Bank of the Sierra Announces Agreement to Acquire Porterville Branch
January 25, 2016
PORTERVILLE, CA — Bank of the Sierra, the banking subsidiary of Sierra Bancorp, (NASDAQ: BSRR), announced that it has entered into an agreement with Citizens Business Bank, the banking subsidiary of CVB Financial Corp. (NASDAQ: CVBF), to acquire the deposits and certain loan assets of a branch of Citizens Business Bank located in Porterville, California. Pending regulatory approval, Sierra’s assumption of approximately $22 million in deposits and approximately $1 million in loans is scheduled to be completed in the second quarter of 2016.
Bank of the Sierra President and CEO Kevin McPhaill welcomed the acquisition, stating, “We are happy to welcome the Porterville customers of Citizens Business Bank into the Bank of the Sierra family, and we are committed to ensuring that the transition goes smoothly for them. We are confident that they will enjoy access to Bank of the Sierra’s broad range of financial products and personalized customer service.” Sierra plans to retain the current employees working at the Porterville Branch, which will be absorbed into Sierra’s Porterville Branch located at 90 North Main Street in Porterville.
About Sierra Bancorp & Bank of the Sierra
Sierra Bancorp (NASDAQ: BSRR) is a publicly-traded company with approximately $1.8 billion in assets. Headquartered in Porterville, California, the company operates primarily through Bank of the Sierra (the Bank). The Bank is a multi-community financial institution that offers a full range of retail and commercial banking services, primarily in the central and southern sections of the San Joaquin Valley. The Bank specializes in agricultural lending and works with many of the businesses in that region. Since opening for business in January 1978, the Bank has grown to be the largest independent bank headquartered in the South San Joaquin Valley. More information about Sierra Bancorp and Bank of the Sierra can be found at the following websites:
About CVB Financial Corp.
CVB Financial Corp. (“CVBF”) is the holding company for Citizens Business Bank. The Bank is the largest financial institution headquartered in the Inland Empire region of Southern California with assets of approximately $7.7 billion. CVBF recently earned the ranking of “Best Bank in America” according to Forbes’ America’s Best Banks 2016. Citizens Business Bank serves 44 cities with 40 Business Financial Centers, eight Commercial Banking Centers, and three trust office locations serving the Inland Empire, Los Angeles County, Orange County, San Diego County, Ventura County, Santa Barbara County, and the Central Valley area of California.
Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol “CVBF.” For investor information on CVB Financial Corp., visit the Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab.
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 local 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, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recent Form 10-K and Form 10-Q.