PORTERVILLE, Calif.,
Oct. 30, 2014 /PRNewswire/ -- Sierra
Bancorp (Nasdaq:BSRR), parent of Bank of the Sierra, today
announced that on October 29, 2014
the shareholders of Santa Clara Valley Bank, N.A. ("SCVE")
approved of its consolidation with a newly formed wholly-owned
subsidiary of Sierra Bancorp (the "Company") pursuant to
that certain Agreement and Plan of Consolidation dated July 17, 2014 by and among the Company, Bank of
the Sierra, a California banking
corporation and wholly-owned subsidiary of the Company and
SCVE. All required regulatory approvals have now been
received and the consolidation is expected to close on November 14, 2014, pending satisfaction of other
customary closing conditions.
Sierra Bancorp is the holding company for Bank of the Sierra
(www.bankofthesierra.com), which is in its 37th year of
operations and at $1.5 billion in
assets is the largest independent bank headquartered in the South
San Joaquin Valley. The Company has over 400 employees and
conducts business through 25 branch offices, an online branch, a
real estate industries center, an agricultural credit center, and
an SBA center. As announced on July
17, 2014, the Company has entered into a definitive
agreement to acquire Santa Clara Valley Bank which has
approximately $125 million in assets
and maintains branches in Santa
Paula, Santa Clarita, and
Fillmore, California.
The statements contained in this release that are not
historical facts are forward-looking statements based on
management's current expectations and beliefs concerning future
developments and their potential effects on the Company.
Readers are cautioned not to unduly rely on forward looking
statements. Actual results may differ from those
projected. These forward-looking statements involve risks and
uncertainties including but not limited to the bank's ability to
maintain current dividend payments or increase dividend payouts to
shareholder, its ability to continue to generate record financial
results, changes in economic conditions, interest rates and loan
portfolio performance, and other factors detailed in the
Company's SEC filings. Sierra Bancorp undertakes no
responsibility to update or revise any forward-looking
statements.
SOURCE Sierra Bancorp