#United States #Salinas, California #Taylor Farms #Pacific Valley Bank #Taylor Fresh Foods

Taylor Fresh Foods Invests in Pacific Valley Bank

Pacific Valley Bank, listed as OTC PVBK, has recently made headlines with the announcement of a new shareholder investment by Taylor Fresh Foods, which is the parent company of Taylor Farms. This acquisition, amounting to a notable 16.3% stake in the bank, marks a significant commitment by a family-owned enterprise in an effort to bolster the local economy in the Salinas Valley.

Background of the Investment

The Salinas, California-based Pacific Valley Bank has thrived as a community bank for over two decades, focusing on relationship-based banking and disciplined growth. Anker Fanoe, CEO of Pacific Valley Bank, emphasized the importance of local ownership in preserving the bank's governance structure, stating, "This investment supports our long-term strategy, reinforces our local ownership structure, and strengthens our capital base while preserving independent governance and local decision-making."

Taylor Farms has a rich history rooted deeply in the agricultural landscape of California, with operations extending across North America and Europe. Their investment in Pacific Valley Bank aligns seamlessly with the bank’s mission to cater to small and medium-sized businesses, agricultural holdings, and various non-profit entities across Monterey County and the Central Coast. Bruce Taylor, CEO of Taylor Farms, highlighted the necessity for a homegrown financial institution, saying, "We believe it is important for Monterey County to have a locally owned and headquartered bank that supports the small and medium-sized businesses that drive the local economy."

Strengthening Local Governance

In conjunction with Taylor Fresh Foods' investment, the bank announced the appointment of Jeff Cook to its Board of Directors. Cook’s extensive financial leadership experience, especially in agriculture, adds critical expertise to the board’s oversight capabilities. As the Chief Financial Officer of Taylor Farms, his familiarity with the regional economic landscape will enhance the strategic direction of Pacific Valley Bank. Cook remarked, "The bank's track record and strategic plans for measured expansion align well with Taylor Farms' long-term investment strategies."

This investment is expected not only to augment the bank's capital base but also assure continuity in governance. Approximately 93% of Pacific Valley Bank's shares are held by local individuals, with around 40% of those being actively managed by directors and officers of the bank. This ownership structure promotes transparent governance and a long-view approach to growth, which is essential for fostering trust in the community.

Future Prospects

Pacific Valley Bank continues to thrive independently, having established full-service branches in locations such as Monterey, King City, and Santa Cruz. The bank remains dedicated to enhancing its services and expanding its reach within the local community, ensuring customers receive support tailored to their needs.

For those wanting to know more about Pacific Valley Bank and its services, the bank's website offers a wealth of information. With deep family roots in the Salinas Valley, Taylor Fresh Foods' stake in Pacific Valley Bank serves as a testament to an enduring commitment to nurture local businesses and support regional development.

For further details, visit Pacific Valley Bank's official website.