Fresno’s Central Valley Community Bancorp, the parent company of Central Valley Community Bank, formally completed its acquisition of Sierra Vista Bank on Friday, putting a bow on the deal valued at about $26.3 million in cash and stock.
Sierra Vista Bank is based in Folsom with three offices in Sacramento and El Dorado counties and assets of almost $157.3 million. Signs on the bank buildings in Folsom, Fair Oaks and Cameron Park will be changed to Central Valley Community Bank this month, and the banks’ operating systems will be converted in early November.
The acquisition, first announced in April, enlarges Central Valley Community Bank to an institution with total assets of about $1.4 billion and 23 branches in the Sacramento and San Joaquin valleys.
Sierra Vista Bank stock was formerly traded on the OTC Pink over-the-counter board under the stock symbol SVBA. Its final stock price was reported at $5.45 per share. Central Valley Community Bancorp shares are listed on Nasdaq under the symbol CVCY; the stock closed Friday at $15.86 per share.
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The Central Valley/Sierra Vista acquisition is one of several mergers or acquisitions this year involving community banks in the central San Joaquin Valley.
And last week, Ontario-based CVB Financial Corp., the parent company of Citizens Business Bank, and Visalia’s Valley Commerce Bancorp declared their plans for a $57.5 million merger. Valley Commerce Bancorp is the parent company of Valley Business Bank.