Pacific Valley Bank in Salinas, Calif., has a new investor.
Pacific Valley said in a press release that Taylor Fresh Foods, the parent company of Taylor Farms, bought a 16.3% ownership stake in the bank. The price wasn’t disclosed.
“For more than two decades, Pacific Valley Bank has operated as a locally owned community bank focused on relationship-based banking and disciplined growth,” Anker Fanoe, Pacific Valley’s CEO, said in the release. “This investment supports our long-term strategy, reinforces our local ownership structure, and strengthens our capital base while preserving independent governance and local decision-making.”
Pacific Valley “has demonstrated a consistent commitment to its markets and customers,” Bruce Taylor, CEO of Taylor Farms, added. “With deep family roots in the Salinas Valley, we believe it is important for Monterey County to have a locally owned and headquartered bank that supports the small and medium-sized businesses that drive the local economy. We are pleased to participate as a shareholder and support the bank’s continued focus on serving the region.”
Jeff Cook, Taylor Farms’ chief financial officer, will join Pacific Valley’s board.