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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT: APRIL 7, 1999
VALLEY NATIONAL CORPORATION
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(Name of small business issuer in its charter)
IRS EMPLOYER ID. NO. 33-0825336
1234 EAST MAIN STREET, EL CAJON, CALIFORNIA 92021
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(Address of principal executive offices)
ISSUER'S TELEPHONE NUMBER, INCLUDING AREA CODE: (619) 593-3330
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ITEM 5. OTHER EVENTS
Valle de Oro Bank, N.A. announced that its stockholders approved a
reorganization of the bank under a new bank holding company named Valley
National Corporation. The reorganization took effect on April 1, 1999. As
part of the reorganization, stockholders received two shares of Valley
National Corporation for each share of Valle de Oro Bank, N.A.
Valley National Corporation will trade on the Nasdaq National Market System
under the symbol "VADOD" for a period of 21 days, after which time its trading
symbol will revert back to "VADO", the symbol previously held by Valle de Oro
Bank, N.A.
Please see the attached press release for further information.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
Valley National Corporation
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Registrant
Date: April 7, 1999
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/s/ Paul M. Cable
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Paul M. Cable,
Senior Vice President and Chief Financial Officer
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FOR IMMEDIATE RELEASE
FOR ADDITIONAL INFORMATION CONTACT:
Rebecca Wall, Director of Marketing
Valle de Oro Bank, El Cajon (619) 593-3330
VALLE DE ORO BANK STOCKHOLDERS APPROVE
BANK HOLDING COMPANY
APRIL 7, 1999, EL CAJON, CA -Valle de Oro Bank (NASDAQ NMS: VADOD) announced
that stockholders approved a reorganization of the bank under a bank holding
company, Valley National Corporation.
The new bank holding company was organized to permit stockholders to benefit
from new products and services to be offered through non-bank affiliates as well
as to potentially acquire other banks. The consolidation was effective April 1,
1999.
In the re-organization, former Valle de Oro Bank stockholders received two
shares of Valley National Corporation stock for each share of bank stock they
had previously held. The 2-for-1 split is intended to create more shares of the
Nasdaq listed stock and enhance its liquidity. Following 21 days of trading
using the temporary symbol VADOD, shares of the company will revert to the use
of the symbol VADO to facilitate the retention of trading history and other
data.
Established in 1983, Valle de Oro Bank is one of the largest locally owned,
independent banks in the San Diego area operating a six-office system in
addition to SBA lending, mortgage lending and credit card operations.
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