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Ojai Community Bank sale to close Sept. 29

By   /   Tuesday, September 26th, 2017  /   Comments Off on Ojai Community Bank sale to close Sept. 29

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The Bank of the Sierra took the final step toward closing its acquisition of the parent company of Ojai Community Bank on Sept. 22, with the announcement that OCB Bancorp shareholders had voted to approve the deal.

The announcement was made a day after the OCB Bancorp shareholder vote. Ojai Community Bank will close on Sept. 29 and reopen on Oct. 2 as Bank of the Sierra.

It marks the latest move for Porterville-based Bank of the Sierra, which has been expanding its footprint in the region. Sierra purchased Coast Bancorp in San Luis Obispo in 2016 after acquiring Santa Paula’s Santa Clara Valley Bank in 2014.

The latest acquisition will bring Ojai Community Bank, Santa Barbara Community Bank, Ventura Community Bank and Santa Paula Community Bank under the Bank of the Sierra umbrella.

OCB Bancorp is the last independent banking company based in Ventura County. Community West in Goleta, Montecito Bank & Trust and American Riviera in Santa Barbara, along with Bank of Santa Maria in Santa Maria, are the final four independently owned banks in the Tri-Counties.

“We remain confident that Bank of the Sierra’s financial strength and overarching commitment to customer satisfaction will continue the legacy built by Ojai Community Bank,” said Bank of the Sierra CEO Kevin McPhaill in a news release.

OCB Bancorp CEO added, “This is an excellent opportunity for our shareholders, customers and employees to realize enhanced value by being a part of a larger financial institution with considerably deeper resources, operational scale and steady stream of core earnings.”

• Contact Robert Shutt at [email protected]

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