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VIB rates 21 among 100

June 03, 2002|STAFF REPORT

VIB Corp. (Nasdaq: VIBC) has announced that the San Diego Union-Tribune ranked the company 21st among more than 100 San Diego County regional public companies based on a composite scoring system incorporating revenue, change in revenue, two-year average return on equity and change in profit margin.

To view the complete list, visit www.uniontrib.com/news/reports/sdinc/

"It is gratifying to be recognized for our strong financial results in 2001, a year in which we focused on improving operating efficiencies and achieved record net income of $9.2 million," said Dennis Kern, VIB president and chief executive officer. "Not only did we rank higher than some of the region's most well-known public companies, we were the highest-ranked bank on the list."

On April 5, VIB Corp. reported first-quarter net income grew 44 percent to $3 million, or 22 cents per diluted share. Revenues for the quarter grew 3 percent to $15.2 million. Total assets were $1.2 billion, net loans grew to $835 million and deposits were $915 million at March 31.

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VIB Corp. is a bank holding company providing financial services primarily in California through its subsidiary, Valley Independent Bank. Both are headquartered in El Centro.

Valley Independent Bank, whose accounts are ensured by the FDIC, also does business as Bank of Stockdale and Kings River State Bank. Its 24 locations stretch from the Imperial Valley on the California-Mexico border north nearly 500 miles to Fresno in the Central Valley.

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