20190107-bc-valleyrepublicbank

Relations Specialist Mariana Lozano works at her desk at the California Avenue office of Valley Republic Bank, which opened 10 years ago.

The parent company of Bakersfield-based Valley Republic Bank announced Thursday its first-quarter net income rose 27 percent year over year to reach $2.94 million.

Valley Republic Bancorp said loans were up 20 percent year over year at $542.9 million, deposits were up 17 percent at $718 million and assets were up 20 percent $820.6 million.

Chairman Eugene Voiland added the bank has created a new oil and gas division, which he said will "strategically place the bank in an excellent position to serve this active Kern County market segment."

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