In early 2004 several local Chico business people recognized the service void that had been created when three local banks were purchased by larger financial institutions, some headquartered out of state. These mergers created an opportunity for a new locally owned and managed, true community bank run by Directors, Shareholders, Officers and Staff that live in the community. As their idea spread, it was met with overwhelming local approval. The Organizing Group grew to 28 local business and professional people, and the new Community Bank began to take form.
Applications were submitted to state and national banking authorities, committees established, consultants hired, business plans finalized and a location identified. By the third quarter of 2005 all three executive officers of the new bank were on board and Board officers elected. Construction of the new building soon began on Cohasset Road in Chico. The applications were approved by the banking regulators in December of 2005 and the initial stock offering opened in January to a tremendous response. In just 13 business days investor dollars poured into the new Bank. The sale was closed with 406 local shareholders and $15.4 million in capital. On April 24, 2006 the Bank opened to its' Founders, Organizers and Directors, and on May 1, 2006 to the general public.
Golden Valley Bank has grown to offer two locations; our headquarters located in Chico, CA and a Business Banking Center located in Redding, CA which opened in 2018.
In 2020, Golden Valley Bancshares, Inc. was created as the holding company of Golden Valley Bank.