PRESS RELEASE
Contact:   Roy Estridge, EVP/CFO
 
Valley Commerce Bancorp
 
(559) 622-9000

VALLEY COMMERCE BANCORP REPORTS 2009 RESULTS

VISALIA, California, March 1, 2010 —
Valley Commerce Bancorp, (OTCBB:  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.”


Comparison of December 31, 2009 to September 30, 2009

 
·
Assets decreased $3.5 million or 1% to $340.2 million

 
·
Net loans remained stable at approximately $235.0 million

 
·
Allowance for loan losses (ALL) increased by $1.2 million to $6.2 million; the ALL as percentage of total loans increased to 2.58% compared to 2.11%

 
·
Non-performing loans as a percentage of total loans decreased from 3.2% to 3.1%; non-performing assets as a percentage of total assets was unchanged at 2.2%

 
·
Total deposits remained stable at approximately $294.5 million

 
·
Shareholder’s equity decreased by $2.6 million or 7% to $36.9 million; the Total Risk-Based Capital Ratio decreased from 16.6% to 16.0%.


Comparison of December 31, 2009 to December 31, 2008

 
·
Assets increased $34.1 million or 11% to $340.2 million

 
·
Net loans increased by $8.1 million or 4% to $234.8 million

 
·
ALL increased by $3.0 million to $6.2 million; the ALL as percentage of total loans increased to 2.58% compared to 1.41%

 
·
Non-performing loans as a percentage of net loans increased from 2.2% to 3.1%; non-performing assets as a percentage of total assets increased from 1.6% to 2.2%
 
·      Total deposits increased $37.0 million or 14% to $294.3 million

 
·
Shareholder’s equity increased by $6.8 million or 22% to $36.9 million; the Total Risk-Based Capital Ratio increased from 14.0% to 16.0%

 
 
 
 

The following information was filed by Valley Commerce Bancorp (VCBP) on Friday, March 5, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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