Tri-Valley Bank in San Ramon, Calif., said late Monday that it had terminated a planned $10 million private placement and had named a new chairman.

The $70.8 million-asset bank had agreed in September to sell about 14.3 million shares of common stock to a group led by local investor Ricky DyBuncio.

"We owe it to our shareholders and customers to complete a capital transaction within a reasonable time frame … [but] it became clear to us that it was not going to happen," David Greiner, Tri-Valley's president and chief executive, said in a press release. Tri-Valley did not say why the transaction had been delayed.

Separately, Tri-Valley said that Arnold Grisham had become its chairman. Grisham is a banking veteran who most recently served as the president and CEO of Alta Alliance Bank in Oakland, Calif. He succeeded Daljit Hundal, who remains a director.

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