Nov 26 - On Nov. 20, 2012, the board of directors of Valley Commerce Bancorp, (OTCBB: VCBP), a bank holding company and the parent company of Valley Business Bank, Visalia, Calif., approved a resolution to deregister the company's common stock with the Securities and Exchange Commission and terminate the company's reporting obligations under the Securities Exchange Act of 1934, as amended. The deregistration decision was made pursuant to the Jumpstart Our Business Startups Act or JOBS Act signed into law on April 5, 2012, which allows bank holding companies with 1,200 or fewer shareholders to deregister.
Allan W. Stone, president and CEO, remarked, "The JOBS Act provided an opportunity for us to realize significant cost savings and reallocate employee time to more strategically important activities. After careful consideration we decided that the cost of compliance with SEC reporting requirements outweighed the market benefits of continuing as an SEC reporting company."
Stone added, "Going forward, we will continue to provide investors with the financial information they need to evaluate our performance in the form of expanded earnings press releases as well as annual reports and proxy statements. We do not anticipate any disruption in the trading of our stock."
The deregistration action is expected to be completed in the first quarter of 2013. Once completed, the company's obligation to file certain reports with the Securities and Exchange Commission, including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and proxy statements, will be immediately suspended.
Valley Commerce Bancorp stock trades on NASDAQ's Over the Counter Bulletin Board under the symbol "VCBP." Valley Business Bank, the wholly owned subsidiary of Valley Commerce Bancorp, is a commercial bank that commenced operations in 1996. Valley Business Bank operates through business banking centers in Visalia, Tulare and Fresno, Calif., and has branch offices in Woodlake and Tipton, Calif. Additional information about Valley Business Bank is available from the bank's website at www.valleybusinessbank.net.