Oak Valley Community Bank announces regulatory approval for its 19th branch in Lodi, set to open mid-2025.
Quiver AI Summary
Oak Valley Community Bank, a subsidiary of Oak Valley Bancorp, has received regulatory approval to open its 19th full-service branch in downtown Lodi, California, at 31 South School Street, with plans for a mid-2025 opening. This new branch will be the bank's sixth in San Joaquin County, providing a range of personal and commercial banking services, including a traditional walk-up ATM and night deposit service. President Rick McCarty expressed enthusiasm about the expansion, emphasizing the bank's commitment to enhancing accessibility and delivering exceptional service to new clients in the northern part of San Joaquin County. Currently, the bank operates 18 branches across various locations, focusing on serving individuals and small businesses.
Potential Positives
- Oak Valley Community Bank has received regulatory approval to establish its 19th full-service branch, indicating growth and expansion of its operations.
- The new branch in Lodi will increase the bank's presence in San Joaquin County, enhancing accessibility for existing and prospective clients.
- The addition of a full-service branch aligns with the bank's strategy to provide a comprehensive range of banking services to customers in new locations.
Potential Negatives
- Expansion into a new branch may indicate a need to capture market share, suggesting existing performance issues in attracting clients in current locations.
- Opening a new branch involves significant costs, raising concerns about the bank's financial health and ability to manage operating expenses effectively.
- The announcement lacks specific details about projected financial performance or strategic objectives for the new branch, which may signal a lack of clarity in the company's growth strategy.
FAQ
What is the location of Oak Valley Community Bank's new branch?
The new branch will be located at 31 South School Street in downtown Lodi.
When is the new Lodi branch scheduled to open?
The Lodi branch is scheduled to open in mid-2025.
How many branches does Oak Valley Community Bank currently operate?
Oak Valley Community Bank currently operates 18 branches across various locations.
What services will the Lodi branch offer?
The Lodi branch will offer personal and commercial banking services, a walk-up ATM, and a night deposit service.
Who is the President of Oak Valley Community Bank?
The President & Chief Operating Officer of Oak Valley Community Bank is Rick McCarty.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$OVLY Insider Trading Activity
$OVLY insiders have traded $OVLY stock on the open market 4 times in the past 6 months. Of those trades, 4 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $OVLY stock by insiders over the last 6 months:
- GARY STRONG has made 2 purchases buying 1,700 shares for an estimated $44,320 and 0 sales.
- DANIEL J LEONARD purchased 1,000 shares for an estimated $25,500
- ALLISON LAFFERTY purchased 100 shares for an estimated $2,500
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$OVLY Hedge Fund Activity
We have seen 26 institutional investors add shares of $OVLY stock to their portfolio, and 25 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BLACKROCK, INC. added 35,145 shares (+8.1%) to their portfolio in Q3 2024, for an estimated $933,802
- BANC FUNDS CO LLC removed 28,684 shares (-39.6%) from their portfolio in Q3 2024, for an estimated $762,133
- KESTRA ADVISORY SERVICES, LLC removed 20,118 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $534,535
- GOLDMAN SACHS GROUP INC added 19,571 shares (+inf%) to their portfolio in Q3 2024, for an estimated $520,001
- FIRST TRUST ADVISORS LP removed 18,582 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $493,723
- INVESCO LTD. removed 15,773 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $419,088
- MORGAN STANLEY added 14,002 shares (+84.5%) to their portfolio in Q3 2024, for an estimated $372,033
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
OAKDALE, Calif., Jan. 28, 2025 (GLOBE NEWSWIRE) -- Oak Valley Community Bank, a wholly owned subsidiary of Oak Valley Bancorp (NASDAQ: OVLY) recently announced it has received regulatory approval to establish its 19 th full-service branch. The new office will be located at 31 South School Street in downtown Lodi and is scheduled to open mid-2025.
Established in 1991, Oak Valley Community Bank opened its first branch in San Joaquin County in 2005. The Lodi Branch will be the bank’s sixth location in the county and offer a full line of personal and commercial banking services, a traditional walk-up ATM, and night deposit service. The branch will also include offices for commercial lending and administrative personnel.
“We are pleased to expand our branch network into Lodi. This adds another convenient location to our footprint,” stated Rick McCarty, President & Chief Operating Officer. “As a community bank headquartered in the Central Valley, this addition will allow us to provide increased accessibility to clients and introduce our unique brand of first-class service to a new audience of prospective clients, particularly those in the northern portion of San Joaquin County,” he concluded.
Oak Valley Bancorp operates Oak Valley Community Bank & their Eastern Sierra Community Bank division, through which it offers a variety of loan and deposit products to individuals and small businesses. They currently operate through 18 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, Roseville, two branches in Sonora, three branches in Modesto, and three branches in their Eastern Sierra division, which includes Bridgeport, Mammoth Lakes, and Bishop.
For more information, call 1-866-844-7500 or visit www.ovcb.com .
Contact: | Chris Courtney/Rick McCarty |
Phone: | (209) 848-BANK (2265) |
Toll Free (866) 844-7500 | |
www.ovcb.com |