Message from the President


President’s Message, March 2017
It seems every year gets off to a fast start, but this year we have experienced an exceptionally fast start. In addition to our normal year end activities associated with closing out the prior year and getting the New Year started off, already this year we have undergone one of our periodic regulatory examinations, which requires additional administrative and logistical support. If that were not enough, we also had a flood evacuation thrown at us, which meant closing our Yuba City office for two days and giving our Business Continuity Plans a live “test run”. Despite all these activities, your Bank has fared well and is off to a strong start in 2017!
While we are now approaching the end of the first quarter and those results will be available in mid April, I wanted to acknowledge a few highlights from our final year-ending 2016 results where we achieved many new record levels:
2016 Highlights:
·         Net Income of $1.8 million – up 14.5% from 2015
·         Total Deposits had grown to $244.0 million – up 14.4% from 12/31/2015
·         Total Loans had grown to $125.2 million – up 16.9% from 12/31/2015
·         Total Assets ended the year at $321.2 million – up 35.2% from 12/31/2015
Our Bank’s growth has positioned us well for exciting news that we announced in late February – our Board of Directors approved of the formation of a bank holding company, which reflects a natural progression of our Bank’s development. The proposed holding company organizational structure will provide us with additional flexibility to raise capital, if needed, support our continued growth, and better serve our existing markets. A holding company also provides flexibility to implement a share repurchase program and conduct other strategic transactions.
While this reorganization has been approved by our Bank’s Board of Directors, approvals are still needed from our regulators and shareholders. Our shareholders will see this as an item requiring their approval vote in our annual proxy materials which will be mailed out in April. In the proxy materials, our shareholders will find a comprehensive Q&A, which should answer any questions they may have.
Assuming all approvals are obtained, we expect this reorganization to be completed by the end of the second quarter of 2017, and the Bank’s shareholders will then be shareholders of the new holding company.
If you are a shareholder of our Bank, please be on the look-out for the proxy materials and vote your shares! If you have additional questions about the reorganization, don’t hesitate to let me know.
As always, thanks for your continued support of our Bank!

John M. Jelavich, President & Chief Executive Officer


Forward Looking Statements: This document may contain comments and information that constitute forwardlooking statements. Forwardlooking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by such statements. Forwardlooking statements speak only as to the date they are made. The Bank does not undertake to update forwardlooking statements to reflect circumstances or events that occur after the date the forwardlooking statements are made.


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