SALINAS, Calif., April 16, 2012 /PRNewswire/ -- Pacific Valley Bank (OTCBB: PVBK) announced today that as a result of the passage of H.R.3606, the "Jumpstart Our Business Startups Act," and the signing of the bill into law by President Obama, since the Bank has less than 1,200 owners of record, the Bank may de-register its securities from the periodic filing requirements contained in the Securities Exchange Act, as amended.
After carefully considering all of the amendments included in the Act, Management has determined that the costs associated with registration compliance outweigh the benefits and, therefore, filed a Form 15 with the FDIC to voluntarily terminate their registration.
Commenting on the filing, David B. Warner, Pacific Valley Bank's Chief Executive Officer, said, "We anticipate that deregistration of our securities will generate significant non-interest expense savings and allow a greater focus of our personnel resources on our customers and profitable growth. The costs savings we anticipate from being able to de-register from periodic filing requirements is exactly the benefit the JOBS Act intended for community banks. Although the Bank's obligation to file certain periodic reports with the FDIC is immediately suspended, we still intend to release financial results, be audited annually and issue press releases for the benefit of our shareholders."
Upon the filing of the Form 15, the Company's obligation to file Form 10-K, Form 10-Q, and Form 8-K was immediately suspended. Other filing requirements will terminate upon the effectiveness of the deregistration, which is expected to occur 90 days after the filing of the Form 15.
David B. Warner
Greg B. Spear
SOURCE Pacific Valley Bank