Oak Valley Community Bank Receives Approval on $87

OAKDALE, Calif., June 28, 2017 (GLOBE NEWSWIRE) -- Oak Valley Community Bank, a wholly owned subsidiary of Oak Valley Bancorp (NASDAQ: OVLY ), announced they have received approval on a $875,000 Affordable Housing Program (AHP) grant which they had submitted to the Federal Home Loan Bank (FHLB) of San Francisco on behalf of Turlock Gospel Mission (TGM).  

The community of Turlock is one step closer to getting a needed boost in their ability to provide emergency shelter and other services to its neediest residents. The TGM project will provide both short-term emergency shelter and long-term housing for 58 households, with supportive services aimed at helping residents make the appropriate changes needed to recover and succeed in life. Previously a warehouse, the project site is being adaptively reused to create housing and is across the street from TGM’s day shelter, which will allow case managers to refer potential residents to the new facility.

The grant, which must be used for construction, propels TGM’s Hope Lives Here campaign to build the year-round shelter over the goal of $2.5 million. “The grant will assist TGM in reaching its vision; the end of homelessness through restoration of relationships with Christ, family and community,” said TGM Executive Director Christian Curby.

The FHLB of San Francisco awarded a total of $74.6 million through its 2017 AHP funding competition. Each year project sponsors, like Turlock Gospel Mission, partner with member banks to apply for funding through the annual competition. The AHP grants were awarded to 89 projects, in Arizona, California, and Nevada, with a collective handful of projects in Alabama, Florida, Texas, and Wisconsin also receiving funding. Combined, these grants will help construct 6,280 affordable housing units in those states.

Laurie Mitchum, Community Reinvestment Officer for Oak Valley Community Bank stated, “We are delighted to have the opportunity to assist the TGM in applying for and earning this grant. As a community bank, we look forward to occasions like this, where we can partner with other organizations to have a resoundingly positive impact on the cities and counties we call home.”

About Oak Valley Community Bank:

Oak Valley Bancorp operates Oak Valley Community Bank & Eastern Sierra Community Bank, through which it offers a variety of loan and deposit products to individuals and small businesses. They currently operate through 16 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, two branches in Sonora, three branches in Modesto, and three branches in their Eastern Sierra Division, including Bridgeport, Mammoth Lakes and Bishop. For more information, call 1-866-844-7500 or visit www.ovcb.com .

About Turlock Gospel Mission: Turlock Gospel Mission is a 501(c)(3) non-profit organization, incorporated in 2007. Serving meals and assisting the homeless since 2008, TGM passionately exists to help individuals in need and hurting to find hope and restoration in Christ. Year-round, TGM provides hot meals in an encouraging atmosphere through a group of caring employees and volunteers. TGM offers evening meal ministry, a shelter for women and children during the cold months, and a Day Center to offer support, encouragement, and a safe place to stay during the day as an alternative to parks and other public places. For more information, call (209) 656-1033 or visit www.turlockgospelmission.org .

Contact:         Oak Valley Community Bank                        Chris Courtney, President and CEO                        Rick McCarty, Senior EVP, Chief Operating Officer Phone:            (209) 848-BANK (2265)        Contact:         Turlock Gospel Mission                        Christian Curby, Executive Director Phone:            (209) 656-1033