commitment to investing in human capital and infrastructure for sustained growth.
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