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."