Business

Premier Valley Bank to close its branches in Merced and Modesto

Premier Valley Bank will close its branches in Merced and Modesto in September.

The closures, which will affect 11 employees, will leave the Fresno-based bank with five branches in Fresno, Oakhurst, Coarsegold, Mariposa and Groveland.

J. Mike McGowan, the bank's CEO, said letters were sent Monday to give customers a required three-month "notice of closure and consolidation" that the two offices will officially close on Sept. 17.

"The slow economy is not in our favor," McGowan said, noting that the branches never attracted the market share that officials had hoped for when they were opened. The Merced branch was opened in 2005, while the Modesto branch opened in 2007.

In addition to the three-month notice of the closure, employees at the two branches will also receive severance benefits and job-placement assistance, McGowan said.

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