Sierra Bancorp, holding company of Bank of the Sierra, has completed its acquisition of Coast Bancorp of San Luis Obispo County.
Coast Bancorp shareholders received approximately $13.5 million — $3.3 million in cash and the balance in Sierra Bancorp stock.
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 33 branches, as well as a loan production office, an online branch, a real estate industries center, an agricultural credit center and an SBA center.
“We are pleased to see the successful completion of the acquisition,” said Bank of the Sierra President and Chief Executive Officer Kevin McPhaill. “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.”
• Contact Glenn Rabinowitz at [email protected]