Sierra Bancorp Closed Acquisition of Coast Bancorp of San Luis Obispo County

Sierra Bancorp Closed Acquisition of Coast Bancorp of San Luis Obispo County
11.07.2016 10:15 am

Sierra Bancorp Closed Acquisition of Coast Bancorp of San Luis Obispo County

Banking , Corporate

Sierra Bancorp, the holding company of Bank of the Sierra, announced today the completion of its acquisition of Coast Bancorp  of San Luis Obispo County, California through the merger of Coast Bancorp with and into Sierra Bancorp.  Pursuant to the terms of the acquisition agreement dated January 4, 2016, Coast Bancorp shareholders received aggregate merger consideration of approximately $13.5 million, payable $3.3 million in cash with the balance payable in shares of the common stock of Sierra Bancorp.  Immediately following the acquisition, Coast Bancorp's wholly-owned subsidiary, Coast National Bank, was merged into Sierra Bancorp's wholly-owned subsidiary, Bank of the Sierra.  Bank of the Sierra now has close to $2 billion in assets and operates 33 full-service branches, as well as a loan production office, an online branch, a real estate industries center, an agricultural credit center, and an SBA center.

Bank of the Sierra President and Chief Executive Officer Kevin McPhaill said, "We are pleased to see the successful completion of the acquisition. Thanks to the diligent work of both teams, the closing of the acquisition went smoothly, and we are excited to welcome the employees and customers of Coast to the Bank of the Sierra family and to offer our products and services to this robust market."

Related News

Metro Bank will waive overdraft interest on a temporary basis

Metro Bank announces that from 1 March to 30 June 2020, personal current account customers will not be charged any interest for using their overdraft. This will happen... Read more »

Sygnum Bank launches digital CHF token

Sygnum Bank announced the launch of its digital CHF token (DCHF). This CHF-pegged settlement token is the first to be issued by a regulated Swiss bank with a full digital asset... Read more »

ABN AMRO extends support measures for businesses affected by coronavirus

Last week ABN AMRO announced that, for Commercial Banking clients with a credit facility of up to 2.5 million euros, payment of principal and interest will be deferred... Read more »

Temenos Offers Customers Free Access to its Digital Learning Platform During the COVID-19 Crisis

Temenos (SIX: TEMN), the banking software company, today announced a free digital learning initiative, opening access to the Temenos Learning Community Online, its cloud-based... Read more »

CaixaBank will cancel rent payments on the homes it owns during the state of alert

CaixaBank, headed by Chairman Jordi Gual and Chief Executive Officer Gonzalo Gortázar, continues to help its customers and, as of April this year, will offer rental payment... Read more »

Revolut Business: 63% of SMEs haven’t switched business account provider in five or more years

Revolut Business, an innovative global business account built for growth, speed, ease and... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel