Marc Foulkrod, who intends to retire as a director of SunValley, Calif.-based MissionValley Bancorp and unit MissionValley Bank within the next six months, wants to liquidate hisstock holdings in the company, according to an interagency notice of change incontrol filed July 14 with the Federal Reserve Bank of San Francisco andobtained recently by S&P Global Market Intelligence.
The filing said that there would be market disruption and apotential threat to the company because of the number of shares Foulkrod owns.
The transition of a majority of the shares will be handledin a private party transaction agreed to by Earle Wasserman, who was identifiedin the filing as a director of the company and the bank.
According to the filing, Foulkrod and family interestscurrently hold 361,097 shares, or 11.00% of total shares outstanding per classof securities. Their ownership will fall to 80,016 shares or 2.54% after thecompletion of the transaction involving 281,081 shares.
The total purchase price is about $2.6 million, or $9.25 pershare, and all shares purchased will go into The Wasserman MVB Trust of 2016,the filing said.