This is the flag:

It the senyera of former Crown of Aragon (nine yellow-red horizontal stripes) with a stylized crown, a privilege dating from the second half of 14th century.
My proposal takes the crest from current coat of arms — probably originary from belief that Crown of Aragon's crest contained a bat instead of a wyvern — and puts it on a cairĂ³, a rotated square associated there with civic heraldry. This is the result:

This crest, being golden and black, is very hard to contrast. In my second attempt, I used a more pan-Catalan color scheme:

I'm more inclined towards second scheme, but I think Valencian people would be proud of both.
Comments and suggestions are welcome.
Which one of designs do you prefer?