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July 17, 2014
18:20 EDTBSRRSierra Bancorp to acquire Santa Clara Valley Bank for $15.3M
Sierra Bancorp signed a definitive agreement to acquire Santa Clara Valley Bank of Santa Paula, California, for aggregate cash consideration of $15.3M. The consideration consists of $12.3M or $6.00 per share to common shareholders and cash consideration of $3.0M to preferred shareholders to retire outstanding preferred stock and associated warrants. Included in the $12.3M, Sierra will pay $700K to cash out existing in-the-money warrants. Sierra Bancorp expects the acquisition to be immediately accretive to EPS, and will yield a tangible book value earnback of less than 3.5 years and an IRR in excess of 20%.
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December 19, 2014
05:18 EDTBSRRSierra Bancorp Michael Olague Chief Banking Officer
Sierra Bancorp announced Michael Olague will assume the position of EVP, Chief Banking Officer of Sierra Bancorp and the Bank, on January 1, 2015. In his new role, Olague will lead the Bank's team of Market Presidents, oversee branch loan and deposit growth objectives, and work closely with the board and president to assist in merger and acquisition activities. Prior to this promotion, Olague held the position of Senior Vice President and Area Manager for Bank of the Sierra's Bakersfield and Delano markets.

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