PORTERVILLE, Calif.,
Oct. 14 /PRNewswire-FirstCall/ --
Sierra Bancorp (Nasdaq: BSRR), (the "Company"), parent of Bank of
the Sierra (the "Bank"), announced today that it has entered into
definitive purchase agreements directly with several institutional
investors to sell 2,325,000 shares of its common stock, no par
value per share (the "Common Stock") to such investors, at a price
of $10 per share. The Company
expects to receive net proceeds of approximately $22 million after deducting the placement agent's
fee and other offering expenses. The Company currently
intends to use the net proceeds for working capital and general
corporate purposes, which may include, but not be limited to,
investments in the Bank for regulatory capital purposes, funding
asset growth, providing increased flexibility with respect to
possible selective asset dispositions, and financing possible
mergers or acquisitions. The closing of the offering is
expected to occur on or about October 19, 2010, subject to
customary closing conditions.
"We are very pleased at the investor response to our offering,
and particularly with the quality of the investor group, which
consists of institutional investors with exceptional reputations in
the investment and financial communities," said James C. Holly, Chief Executive Officer.
The shares of Common Stock are being sold pursuant to a
prospectus supplement which is part of the Company's effective
shelf registration statement. Keefe, Bruyette & Woods,
Inc. served as exclusive placement agent in connection with the
offering. Copies of the prospectus supplement and
accompanying prospectus relating to the offering may be obtained by
contacting Keefe, Bruyette & Woods, Inc., Equity Capital
Markets, 787 Seventh Avenue, 4th Floor, New York, New York 10019 or by calling
toll-free (800) 966-1559.
This press release does not and shall not constitute an offer to
sell or the solicitation of an offer to buy any of the securities,
nor shall there be any sale of the securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration of qualification under the
securities laws of any state or jurisdiction.
About Sierra Bancorp
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 conducts business from 25 branch offices, an
agricultural credit center, an SBA center, and an online "virtual"
branch, and has 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 health of the
national and California economies,
the Company's ability to attract and retain skilled employees,
customers' service expectations, the Company's ability to
successfully deploy new technology, the success of branch
expansion, changes in interest rates, loan portfolio performance,
the Company's ability to secure buyers for foreclosed properties,
and other factors detailed in the Company's SEC
filings available at the SEC's website at www.sec.gov
and the Company's website at
www.sierrabancorp.com.
SOURCE Sierra Bancorp
Copyright . 14 PR Newswire