President's Message, November 2018
So far, 2018 has been exceptionally busy and at the same time very good for our Bank. I have many updates to share!
You may have seen that in June we issued a press release announcing our intention to open a Branch in Auburn CA. We added Luke Parnell and Paul Ross to our team this year, both experienced bankers who know the Auburn market well. With the absence of a strong community bank in that area, it made perfect sense for us to expand into the Auburn market. Because of our Bank’s good standing, we sailed through the FDIC branch approval process. Paul was instrumental in helping us secure an amazing branch location at 905 Lincoln Way in downtown Auburn – a former bank branch space that required minimal improvements for us to utilize. Our Auburn “branch opening” team worked hard to recruit and hire some great bankers, and I’m happy to report that in mid September it all came together when our doors were opened for business! After a lot of hard work, our Auburn office is off to a strong start bringing some great new customers to our Bank!
We have also been focused on the completion of construction of our permanent Grass Valley office. We experienced a number of unanticipated construction delays during the late spring and summer. Those challenges are now behind us, and we are very close to being finished. Our facility located at 580 Brunswick Road in Grass Valley turned out very nicely and is in a great location with excellent visibility. Our building is 5,000 square feet, and the Bank will occupy approximately 3,500 square feet with an adjoining 1,450 square foot office suite for lease. I’m also pleased to note that we just executed a lease with Edward Jones who will be occupying our adjoining suite. As you may have seen, we rehired Mike Vasquez for a temporary assignment assisting with special projects related to the construction and relocation of our Grass Valley branch. Mike was instrumental in the establishment of our Grass Valley branch in 2013 and worked there until he retired in early 2017. The community is expressing considerable excitement around our new facility, and we look forward to relocating into the new office in early December.
We experienced amazing teamwork this year in support of these initiatives involving all of our staff in one way or another. We’ve also faced challenging moments, particularly with staff spread thin covering shortages, training new team members, and managing the normal day to day banking activities – particularly during the late summer months. Our staff has done a great job demonstrating their adaptability, while minimizing customer disruption. Our new team members have done a great job settling into their new roles! You will get to know some of our recent staff additions as you read this newsletter.
I’m happy to report that your bank continues to generate solid results! As of September 30, 2018, our total assets had grown to $364.2 million, representing record levels. Deposits, loans, and year-to-date earnings were also at record levels. For more information on the Bank’s third quarter results, see the press release reprinted on the back page.
We believe the investments we have made in 2018 position us very well to provide our community banking services to a growing geographic footprint in 2019. I wish you all Happy Holidays and look into 2019 with optimism for our Bank! Thanks for your continued support for RVCB!
John M. Jelavich, President & Chief Executive Officer
Forward Looking Statements: This document may contain comments and information that constitute forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by such statements. Forward-looking statements speak only as to the date they are made. The Bank does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.