Who is Bank of the Sierra?
Bank of the Sierra is a community bank headquartered in Porterville, CA. We’re a safe and strong bank, dedicated to the people and businesses we serve. The bank’s promise is this: “We will help make every community we're part of better.” This dedication and commitment to service are embodied daily by the employees throughout our organization.
Bank of the Sierra offers a full range of retail and commercial services at 38 branches located throughout Central and Southern California. We specialize in agricultural lending, and have a full suite of financial services products, including Mobile and Online Banking and Mobile Check Deposit.
Bank of the Sierra gives back to its communities in a variety of ways throughout the year, including a grant program designed to help local non-profit organizations with special programs and projects.
Where are Bank of the Sierra’s branches located?
Bank of the Sierra maintains 38 full-service branches, an online branch, a real estate industries center, an agricultural center, and an SBA center, most of which are located in the Central California region. View a full list of locations at https://www.bankofthesierra.com/branches_atms/.
Who is being acquired and what does this mean?
Bank of the Sierra will acquire the Lompoc division of Community Bank of Santa Maria, California. This means all current customers of Lompoc Community Bank will convert to Bank of the Sierra customers and gain access to all Bank of the Sierra locations, ATMs, products and services.
Why is the acquisition taking place?
In early 2018, Community Bank of Santa Maria and Bank of the Sierra entered negotiations to finalize the acquisition of Lompoc Community Bank. Both banks agree that the decision reflects the best interests of the customers, who will continue to receive the highest level of financial service.
When will the acquisition be finalized?
The acquisition is scheduled to be finalized in mid-2018.
How will this affect customers’ debit cards?
Lompoc Community Bank customers will receive new debit cards, and they should arrive close to the time of the transition. If the customers have any recurring transactions set up on their current card, those will need to be updated with the new Bank of the Sierra debit card number.
How will this affect customers’ checks?
Customers will receive a small supply of checks with Bank of the Sierra's routing number, and the new account numbers. These should arrive close to the time of the transition.
How will this affect customers' bank accounts?
Bank of the Sierra offers a variety of competitive accounts very similar to the accounts offered by Lompoc Community Bank. At the time of the transition, we will align customer accounts to the Bank of the Sierra account which most closely resembles the features and rates of their previous Lompoc Community Bank account. We’ll do our part to ensure that we minimize any interruption of services to customer accounts.
Will Consumer Loans, Consumer Lines of Credit, and Consumer Mortgages be affected?
This acquisition will only include the purchase of Redi-Credit. Consumer loans, other consumer lines of credit, and consumer mortgages will not be included in the purchase and will not have any impact on your existing loan rates, terms, or conditions. Please continue to make your payments as usual.
Will Overdraft Lines of Credit be affected?
Customers with Redi-Credit will be converting to Bank of the Sierra’s Sierra Reserve Line of Credit, effective May 21, 2018. In addition, your payment due date may change. Your payment will be due twenty five (25) days after your account statement. Bank of the Sierra offers competitive rates and fees on overdraft lines of credit. Please call the Customer Service Line at 1-888-454-BANK if you have any questions.
How will this affect the fees customers currently pay?
Bank of the Sierra offers accounts very similar to the accounts offered by Lompoc Community Bank, and Bank of the Sierra will make every attempt to match their current account with the account types we offer. Specific account information, including fee schedules and other documentation will be sent out as we get closer to the date of conversion.
How will this affect Lompoc Community Bank staff?
Lompoc Community Bank customers will still receive the same high quality customer service, and will see the same friendly faces.
Where can customers get more information?
Bank of the Sierra is here to help. Our goal is to answer any and all questions and concerns to make this transition as smooth and trouble-free for Lompoc Community Bank customers as possible. For further information, customers can call the toll free Customer Service Center, 888-454-BANK during regular business hours. Bank of the Sierra’s website also contains detailed information about its products and services, and branch locations and hours.
What happens to my FDIC insurance coverage if I have deposits at two insured banks that merge?
When one bank is acquired by another, deposits from the assumed (Lompoc Community Bank) are separately insured from deposits at the assuming bank (Bank of the Sierra) for at least six months after the acquisition. This grace period gives a depositor the opportunity to restructure his or her accounts, if necessary.
CDs from the assumed bank are separately insured until the earliest maturity date after the end of the six-month grace period. CDs that mature during the six-month period and are renewed for the same term and in the same dollar amount (either with or without accrued interest) continue to be separately insured until the first maturity date after the six-month period. If a CD matures during the six-month grace period and is renewed on any other basis, it would be separately insured only until the end of the six-month grace period.