Mission Valley Bank plans to open a loan production office in Torrance and has hired a new executive to supervise the operation.

Jeffrey Watson has joined the Sun Valley bank with the title of executive vice president of strategic initiatives. His first project is the loan office at 21515 Hawthorne Blvd.

The office is scheduled to open Oct. 1.

“While this is a relatively new market for Mission Valley Bank, Jeff’s knowledge of the South Bay, along with his industry and business connections, will be instrumental in the success of this new endeavor,” Chief Executive Tamara Gurney said in a statement. “Under his leadership, we expect to grow client relationships throughout the region that will assist in increasing both loans and deposits while also helping to diversify the bank's existing loan portfolio.”

The bank also has hired Thomas Fiebig as vice president and manager of the Torrance office.

Shares of parent company Mission Valley Bancorp (MVLY) closed Friday up 10 cents, or a fraction of a percent, to $17 on the over-the-counter market.