published on July 12, 2016 - 6:40 AM
Written by The Business Journal Staff
Sierra Bancorp, parent company of Bank of the Sierra in Porterville, announced it has completed the acquisition of Coast Bancorp in San Luis Obipso.

As part of the deal, Coast Bancorp shareholders received about $13.5 million, of which $3.3 million is payable in cash and the rest in shares of Sierra Bancorp stock.

With the deal, Bank of the Sierra now has close to $2 billion in assets and operates 33 full-service branches.

Bank of the Sierra President and CEO Kevin McPhaill said, “We are pleased to see the successful completion of the acquisition. 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.”

Related story: Bank of the Sierra to buy SLO bank in $14M deal

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