(MENAFNEditorial)
El Centro CA (May 7 2015) Community Valley Bank (CVB) announces the completion of its recent Private Placement. The successful Private Placement has raised an additional $2.5 million in Capital. This new Capital will be used to allow for future growth of the bank. In addition CVB will be seeking regulatory and shareholder approval to pay back all of the Small Business Lending Fund Preferred Stock.
CVB with the approval of shareholders borrowed $2400000 in 2011. In 2014 CVB paid back $600000. “We are grateful for the funds we received which allowed us to continue to make small business loans for our customers. We are now in a position to return the funds and continue the bank’s strong financial growth” stated CVB President and CEO Jon Edney.
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