Written by The Business Journal Staff
Sierra Bancorp, parent company of Porterville’s Bank of the Sierra, announced it has received shareholder and regulatory approval to close the purchase of a San Luis Obispo County bank.
The transaction with Coast Bancorp, parent of Coast National Bank, is expected to close on or about July 8.
When the deal was announced in January, the transaction was valued at just shy of $14 million.
Coast Bancorp is based in San Luis Obispo with full-service branches in Arroyo Grande and Paso Robles as well as a loan production office in Atascadero.
Sierra Bancorp also announced that Anita Robinson, president and CEO of Coast Bancorp and Coast National Bank, will become part of the Bank of the Sierra team as the market president of the San Luis Obispo area upon completion of the acquisition.
Bank of the Sierra currently has $1.8 billion in assets, while Coast National Bank has $144 million in assets.
Related story: Bank of the Sierra to buy SLO bank in $14M deal