North Valley Bancorp Expands Through Strategic Bank Mergers

North Valley Bancorp has been on a mission to expand its reach and services through strategic bank mergers. The company has successfully merged with several banks, increasing its assets and customer base.

One notable merger was with the Bank of Nevada, which added significant assets to North Valley Bancorp's portfolio. This merger marked a major milestone in the company's growth strategy.

North Valley Bancorp's commitment to community banking has been a key factor in its success. The company's focus on local banking has helped it build strong relationships with customers and establish a presence in new markets.

By merging with smaller banks, North Valley Bancorp has been able to offer a wider range of services to its customers. This has helped the company stay competitive in a rapidly changing banking landscape.

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North Valley Bancorp's financial results have been steadily improving over the years. The company reported a net income of $1.4 million in the first quarter of 2022, a significant increase from the previous year.

Their total assets have grown to $1.2 billion, a 10% increase from 2021. This growth can be attributed to the bank's successful expansion efforts.

The company's return on assets (ROA) has also improved, reaching 0.12% in the first quarter of 2022. This indicates a more efficient use of assets by the bank.

North Valley Bancorp's loan portfolio has increased by 15% year-over-year, with a focus on commercial and industrial loans. This diversification has helped reduce the bank's reliance on any one industry.

Their non-performing assets have decreased by 25% since 2020, a testament to the bank's effective risk management strategies.

North Valley Bank of Zanesville has acquired Commodore Bank of Somerset in an all-cash transaction.

The acquisition is expected to close in the second or third quarter of 2024, subject to customary closing conditions, shareholder approval, and regulatory approvals.

North Valley Bank has full-service offices in Licking, Madison, Morgan, Muskingum, Perry, and Pickaway counties, with business banking centers in Pataskala and Zanesville.

At the end of last year, North Valley Bank had $312 million in total assets, while Commodore Bank had $89 million in total assets.

Commodore Bank has been in business for 95 years, and its president and CEO, Charles Moore, said the bank embarked on an exhaustive search for the right partner in 2023.

North Valley Bank President and CEO Jim Nicholson said the acquisition aligns perfectly with their vision of expanding their footprint and delivering exceptional financial services to more individuals and businesses.