The State - News from March 24, 1985

A Modesto judge approved a bid from Farmers and Merchants Bank of Central California to purchase a three-branch bank shut down Friday night by the state Banking Department. The approval means the branches of Golden Valley Bank, all in the largely agricultural Turlock area, will be open for business as usual Monday with “no disruption to the customers,” state banking Superintendent Louis Carter said. Golden Valley, established in 1976, was closed because “significant loan losses exhausted the capital of the bank,” Howard Gould, senior deputy superintendent of banks, said Friday night.