Valley Commerce Bancorp Reports 2009 Results
VISALIA, Calif., March 1 /PRNewswire-FirstCall/ -- Valley Commerce Bancorp, (OTC Bulletin Board: VCBP), a bank holding company and the parent company of Valley Business Bank, today announced a fourth quarter 2009 net loss of $2.1 million, an $0.84 loss per common share. This compared to earnings of $417,000, or $0.16 per diluted common share, for the fourth quarter of 2008. For the year ended December 31, 2009 Valley Commerce Bancorp reported a net loss of $587,000, a $0.36 loss per common share, compared to earnings of $1.8 million, or $0.70 per diluted common share, for 2008. In the fourth quarter of 2009, the Company recorded a $5.0 million provision for loan losses due to a significant credit loss and continuing adverse economic conditions.
Don Gilles, President and Chief Executive Officer, remarked, "One significant loan charge-off we recorded in the fourth quarter demonstrates the long reach of this recession as it involved a longstanding and heretofore successful customer relationship and troubled out-of-market commercial real estate project. We will work toward the ultimate collection of charged-off loans, but we note that the Company was well prepared to recognize losses when prudent and necessary and remains strong for the future."
Gilles further commented, "We entered this recession with a significantly stronger capital position than most banks and our capital ratios remain in the upper range for banks as we enter 2010. There is no need for us to raise capital as some banks have done in recent months. Our experienced management team is focused on navigating the Company through this challenging economy and we greatly appreciate the support of our shareholders and customers."
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