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                                                                      EXHIBIT 14

                        Valley Community Bancshares, Inc.

                                 CODE OF ETHICS

The Executive Management Committee of Valley Community Bancshares, Inc. (the
"Company") includes the Chief Executive Officer, the Chief Financial Officer,
and the Credit Administrator. They are referred to as the "Senior Financial
Officers" in this policy and they hold an important and elevated role in
corporate governance. Honesty, integrity, and ethical behavior are the
foundation of our long-term success.

Senior Financial Officers will, to the best of their ability:

         1.       Make decisions based on the long-term interest of the Company
                  and the best interest of its shareholders.

         2.       Engage in and promote honest and ethical conduct including the
                  ethical handling of actual or apparent conflicts of interest
                  between personal and professional relationships.

         3.       Avoid real or perceived conflicts of interest. Any
                  questionable transactions should be brought to the attention
                  of the Chief Executive Officer, unless involving the Chief
                  Executive Officer, in which case report the matter to the
                  Chairman of the Board of Directors.

         4.       Take all reasonable measures to protect the confidentiality of
                  non-public information about the Company or its subsidiary and
                  their customers and prevent the unauthorized disclosure of
                  such information unless required by applicable law or
                  regulation or legal or regulatory process.

         5.       Make full, fair, accurate, timely, and understandable
                  disclosure in reports and documents that the Company or its
                  subsidiary files with or submits to the Securities and
                  Exchange Commission and other regulators and in other public
                  communication made by the Company or its subsidiary.

         6.       Comply with applicable governmental laws, rules, and
                  regulations.

         7.       Protect Company assets and ensure their proper use.

         8.       Promptly report any possible violation of this Code of Ethics
                  to the Chairman of the Audit Committee.

Senior Financial Officers are prohibited from directly or indirectly taking any
action to fraudulently influence, coerce, manipulate, or mislead the Company or
its subsidiary or independent public auditors for the purpose of rendering the
financial statement misleading. Any violation of this Code of Ethics may result
in disciplinary action by the Board of Directors up to and including termination
of employment. Violations of this Code of Ethics may also constitute violation
of law and may result in civil and criminal penalties to the Senior Financial
Officer and the Company. Any waivers that are granted by the Board of Directors
will be publicly disclosed to shareholders if required by applicable law.

Annually, each Senior Financial Officer shall certify in writing his or her
compliance during the prior year with this Code of Ethics.