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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 (date of earliest event reported): 4-23-96
SOUTH VALLEY BANCORPORATION
(exact name of registrant as specified in its charter)
California 2-78293-LA #94-2818095
(state or other (Commission File) (IRS Employer
jurisdiction of Identification
incorporation) Number)
500 Tennant Station, Morgan Hill, California 95037
(address of principal executive office and zip code)
Registrant's telephone number (including area code): 408-778-1510
None
(former name or former address,
if changed since last report)
Page 1 of 4
Exhibit Index at Page 3
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Item 5. Other Events
South Valley Bancorporation reports first quarter earnings and
declares cash dividend.
Item 7. Financial Statements and Exhibits
(a) None
(b) None
(c) Exhibits. See Press Release attached as
Exhibit 99.1 and made a part hereof.
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, thereunto duly authorized.
South Valley Bancorporation, Registrant
By: /s/ Richard L. Conniff
-------------------------------------------
Richard L. Conniff
on behalf of Registrant
and in the capacity of
Chief Financial Officer
(Principal Accounting and Financial Officer)
Page 2 of 4
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EXHIBIT INDEX
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Exhibit No. Description Page No.
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<S> <C> <C>
99.1 Press Release dated April 23 1996 4
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[SOUTH VALLEY NATIONAL BANK LETTERHEAD]
April 23, 1996
FOR IMMEDIATE RELEASE
SOUTH VALLEY BANCORPORATION REPORTS
INCREASED FIRST QUARTER EARNINGS
AND DECLARES INCREASE IN CASH DIVIDEND
Morgan Hill, California -- April 23, 1996 The Directors of South Valley
Bancorporation (the "Company"), parent company for South Valley National Bank
(the "Bank") reported net income as of the first quarter ending march 31, 1996
of $457,000 or $.34 per share. This compares to $378,000, or $.29 per share, for
the same period in 1995 (per share earnings for 1995 have been adjusted for a
10% stock dividend issued to shareholders on February 23, 1996).
As a result of the Company's increased earnings for the first quarter of 1996,
the Board of Directors of South Valley Bancorporation declared a cash dividend
of $.10 per share for shareholders of record on April 25, to be paid on May 1,
1996. This represents an increase of $.02 per share over the previous quarterly
dividend and represents the eighth consecutive quarterly cash dividend paid to
shareholders by the Company.
President and CEO Brad L. Smith stated, "We are very pleased with the Bank's
continued growth and believe that investments made during 1995 in new systems,
services and offices are continuing to make a positive contribution to the
operations of the Company."
Total assets of the Company grew to $174,511,000 at March 31, 1996, representing
an increase of 17.5% over $148,513,000 reported one year earlier.
South Valley Bancorporation's subsidiary, South Valley National Bank, offers
banking services throughout Southern Santa Clara and San Benito Counties. South
Valley National Bank is a full service community bank with offices located in
Morgan Hill, Gilroy, Hollister and San Juan Bautista.
As of April 23, 1996, South Valley Bancorporation's common stock was quoted at
$14.00 bid. Questions regarding the Company's stock may be directed to Mark
Arnett, Hoefer & Arnett at (800) 346-5544, Stephen Sherer, Paine Webber at (800)
862-4433 or to Gary Sargenti, Prudential Securities at (800) 523-5208.
Exhibit 99.1 Page 4 of 4
