Written by The Business Journal Staff
Sierra Bancorp, parent company of Porterville-based Bank of the Sierra, announced an agreement to acquire a Central Coast bank branch.
The Lompoc branch of Community Bank of Santa Maria has about $35 million in deposits and other assets that Bank of the Sierra is looking to purchase by this spring, pending regulatory approval.
“We are excited to expand our footprint in Santa Barbara County and provide outstanding financial services to the residents and businesses of the Lompoc area. Our team is working diligently to ensure the transition is as smooth as possible. Being a good community partner is much more than occupying a building in a city. We strive to support every community we serve, through volunteerism, reinvestment, and charitable giving through our Sierra Grant Program, and we look forward to serving the community of Lompoc,” stated Kevin McPhaill, Bank of the Sierra president and CEO.
Community Bank of Santa Maria currently operates two branches in Santa Maria in addition to the Lompoc branch.
“Community Bank of Santa Maria has experienced tremendous growth in loans and deposits in our primary market of Santa Maria,” stated Janet Silveria, president and CEO of Community Bank of Santa Maria. “This move provides us the opportunity to focus all our bank resources on that niche market and improves the overall financial strength of the organization.”