Sierra Bancorp Declares Quarterly Cash Dividend
January 22 2010 - 4:52AM
PR Newswire (US)
PORTERVILLE, Calif., Jan. 22 /PRNewswire-FirstCall/ -- Sierra
Bancorp (NASDAQ:BSRR), parent of Bank of the Sierra, today
announced that its Board of Directors declared a regular quarterly
cash dividend of $0.06 per share, subsequent to the Board's review
of the Company's preliminary financial results and capital strength
for the quarter and the year ended December 31, 2009. The dividend
will be paid on February 15, 2010 to shareholders of record as of
February 1, 2010. "We're pleased to be one of the few
publicly-traded community banks in California still paying
dividends," commented Jim Holly, President and Chief Executive
Officer of Sierra Bancorp. "We expect to report earnings for 2009
that are strong relative to most of our peer banks, but we also
recognize the importance of capital conservation and felt it
prudent to reduce our quarterly dividend due to continued economic
stress and uncertainty, particularly in California," Holly
explained. Sierra Bancorp is the holding company for Bank of the
Sierra (http://www.bankofthesierra.com/), which is in its 33rd year
of operations and is the largest independent bank headquartered in
the South San Joaquin Valley. The Company has $1.3 billion in total
assets with 24 branch offices, an agricultural credit center, an
SBA center, an online "virtual" branch, and over 400 employees. 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.
Website Address: http://www.sierrabancorp.com/ DATASOURCE: Sierra
Bancorp CONTACT: Ken Taylor, EVP/CFO, or Kevin McPhaill, EVP/Chief
Banking Officer, both of Sierra Bancorp, +1-559-782-4900, or
1-888-454-BANK Web Site: http://www.bankofthesierra.com/
http://www.sierrabancorp.com/
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