Valley Republic Bancorp (OTCQX: VLLX) announced the election of Allen E. Lyda to its Board of Directors on September 29, 2020, to fill a current vacancy. Lyda, a Certified Public Accountant with extensive banking experience, has served in various management roles since 1978 and has been with Tejon Ranch Company since 1990 as CFO and COO. Chairman Eugene Voiland emphasized the need for specialized talent in areas such as audit and risk management as the company grows, expressing confidence in Lyda's contribution to effective oversight.
Valley Republic Bancorp (OTCQX: VLLX) announced the issuance of $20 million in Fixed-to-Floating Rate Subordinated Notes through a private placement. The issuance was priced at 100% of principal, yielding net proceeds of $19.6 million. The funds will support growth and general corporate purposes. The Notes feature a fixed interest rate of 5.00% until September 30, 2025, transitioning to a floating rate. They have been rated BBB+ by Egan-Jones Ratings Company. CEO Geraud Smith described the capital as a protective measure for shareholders amidst uncertainty.