OAKDALE, Calif. - Oak Valley Community Bank, part of Oak Valley Bancorp (NASDAQ: OVLY), has announced the appointment of David Skitarelic as Vice President, Commercial Banking Officer. Skitarelic will operate from the bank's Roseville branch and focus on commercial lending and business development in the Greater Sacramento area.
With a substantial 30-year tenure in commercial banking within the Sacramento region, Skitarelic is expected to leverage his extensive local experience and community connections to enhance the bank's commercial lending services. His expertise stems from a solid educational foundation with a Bachelor of Science Degree in Business from the University of Southern California Marshall School of Business and a history of community involvement, including his former role as a board member of Child Advocates of Placer County.
Gary Stephens, EVP Commercial Banking Group, expressed confidence in Skitarelic's ability to contribute significantly to the team, citing his established community relationships as a valuable asset for immediate impact in his new role.
Oak Valley Community Bank, along with its Eastern Sierra Community Bank division, provides various financial services, including loan and deposit products primarily catered to individuals and small businesses. The bank currently operates 18 branches across multiple locations, including Oakdale, Turlock, Stockton, and Sacramento, among others.
The addition of Skitarelic to the Oak Valley Community Bank team aligns with the bank's strategic growth in commercial banking operations and its commitment to serving the local communities. This information is based on a press release statement from Oak Valley Community Bank.
InvestingPro Insights
Oak Valley Bancorp's (NASDAQ: OVLY) recent appointment of David Skitarelic as Vice President, Commercial Banking Officer, comes at a time when the company is showing strong financial performance and shareholder value. According to InvestingPro data, Oak Valley Bancorp has a market capitalization of $246.32 million and is trading near its 52-week high, with the stock price at 96.92% of its peak.
The bank's focus on commercial lending aligns well with its current financial metrics. Oak Valley Bancorp boasts an impressive operating income margin of 42.94% for the last twelve months as of Q3 2023, indicating efficient operations and strong profitability. This efficiency is further reflected in the company's P/E ratio of 9.98, suggesting that the stock may be undervalued relative to its earnings.
InvestingPro Tips highlight that Oak Valley Bancorp has raised its dividend for 11 consecutive years, demonstrating a commitment to returning value to shareholders. This is supported by a current dividend yield of 1.52% and a remarkable dividend growth of 40.62% over the last twelve months. The bank's ability to maintain and grow its dividend, even in challenging economic environments, speaks to its financial stability and could be attractive to income-focused investors.
The appointment of Skitarelic to boost commercial lending comes as the bank has experienced a 4.54% quarterly revenue growth in Q3 2023, despite a slight year-over-year revenue decline. This strategic move may help to further stimulate growth and capitalize on Skitarelic's extensive experience in the Sacramento region.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights on Oak Valley Bancorp, with 7 more tips available on the platform.
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