published on May 17, 2016 - 3:30 AM
Written by The Business Journal Staff

Bank of the Sierra announced it has completed the assumption of deposits and loan assets of the Porterville branch of Citizens Business Bank.

The final regulatory approval comes about four months after the Porterville-based bank entered the agreement to assume about $22 million in Citizens Business Bank deposits and about $1 million in loans.

Bank of the Sierra President and CEO Kevin McPhaill was pleased with the acquisition, adding in a statement, “We are happy to extend our services to the customers of Citizens Business Bank. We’ve been pleased with the transition, and are confident that customers will enjoy access to the range of products and services Bank of the Sierra offers.”

Customer accounts were transitioned over to Bank of the Sierra’s Porterville Branch, located at 90 North Main Street.

All the employees from the Citizens Business Bank branch were retained in the acquisition.

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