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Sierra Bancorp closes Coast Bancorp deal

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Sierra Bancorp closes Coast Bancorp deal

Porterville, Calif.-based Sierra Bancorp ($1.76 billion) has completed itsacquisition of SanLuis Obispo, Calif.-based CoastBancorp ($145.3 million).

Coast Bancorp shareholders received total mergerconsideration of about $13.5 million — payable $3.3 million in cash with thebalance payable in Sierra Bancorp common shares.

Coast Bancorp unit CoastNational Bank merged into Sierra Bancorp unit immediatelyfollowing the acquisition.

According to a July 8 news release, Bank of the Sierra now hasassets of almost $2 billion and operates 33 full-service branches, as well as aloan production office, an online branch, a real estate industries center, anagricultural credit center and a Small Business Administration center.

Keefe Bruyette & Woods served as financial adviser toSierra Bancorp, while King Holmes Paterno & Soriano LLP served as legalcounsel. FIG Partners LLC served as financial adviser, while Stuart Mooreserved as legal counsel, to Coast Bancorp, which received a fairness opinionfrom the Vining Sparks Community Bank Advisory Group.