SCHEDULE 14A
(Rule14a-101)
INFORMATION
REQUIRED IN PROXY STATEMENT
SCHEDULE 14A
INFORMATION
Proxy Statement
Pursuant to Section14(a) of the
Securities Exchange Act of
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Filed by the Registrant
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Filed by a
Party other than the Registrant
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Check the appropriate box:
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Preliminary Proxy Statement
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Confidential, for Use of the
Commission Only
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Definitive Proxy Statement
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(as permitted by Rule 14a-6(e)(2))
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Definitive Additional Materials
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Soliciting Material Pursuant to Rule 14a-12
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SIERRA BANCORP
(Name of Registrant as Specified In
Its Charter)
PATRICIA L.
CHILDRESS
(Name of Person(s) Filing Proxy
Statement, if Other than the Registrant)
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Payment of Filing Fee (Check the
appropriate box):
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No fee required.
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Fee computed on table below per
Exchange Act Rules14a-6(i)(1) and 0-11.
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(1
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Title of each class of securities to which
transaction applies:
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(2
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Aggregate number of securities to which
transaction applies:
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(3
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Per unit price or other underlying value of
transaction computed pursuant to Exchange Act Rule 0-11 (Set forth
the amount on which the filing fee is calculated and state how it was
determined):
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(4
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Proposed maximum aggregate value of
transaction:
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(5
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Total fee paid:
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Fee paid previously with preliminary
materials:
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Check box if any part of the fee is
offset as provided by Exchange Act Rule 0-11(a)(2) and identify the
filing for which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the form or schedule
and the date of its filing.
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(1
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Amount Previously Paid:
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(2
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Form, Schedule or Registration Statement
No.:
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(3
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Filing Party:
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(4
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Date Filed:
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PRELIMINARY COPY - SUBJECT TO COMPLETION,
DATED APRIL __, 2008
PATRICIA L. CHILDRESS
c/o Tisdale & Nicholson, LLP
2029 Century Park East, Suite 900
Los Angeles, CA 90067
Attn: Jeffrey A. Tisdale, Esq.
_____, 2008
Dear Fellow Stockholders:
I am the beneficial owner of an aggregate of
665,615 shares of Common Stock of Sierra Bancorp ("Bancorp" or the "Company"),
representing approximately 7% of the outstanding Common Stock of the Company.
I am conducting this proxy solicitation with my sister, Carol Bates, who is
the beneficial owner of an aggregate of 549,124 shares of Common Stock of
Bancorp, representing approximately 5.7% of the outstanding Common Stock of
the Company. The combined beneficial ownership of stock holdings of me and my
sister is 12.7%. For the reasons set forth in the attached Proxy Statement, I
do not believe the Board of Directors of the Company is acting in the best
interests of its stockholders. I am therefore seeking your support at
the annual meeting of stockholders (the "Annual Meeting") scheduled to be held
at ______________ located at ___ ________, ________, _________ _______ on May
, 2008 at __:__ _.m., local time, for the following:
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1.
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To elect Patricia L. Childress as a
director to the Company's Board of Directors in opposition to the
Company's incumbent directors.
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2.
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To Grant discretionary authority to
adjourn the meeting to solicit additional votes.
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We urge you to carefully consider the
information contained in the attached Proxy Statement and then support our
efforts by signing, dating and returning the enclosed WHITE proxy card
today.The attached Proxy Statement and the enclosed WHITE proxy card are
first being furnished to the stockholders on or about April_, 2008.
[If you have already voted a proxy card
furnished by the Company's management, you have every right to change your
votes by signing, dating and returning a later dated proxy.]
If you have any questions or require any
assistance with your vote, please contact The Altman Group which is assisting
us, at their address and toll-free numbers listed on the following page.
Thank you for your support,
Patricia L.
Childress
1
* * * PRELIMINARY * * *
ANNUAL MEETING OF STOCKHOLDERS OF
SIERRA BANCORP
PROXY STATEMENT OF
PATRICIA L. CHILDRESS AND CAROL A. BATES
SIERRA BANCORP ANNUAL MEETING. As of the date of this
solicitation
,
Sierra
Bancorp, a California corporation ("Bancorp" or the "Company"), has not filed
with the Securities and Exchange Commission its proxy statement and notice to
stockholders relating to the 2008 Annual Meeting of Stockholders. Based upon
Bancorp's bylaws and past practice, it is expected that the meeting will be held
at the Bank of Sierra: 90 North Main Street, Porterville,
California 93257, on or about May _, 2008 at _____, local time.
STOCKHOLDER NOMINATION.
Ms.
Patricia Childress has submitted her nomination for election as a director to
the Board of Directors of Sierra Bancorp.
Ms.
Childress beneficially owns an aggregate of approximately 665,615 shares of
common stock in Bancorp, representing approximately 7.0% of the 9,591,088 shares
outstanding as of January 31, 2008.
WHITE PROXY CARD.
This proxy
statement and the enclosed
WHITE
proxy card (the "
WHITE
proxy card") are being furnished to you, the stockholders of Bancorp, by Ms.
Patricia L. Childress, who is a nominee for election by the common stockholders,
and by Carol A. Bates, who is participating in this solicitation.
SOLICITATION OF PROXIES FOR MS. CHILDRESS.
Ms. Childress and Ms. Bates are soliciting proxies to be used at
the 2008 Annual Meeting of Stockholders of Bancorp, and any adjournments or
postponements thereof (the "Annual Meeting"). Pursuant to this proxy statement,
Ms. Childress and Ms. Bates are soliciting proxies from holders of shares of
Bancorp common stock to vote FOR the election of Patricia L. Childress as a
director of the Company to represent the interests of the public stockholders.
RECORD DATE. As stated, as of the date of this proxy
statement,
Bancorp has not filed its proxy
statement. The bylaws and California law state that such date cannot be more
than 60 but not less than 10 days before the date chosen for the shareholders'
meeting. It is expected that such date will be sometime between March __, 2008
and April _, 2008 and only Bancorp stockholders of record at the close of
business will be entitled to notice of and to vote at the Annual Meeting or any
adjournments or postponements thereof.
To elect
STOCKHOLDER-NOMINATED REPRESENTATION ON THE BOARD
,
Bancorp common stockholders should
VOTE FOR
the election of
PATRICIA L. CHILDRESS
as a director of the Company.
* * * * * * *
This proxy statement and the accompanying
WHITE
proxy card are first being mailed to stockholders on or about April 22, 2008.
A proxy may be given by any person who holds shares of Bancorp
common stock. Whether or not you plan to attend the Annual Meeting, you are
urged to sign and date the enclosed
WHITE
proxy card and return it
in the postage-paid envelope provided to The Altman Group, 1200 Wall Street
West, 3rd Floor, Lyndhurst, NJ 07071,
telephone (866) 387-0017.
Since only your latest dated proxy card will count, we urge you
not to return any non-white proxy card you receive from the Company. Even if you
have already returned a non-white proxy card sent to you by the Company, you
have a right to change your vote by signing, dating and returning a later dated
proxy card or by voting in person at the Annual Meeting. By completing and
returning the
WHITE
proxy card, any previous proxy card you may have
previously sent to the Company will be automatically revoked. It is very
important that you DATE YOUR
WHITE
PROXY CARD because your latest-dated
proxy is the only one that counts.
All valid proxies received before the Annual Meeting will be
voted, and stockholders have the power to revoke their proxies at any time
before they are exercised.
Please do not return any proxy sent to you by the Company.
2
REASONS TO VOTE FOR PATRICIA L. CHILDRESS AS DIRECTOR
The following is a summary of Ms. Childress's views and the
reasons why Ms. Childress is seeking representation on the board of directors at
the Annual Meeting:
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The common stockholders
can elect four directors to the Company's board of directors.
Ms. Childress should be one of these
four.
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Ms. Childress WILL WORK
TO SAFEGUARD AND ENHANCE STOCKHOLDER VALUE.
Once elected as a member of
the board of directors of Bancorp, Ms. Childress will
WORK
HARD
to safeguard and enhance stockholder value. Ms. Childress believes
that Bancorp's performance will be enhanced if the board includes a director
NOMINATED BY STOCKHOLDERS
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For more information on how Ms.
Childress will work to realize value for all stockholders of Bancorp, please
read the section below entitled "Statement in Support."
BACKGROUND TO SOLICITATION
One
or more members of the Childress family have been the largest shareholder(s) of
the Bank of the Sierra as a result of share acquisitions after its organization
in 1977. Ms. Childress's and Ms. Bates's father was a large shareholder and,
through estate and gift transfers, the bulk of his holdings were divided among
his three children. From 1994 until December 18, 2006, Ms. Childress's and Ms.
Bates's brother, Gregory Childress, had served SB and the Bank as a director.
As a
result of the substantial portion of the Childress family's net worth related to
such share holdings and as a result of the historical involvement by members of
the family, Ms. Childress and Ms. Bates believe Ms. Childress should serve as a
director and also believe her involvement would provide solid business acumen
and a fresh approach to the existing board of directors which would benefit SB
and its shareholders.
Ms.
Childress's Nomination.
On December 17, 2007, counsel for Ms. Childress
and Ms. Bates contacted counsel for the Company regarding a request to have the
board of directors nominate Ms. Childress as part of its slate of nominees for
election to the board at the 2008 annual shareholders' meeting. On December 19,
2008, this request was followed up by providing biographical information
regarding Ms. Childress. The request to include Ms. Childress was rejected at
the board meeting held on December 20, 2007. Accordingly, on December 28, 2007,
Ms. Childress sent a letter to the Company in which she provided notice of her
intention to nominate herself at the Annual Meeting for election by the common
stockholders to serve as a director of the board of directors of the Company.
Ms. Childress's and Ms. Bates's Filing on 13D.
On March 26, 2008, Ms. Childress Ms. Bates, jointly filed a
Schedule 13D in which it was disclosed that Ms. Childress is working with Ms.
Bates, who is the beneficial owner of 549,124 shares of Bancorp, to take action
to enhance governance, oversight and stockholder value by nominating herself as
a candidate for director of the board of directors of the Company.
STATEMENT IN SUPPORT
Benefits of Nominations by Common Stockholders.
Currently, there are eight directors on the board of directors of
the Company. Pursuant to the Company's Articles of Incorporation, the board of
directors is divided into two classes, designated Classes I and II. The
directors serve staggered two-year terms, so that directors of only one class
are elected at each Annual Meeting of Shareholders. At the 2008 Meeting,
shareholders will be asked to elect four Class I directors whose terms expire
this year, for an additional term of two years.
Ms. Childress and Ms. Bates believe that independence from
management is important for purposes of representing the interests of the common
stockholders. They also believe that individuals nominated by stockholders are
more likely to advocate business practices intended to increase the returns to
public stockholders and are therefore better positioned to bring a diversity of
perspectives to the board.
3
Conclusion
For each of the reasons outlined above, Ms. Childress and Ms.
Bates believe that the common stockholders need a new director to represent
them on the Company's board of directors to ensure that the voices of the
common stockholders are heard. Accordingly, Ms. Childress and Ms. Bates urge
you to vote for Ms. Childress as a director for the common stockholders at the
Annual Meeting by signing, dating and returning the
WHITE
proxy
card in the enclosed postage-prepaid envelope. Ms. Childress has consented to
being named in this proxy statement and to serve if elected to Bancorp's board
of directors.
ABOUT MS. CHILDRESS AND MS. BATES
PATRICIA L. CHILDRESS
is an investor and farmer in the local community
served by Bank of Sierra. She has a Bachelor of Science and a Master of
Science from Cal Poly State University in San Luis Obispo, has taught
recreational management classes at Stanislaus State College in Turlock,
California and is an astute business woman. From 1981 to the present she
served as a business manager of Childress, Bates, Childress Inc., a successful
farming business, while she concurrently served as a General Partner in CPG
Ranch, also a successful farming business. Both businesses are located in
Porterville. In addition, she has invested in, developed and sold various real
estate projects over the years and, along with Ms. Bates, has been actively
overseeing the Childress family estate. Ms. Childress grew up in Porterville
and her family has deep roots in the community. Ms. Childress is committed to
the success of Sierra Bancorp and its subsidiary, Bank of Sierra. The
combined beneficial ownership of stock holdings of Ms. Childress and Ms. Bates
is 12.7%.
MS. CHILDRESS IS A STOCKHOLDER, JUST LIKE YOU.
As a significant
stockholder, Ms. Childress desires to bring her business and shareholder
perspective to the board to ensure that new ideas and ways of banking are part
of the decision making in these challenging times for the benefit of Bancorp
and its stockholders.
MS. CHILDRESS IS NOT A CURRENT OR FORMER BANCORP
INSIDER.
Her decisions are not dictated by a salary or any annual payments
from the Company, or any historical relationships with Bancorp management or
other directors. Accordingly, her interests as an investor are aligned with
the interests of other stockholders whose investment decisions are based on
safeguarding and increasing stockholder value.
MS. BATES
is a farmer in the local community served by Bank of Sierra. Ms. Bates received her Associate's degree from Porterville College and
studied for a semester at Fresno State University
.
From 1980 to the
present she has served as a senior officer of Childress, Bates, Childress
Inc., a successful farming business. Additionally, since 2006 she has been a
50% Partner in CPG Ranch, also a successful farming business. Both businesses
are located in Porterville. Ms. Bates has spent most of her life in
Porterville and, as a result, has close ties to the community. As a
significant stockholder of Sierra Bancorp, Ms. Bates is dedicated to
increasing stockholder value. She believes that the election of her sister,
Ms. Childress, will help to ensure Sierra Bancorp's continued success.
GENERAL VOTING PROCEDURES
To vote
FOR
the election of Patricia L. Childress as a director of the
Company, please sign and date the enclosed
WHITE
proxy card and
return it to Ms. Childress's and Ms. Bates's proxy solicitor, The Altman Group, Inc. ("The
Altman Group"), in the enclosed postage-prepaid envelope. Submitting the proxy
will not affect your right to attend the Annual Meeting and vote in person.
QUESTIONS & ANSWERS ABOUT VOTING PROCEDURES
How do I
vote in person if I am a record holder?
If you hold shares of Bancorp common stock on the Record Date, which date will
be established by the Company and, based upon past practices, is expected to
be late March or early April 2008, you may attend the Annual Meeting and vote
in person.
How do I
vote by proxy if I am a record holder?
To vote by proxy, you should complete, sign and date the enclosed
WHITE
proxy card and return it promptly in the enclosed postage-prepaid envelope. To
be able to vote your shares in accordance with your instructions at the Annual
Meeting, Ms. Childress's and Ms. Bates's solicitor must receive your proxy as soon as possible
but, in any event, prior to the meeting. You may vote your shares without
submitting a proxy, if you vote in person.
4
What if I am not the record holder of my shares?
If your shares are held in the name of a brokerage firm, bank nominee or other
institution, only it can give a proxy with respect to your shares. You may
have received either a
WHITE
proxy card from the record holder
(which you can complete and send directly to The Altman Group) or an
instruction card (which you can complete and return to the record holder to
direct its voting of your shares). If the record holder has not sent you
either a
WHITE
proxy card or an instruction card, you may
contact the record holder directly to provide it with instructions. You may receive
more than one set of voting materials, including multiple copies of this proxy
statement and multiple
WHITE
proxy cards or voting instruction
cards. For example, if you hold shares in more than one brokerage account, you
may receive a separate voting instruction card for each brokerage account in
which your shares are held. You should complete, sign, date and return each
WHITE
proxy card and voting instruction card you receive.
You may also receive a non-white proxy or voting instruction card that is
being solicited by the Company's board of directors. Ms. Childress and Ms.
Bates urge you
to discard any non-white proxy card or voting instruction card sent to you by
the Company. If you have previously signed a non-white proxy card or voting
instruction card sent by the Company, we urge you to sign, date and promptly
mail the enclosed
WHITE
proxy card or voting instruction card
before the Annual Meeting. By doing so, you will revoke any earlier dated
proxy card or voting instruction card solicited by the Company's board of
directors.
It is very important that you date your proxy.
It is not
necessary to contact the Company for your revocation to be effective.
If you have questions or need assistance, please contact The Altman Group at
(866) 387-0017.
What is a
"legal proxy," and when would I need one?
If you do not have record ownership of your shares and want to vote in person
at the Annual Meeting, or if you are voting for someone else at the Annual
Meeting, you may obtain a document called a "legal proxy" from the record
holder of the shares or such other person and bring it to the Annual Meeting.
If you need assistance, please contact The Altman Group at (866) 387-0017.
What should
I do if I receive a non- white proxy card from Bancorp's management?
Proxies on the non-white proxy card are being solicited by the Company's
management. If you submit a proxy to us by signing and returning the enclosed
WHITE
proxy card, do not subsequently sign or return the
non-white proxy card or follow any voting instructions provided by the
Company, unless you intend to change your vote, because only your latest dated
proxy will be counted.
If you have
already sent a non-white proxy card to the Company, you may revoke it and vote
with Ms. Childress by signing, dating and returning the enclosed
WHITE
proxy card.
What if I
want to revoke my proxy or change my voting instructions?
If you give a proxy, you may revoke it at any time before it is voted on your
behalf. If you hold shares in your own name (i.e., not through a bank or
brokerage firm), you may revoke the prior proxy by:
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delivering a
later dated proxy to Ms. Childress's and Ms. Bates's proxy solicitor, using the enclosed
postage-prepaid envelope; or
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delivering a
later dated proxy to the Secretary of Bancorp; or
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delivering a written
revocation to either Ms. Childress's and Ms. Bates's proxy solicitor or the
Secretary of Bancorp; or
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voting in
person at the Annual Meeting.
If you hold your shares in
street name, you may change your vote by:
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submitting a
new proxy card or voting instruction form to your broker or nominee; or
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attending the
Annual Meeting and voting in person, provided you have obtained a signed legal proxy
from the record holder giving you the right to vote your shares.
If you choose to revoke a proxy by giving written notice or a later-dated
proxy to the Secretary of Bancorp or by submitting new voting instructions to
your broker or nominee, Ms. Childress and Ms. Bates would appreciate if you would assist us
in representing the interests of stockholders on an informed basis by either
sending The Altman Group a copy of your revocation, proxy or new voting
instructions or by calling them at (866) 387-0017. Remember, your
latest-dated proxy is the only one that counts.
5
If I plan to attend the Annual Meeting, should I still submit a
proxy?
Whether you plan to attend
the Annual Meeting or not, we urge you
to submit a
WHITE
proxy. Returning the enclosed proxy card will
not affect your right to attend the Annual Meeting and vote.
Who can vote?
You are eligible to vote or to execute a proxy only if you owned
shares of common stock of the Company on the Record Date. Even if you sell your
shares after the Record Date, you will retain the right to execute a proxy in
connection with the Annual Meeting. It is important that you grant a proxy
regarding shares you held on the Record Date, or vote those shares in person,
even if you no longer own those shares. According to the Company's current
report on Form 10K filed with the Securities and Exchange Commission on
March13, 2008, approximately 9,591,088 shares of the Company's common stock
were issued and outstanding as of January 31, 2008.
How many votes do I have?
With respect to each matter to be considered at the Annual
Meeting, you are entitled to one vote for each share of common stock owned on
the Record Date. Based on documents publicly filed by the Company, the Company's
only outstanding voting securities are its common stock.
How will my shares be voted?
If you give a proxy on the accompanying
WHITE
proxy
card with instructions, your shares will be voted as you direct. If you submit a
signed
WHITE
proxy card to Ms. Childress's and Ms. Bates's proxy solicitor without
instructions, your shares will be voted
FOR
the election of Ms. Childress
as a director of Bancorp and proxies held by Ms. Childress will vote
FOR
any proposal by Ms. Childress to adjourn the meeting, unless the signed
WHITE
proxy contains instructions to the contrary. Submitting a signed
WHITE
proxy card without instructions will entitle Ms. Childress
to vote your shares in her discretion on matters not described in this proxy
statement that Ms. Childress does not know, a reasonable time before this
solicitation, are to be presented at the Annual Meeting and that properly come
before the Annual Meeting, or any adjournment or postponement thereof.
If Bancorp stockholders holding shares of
Bancorp stock in street name do not provide voting instructions, their shares
will not be voted and will therefore be considered broker "non-votes."
Unless a signed proxy specifies otherwise,
it is presumed to relate to all shares held of record on the Record Date by the
person who submitted it.
What is a quorum and why is it necessary?
A quorum of stockholders is necessary to have a valid
stockholders' meeting. The presence, in person or by proxy, of the holders of a
majority of the issued and outstanding shares of stock entitled to vote at the
Annual Meeting is necessary to constitute a quorum. Abstentions and broker
"non-votes" will have no effect on the election of directors. A "non-vote"
occurs when a nominee holding shares for a beneficial owner does not vote on a
proposal because the nominee does not have discretionary voting power and has
not received instructions from the beneficial owner. Shares held by the Company
in its treasury do not count toward the quorum.
What vote is required to elect a director and approve each
proposal and how will votes be counted?
The Company currently has eight directors, each of whom serves
for a two-year term or until his or her successor is elected and qualified, or
until such individual's earlier resignation or removal. The Company's common
stock is the only class of securities entitled to be voted at the Annual
Meeting. The common stockholders have the right to elect 4 directors at the
Annual Meeting. Each stockholder is entitled to one vote for each share of
common stock held of record by such stockholder as of the close of business on
the Record Date. Directors elected by the common stockholders are elected by the
affirmative vote of stockholders holding a plurality of shares of common stock,
in attendance at the meeting, either in person or by proxy.
Can the meeting be adjourned or postponed?
The Company's Bylaws provide that, if a quorum is not present, a
stockholders' meeting may be adjourned, from time to time and without notice
other than announcement at the meeting, by those stockholders present in person,
until a quorum is present. If adjournment is for more than 30 days or if, after
the adjournment, a new record date is set, a notice of the adjourned meeting
must be given to each stockholder entitled to vote at the meeting.
How can I receive more information?
If you require assistance or have questions about giving your
proxy or about this proxy solicitation by Ms. Childress and Ms. Bates, please call The Altman
Group at (866) 387-0017.
6
PROXY REVOCATION RIGHTS
Any stockholder who has executed and returned a proxy, whether
solicited by the Company or by Ms. Childress and Ms. Bates, may revoke it at any
time before the proxy is voted. A proxy may be revoked by sending a written
revocation of such proxy to Ms. Childress or to the Secretary of the Company, by
submitting another proxy with a later date marked on it, or by appearing in
person at the Annual Meeting and voting. If, however, you hold your shares
through a bank or broker and wish to vote at the Annual Meeting, you will need
to obtain a legal proxy from that firm in order to be able to vote in person.
Attendance at the meeting will not, by itself, revoke a proxy unless you
actually vote at the meeting.
Remember, only the latest dated proxy card will be counted.
Therefore, Ms. Childress and Ms. Bates urge you to sign and return the
WHITE
proxy card accompanying this proxy statement.
There is no limit on the number of times that a stockholder may
revoke a proxy prior to the Annual Meeting. If you send written revocation of
your proxy to the Secretary of the Company, Ms. Childress and Ms. Bates request
that you send either the original or a copy of that revocation to The Altman
Group at the address on the last page of this proxy statement. This will allow
Ms. Childress and Ms. Bates to more accurately determine if and when the
requisite number of proxies have been received.
PLEASE NOTE,
that in order to vote
FOR
the election of Ms. Childress as a director of Bancorp, you will need
to complete and return the
WHITE
proxy card, regardless of whether
or not you send a revocation.
PROXY SOLICITATION AND EXPENSES
Proxies may be solicited by mail, telephone, telefax, telegraph,
e-mail, newspapers and other publications of general distribution and in person.
In connection with this solicitation of proxies, banks, brokers, custodians,
nominees, other institutional holders and other fiduciaries will be asked to
forward all soliciting materials to the beneficial owners of the shares that
those institutions hold of record. Ms. Childress will reimburse those
institutions for reasonable expenses that they incur in connection with
forwarding these materials.
Ms. Childress has retained The Altman Group, Inc. to solicit
proxies in connection with the Annual Meeting. The Altman Group, Inc. may
solicit proxies from individuals, banks, brokers, custodians, nominees, other
institutional holders and other fiduciaries. Ms. Childress has agreed to
reimburse The Altman Group, Inc. for its reasonable expenses and to pay it fees
in connection with the proxy solicitation. It is currently expected that the
fees payable to The Altman Group, Inc. in connection with this proxy
solicitation will not exceed $25,000. To date, The Altman Group has received
$12,500 for its services.
In addition to the costs related to the engagement of The Altman
Group, Inc., costs related to this solicitation of proxies include expenditures
for printing, postage, legal services and other related items. Ms. Childress and
Ms. Bates are bearing the entire expense of this proxy solicitation. Total
expenditures are expected to be approximately $__,000 to $__,000. Total payments
of costs to date are approximately $26,000.
Ms. Childress will seek reimbursement of all solicitation
expenses from the Company and does not currently intend to seek a vote of the
stockholders for approval of such reimbursement
.
7
INFORMATION
ABOUT THE PARTICIPANTS IN THIS SOLICITATION OF PROXIES
This proxy solicitation is being conducted by Ms. Childress and
her sister, Carol Bates, both of whom are described above. As a group,
they beneficially own approximately 12.7% of the outstanding Common Stock of
the Company. Each of them is deemed to be a participant (the
"Participants") in this proxy solicitation within the meaning of the federal
securities laws. The percentages used herein, unless otherwise stated,
are based upon 9,591,088 shares of Common Stock outstanding on January 31,
2008 as reported by the Company in it's Annual Report on Form 10K filed March 13,
2008. The relationship and ownership discussed below are only in respect
to beneficial ownership of the Common Stock.
Additional information
concerning Ms. Childress and Ms. Bates is set forth in Annex A to this proxy
statement. Information concerning Ms. Childress's and Ms. Bates's beneficial
ownership of Bancorp common stock is set forth in Annex B to this proxy
statement. All information contained in Annexes A and B is incorporated into
this proxy statement by reference. Information in this proxy statement about
Ms. Childress was provided by Ms. Childress and information about Ms. Bates
was provided by Ms. Bates.
GROUP
AGREEMENTS
Ms. Childress
and Ms. Bates have a verbal agreement to work together and share the expense
of this solicitation of proxies in support of the election of Ms. Childress at
the 2008 Annual Meeting of Shareholders. If Ms. Childress is elected,
Ms. Bates will not receive any compensation from Ms. Childress and Ms.
Childress will be paid only such fees as are established by the existing board
of directors for non-employee directors.
INFORMATION ABOUT SIERRA BANCORP
Based upon information provided in Bancorp's Form
10-K, the mailing address of Bancorp's principal executive office is 86 North
Main Street, Porterville, California 93257, telephone (559) 782-4900.
The Company's proxy statement for the 2008 annual shareholders'
meeting should be available soon and it will set forth updated information
with respect to Bancorp's directors and officers share holdings of common
stock.
Except as otherwise noted herein, the information in this proxy statement
concerning Bancorp has been taken from or is based upon documents and records
on file with the Securities and Exchange Commission and other publicly
available information. Although Participants do not have any knowledge
indicating that any statement contained herein is untrue, Participants do not take
any responsibility for the reliability or completeness of statements taken
from public documents and records that were not prepared by or on her behalf,
or for any failure by Bancorp to disclose events that may affect the
significance or accuracy of such information. .
OTHER MATTERS TO BE VOTED UPON
The
WHITE
proxy card provides you the opportunity to vote on the
Company's proposals, other than the election of directors by the Company's
stockholders. For more information about these proposals, please refer to the
proxy statement and form of proxy to be distributed by the Company.
If no direction is given, proxies held by Ms. Childress will vote FOR, and recommends that common stockholders vote FOR the following proposals:
-
Proposal 1
- Election of Patricia L. Childress as director,
-
Proposal 2
- Grant of discretionary authority to adjourn meeting to
solicit additional votes
Proxies held by Ms. Childress will vote FOR any proposal by
Ms. Childress to adjourn the meeting, unless the signed
WHITE
proxy
contains instructions to the contrary.
8
YOUR VOTE IS IMPORTANT.
Your vote could determine if the stockholders have an adequate
voice in the affairs of this Company.
Let your voice be heard.
Please mark, sign and date the enclosed
WHITE
proxy card and return it
promptly in the enclosed
postage-prepaid envelope.
* * * * * * *
Questions or requests for additional copies of this proxy
statement should be directed to:
The Altman Group
(866) 387-0017
JUDGMENTS, ESTIMATES AND FORWARD-LOOKING STATEMENTS
The views expressed in this proxy statement are judgments, which
are subjective in nature and, in certain cases, forward-looking in nature. This
proxy statement may also contain estimates made without the benefit of actual
measurement. Forward-looking statements and estimates by their nature involve
risks, uncertainties and assumptions. Forward-looking statements and estimates
are inherently speculative in nature and are not guarantees of actual
measurements or of future developments. Actual measurements and future
developments may and should be expected to differ materially from those
expressed or implied by estimates and forward-looking statements. Ms. Childress
and Ms. Bates do not assume any obligation and do not intend to update these
forward-looking statements. The information contained in this proxy statement
does not purport to be an appraisal of any business or business unit or to
necessarily reflect the prices at which any business or business unit or any
securities actually may be bought or sold. In addition, where quotations have
been used, permission to use such quotations was neither sought nor obtained.
The views expressed in
this proxy statement are those of Ms. Childress and Ms. Bates. These views are
premised on not only Ms. Childress's and Ms. Bates's individual business and
financial experience but more importantly, on their expectations for future
Company performance. However, your personal expectations for the Company could
differ from those of Ms. Childress and Ms. Bates. Thus, the views expressed in
this proxy statement do not constitute a recommendation by Ms. Childress nor Ms.
Bates to any holder of shares of Bancorp common stock with respect to how such
stockholder should vote his or her shares. Instead, Ms. Childress and Ms. Bates
recommend that, prior to voting by proxy or in person at the Annual Meeting,
each stockholder analyze the views expressed herein in conjunction with
his/her/its own expectations for the Company's future performance and
profitability.
9
ANNEX A
RELATIONSHIP BETWEEN THE COMPANY AND CERTAIN STOCKHOLDERS
WHO MAY BE DEEMED TO BE PARTICIPANTS IN THE SOLICITATION OF PROXIES
Ms. Patricia L. Childress and Ms. Carol A. Bates, as concerned
stockholders, are participants in the solicitation of proxies for the Annual
Meeting, as that term is defined under federal securities laws.
Neither Ms. Childress nor Ms. Bates currently holds any position
or office with the Company. Furthermore, no arrangements or understandings exist
between Ms. Childress or Ms. Bates and any other person with respect to any
future employment by the Company or its affiliates or any future transactions to
which the Company or its affiliates will or may be a party. No arrangements or
understandings exist with any person at the Company or its affiliates pursuant
to which Ms. Childress is to be elected as a director. Neither Ms. Childress nor
Ms. Bates have any family relationship with any director or executive officer of
the Company. Neither Ms. Childress nor Ms. Bates are and have not been engaged
in any legal proceedings in the past ten years relating to bankruptcy, criminal
proceedings, violations of the securities laws, violations of the Federal
commodities laws, or injunctions from engaging in certain business activities.
Neither has been convicted in a criminal proceeding during the past ten years.
Additionally, neither Ms. Childress nor Ms. Bates are, nor is any associate of
either, a party adverse to the Company in a material proceeding, nor does either
Ms. Childress or Ms. Bates otherwise have a material interest adverse to the
Company.
Except as described in the paragraphs that follow, neither Ms.
Childress nor Ms. Bates has, nor does any company with which Ms.
Childress or Ms. Bates are associated have, any business relationship with the
Company. Other than with respect to their verbal agreement to work together in
this proxy solicitation, neither is a party to a contract, arrangement or
understanding with any person with respect to any securities of the Company.
Neither Ms. Childress nor Ms. Bates are and have not in the last year, nor has
any family member of either, been indebted to the Company for an amount
exceeding $120,000 and does not have any interest in any transactions, involving
an amount exceeding $120,000, to which the Company is a party.
Ms. Childress is the record holder of 632,942 shares and may be
deemed to beneficially own 665,615 shares of common stock of the Company. Ms.
Bates is the record holder of 516,451 shares and may be deemed to beneficially
own 549,124 shares of common stock of the Company. Additional information
regarding Ms. Childress and Ms. Bates has been publicly disclosed in the
Company's proxy statements and Ms. Childress's and Ms. Bates's filings under the
Securities Exchange Act of 1934, as amended. Ms. Childress's and Ms. Bates's
address is: c/o Tisdale & Nicholson, LLP, 2029 Century Park East, Suite 900, Los
Angeles, California 90067. Set forth below in Annex C is a list of purchases and
sales of Bancorp shares by either Ms. Childress or Ms. Bates within the last two
years.
10
ANNEX B
BENEFICIAL OWNERSHIP OF BANCORP COMMON STOCK BY
MS. PATRICIA L. CHILDRESS AND MS. CAROL A. BATES
|
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(1) Title of class
|
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(2) Name and
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(3) Amount and
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(4) Percent of class
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address
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nature of beneficial
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of beneficial owner
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ownership
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Common Stock
Common Stock
|
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Patricia L. Childress
c/o Tisdale & Nicholson, LLP
2029 Century Park East
Suite 900
Los Angeles, CA 90067
Carol A. Bates
c/o Tisdale & Nicholson, LLP
2029 Century Park East
Suite 900
Los Angeles, CA 90067
|
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665,615
549,124
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7.0 %
5.7 %
|
11
ANNEX C
PURCHASE AND SALE OF SECURITIES BY
MS. CHILDRESS AND MS. BATES
The following table sets forth information with respect to purchases and sales
by Ms. Childress and Ms. Bates during the past two years. The transactions
listed below were made on the open market at market prices.
SIERRA BANCORP
Name
|
Date
|
Purchase
|
Sale
|
Patricia Childress
|
1/3/2008
|
2500
|
|
|
1/3/2008
|
861
|
|
|
1/3/2008
|
639
|
|
|
1/4/2008
|
1000
|
|
|
1/4/2008
|
1343
|
|
|
1/4/2008
|
700
|
|
|
1/4/2008
|
400
|
|
|
1/16/2008
|
2000
|
|
|
3/1/2008
|
1000
|
|
|
4/2/2008
|
305
|
|
|
4/3/2008
|
2195
|
|
|
4/3/2008
|
1300
|
|
|
4/4/2008
|
1200
|
|
|
|
|
|
Carol Bates
|
1/18/2008
|
2000
|
|
|
1/18/2008
|
1501
|
|
|
1/18/2008
|
496
|
|
|
3/03/2008
|
250
|
|
|
|
|
|
|
|
|
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|
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12
* * * PRELIMINARY * * *
SIERRA BANCORP
PROXY FOR THE ANNUAL MEETING OF STOCKHOLDERS
THIS PROXY IS SOLICITED BY PATRICIA L. CHILDRESS,
NOT BY THE BOARD OF DIRECTORS OF SIERRA BANCORP
The undersigned holder of shares of common stock of Sierra
Bancorp, a California corporation (the "Company"), hereby appoints Patricia L.
Childress (the "Proxy") as proxy of such holder, with full powers of
substitution and resubstitution, to represent the undersigned and vote on behalf
of the undersigned at the Annual Meeting of Stockholders of the Company, to be
held at the [Company's corporate offices, 86 North Main Street, Porterville,
California 93257], on May __, 2008 at a time to be determined, and any
adjournment or postponement thereof. The undersigned hereby grants the Proxy the
authority to vote all shares held or owned by the undersigned in accordance with
the directions indicated herein. The undersigned hereby acknowledges receipt of
the Proxy Statement of Patricia L. Childress.
This proxy, when properly executed, will cause your shares to
be voted as you direct.
If you return this proxy, properly executed, without specifying a choice,
your shares will be voted FOR Proposal 1 and Proposal 2.
PROPOSAL 1 - Election of Patricia L. Childress as Director
Election of Patricia L. Childress as a director of the Company.
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ELECTION OF DIRECTOR:
|
|
o
FOR the nominee
listed to the left.
|
|
o
WITHHOLD AUTHORITY
|
Patricia L. Childress
|
|
|
|
to vote for the
nominee listed to the left.
|
PROPOSAL 2 - Grant of Discretionary Authority to Adjourn Meeting
Grant of discretionary authority to adjourn the meeting to
solicit additional proxies.
|
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|
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|
o
FOR
|
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o
AGAINST
|
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o
ABSTAIN
|
PLEASE COMPLETE, SIGN AND DATE THE REVERSE SIDE OF THIS PROXY
CARD.
13
In their discretion, the Proxy is authorized to vote upon
such other business
as may properly come before the meeting, or any adjournment or postponements
thereof,
as set forth in the proxy statement provided herewith.
Please sign your name exactly as it appears hereon or on your proxy cards
previously sent to you. When shares are held by joint tenants, both should
sign. When signing as an attorney, executor, administrator, trustee, or
guardian, please give full title as such. If a corporation, please sign in
full corporation name by the President and other duly authorized officer. If a
partnership, please sign in partnership name by authorized person. This proxy
card votes all shares held in all capacities.
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Dated:
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Signature
|
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Signature, if held
jointly
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Title:
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PLEASE SIGN, DATE, AND MAIL THIS PROXY CARD TODAY.
If you have any questions or need help voting your shares,
please call
The Altman Group, Inc., toll free at (866) 387-0017.
14
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