Mission Valley Bancorp Announces Receipt of CDCI Funding and 2010 BEA Award

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Oct 04, 2010, 09:00 ET

SUN VALLEY, Calif., Oct. 4 /PRNewswire/ -- President & CEO Tamara Gurney of Mission Valley Bancorp (OTC Bulletin Board: MVLY) the parent company of Mission Valley Bank announced today, "I am very pleased to share that on Friday, September 24, 2010, Mission Valley Bancorp received $4,836,000 in capital via the Community Development Capital Initiative (CDCI) program. Having just recently received approval to exchange the bank's existing TARP funding for the more favorably structured CDCI funds (August 20, 2010), we are extremely pleased to receive this additional capital – as well as the 'vote of confidence' that it represents from the U.S. Treasury and Federal Reserve. Additionally – we have also just learned that Mission Valley was once again recognized with a Bank Enterprise Award of $600,000 for our lending efforts during the previous year."

Both the CDCI funding and the BEA Award are tied to fact that Mission Valley Bancorp has been recognized as a CDFI (Community Development Financial Institution) since 2006. The CDFI Fund was created for the purpose of promoting economic revitalization and community development through investment in, and assistance to, community development financial institutions (CDFIs). In turn, CDFIs leverage private capital to respond to demand for affordable financial products and services in economically distressed markets. CDFIs respond to this demand through the provision of loans, investments, training, technical assistance and basic financial services such as checking or savings accounts.

While separate from the CDCI Capital Funding, Mission Valley's pending receipt of the $600,000 Bank Enterprise Award is in recognition of the Bank's continuing success in getting funding, financial services and education to where it is most needed.

Gurney continued, "We are proud of our CDFI distinction and take the responsibilities associated with it very seriously. This CDCI capital acquisition and Bank Enterprise Award will enable us to do even more throughout the communities we serve and enhances our ability to keep doing what we do best – assist in the growth and success of our clients and our communities."

Mission Valley continues to exceed all requirements as a well-capitalized institution with Tier 1 Capital to Assets of 16.00% with strong reserves and solid core revenue generation.

About Mission Valley Bank

Mission Valley Bank is a full-service, independent, commercial bank specializing in the banking needs of small to medium businesses in the San Fernando & Santa Clarita Valleys. The Bank was chartered in July 2001, with a vision of local ownership and a commitment to providing financial solutions to meet the needs of its clients.

Forward-looking statements:

Certain matters discussed in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current management expectations and, therefore, are subject to certain risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed, suggested, or implied by the forward-looking statements. Forward-looking statements are effective only as of the date that they are made and Mission Valley Bank assumes no obligation to update this information.

www.MissionValleyBank.com

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SOURCE Mission Valley Bancorp