PORTERVILLE, Calif.,
July 21 /PRNewswire-FirstCall/ --
Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra, today
announced that it has filed with the Securities and Exchange
Commission a Form S-3 Registration Statement utilizing a "shelf"
registration process, which provides for the offer and sale from
time to time of up to $100 million of
common stock, preferred stock, warrants to purchase common or
preferred stock, or any combination thereof, as described in the
registration statement. Specific terms and prices will be
determined at the time of each offering under a separate prospectus
supplement, which will be filed with the SEC at the time of any
offering.
James C. Holly, President &
Chief Executive Officer, noted, "We don't have any immediate plans
to issue any securities off of this shelf. Our current
capital position is very strong. However, we feel that it is
prudent to have an option we can access quickly should strategic
opportunities become available or market or economic conditions
become more severe."
The registration statement has been filed with the SEC but has
not yet become effective. These securities may not be sold nor may
offers to buy these securities be accepted prior to the time the
shelf registration statement becomes effective. This press
release shall not constitute an offer to sell or a solicitation of
an offer to buy, nor shall there be any sale of these securities in
any jurisdiction in which an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. Any offering of the
securities covered under the shelf registration statement will be
made solely by means of a prospectus and an accompanying prospectus
supplement relating to that offering.
Sierra Bancorp is the holding company for Bank of the Sierra
(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 25 branch offices, an agricultural credit center,
an SBA center, an online "virtual" branch, and over 400 employees.
In its June 2010 edition, US
Banker magazine ranked Sierra Bancorp as the 3rd best performing
publicly-traded community bank in California based on three-year average return
on equity.
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.
www.sierrabancorp.com
SOURCE Sierra Bancorp