4/16/15 BANK OF THE SIERRA ANNOUNCES NEW LOAN PRODUCTION OFFICE IN VENTURA COUNTY
April 16, 2015
Porterville, CA – April 16, 2015 – Bank of the Sierra today announced plans to open a new Loan Production Office (LPO) in the city of Oxnard, Ventura County, California. The office is scheduled to open in May of 2015. This represents the 29th location for the bank and follows the November 2014 acquisition of Santa Clara Valley Bank and its branches in the nearby cities of Santa Paula, Fillmore and Santa Clarita.
“Continued loan growth plays a key role in our ability to attain the bank’s short and long term strategic goals, and ultimately, return to shareholders,” commented Kevin McPhaill, President and CEO. “In the five months following our Santa Clara Valley Bank acquisition, very strong loan growth potential is evident in Ventura County, and the new LPO will help us meet the lending needs in that area,” he added.
“The loan production office in Ventura County is a natural fit to our existing franchise in this part of the state,” stated Michael Olague, Executive Vice President and Chief Banking Officer. “We have experienced solid loan activity in this area and we look forward to expanding our presence in developing additional lending relationships,” continued Olague.
The new LPO will be located in Suite 1720 on the 17th floor of the Topa Financial Plaza tower at 300 Esplanade Drive, Oxnard, California 93036. Branch functions will be limited to loan processing and production. Deposit gathering and other bank branch functions will not be available at this office due to regulatory requirements governing LPOs.
Bank of the Sierra (www.bankofthesierra.com), which is in its 38th year of operations and at over $1.7 billion in total assets is the largest independent bank headquartered in the South San Joaquin Valley. The Company has over 400 employees and conducts business through 28 branch offices, an online branch, a real estate industries center, an agricultural credit center, and an SBA center. Sierra Bancorp, the holding company for Bank of the Sierra, is publicly traded on the NASDAQ: BSRR.