Porterville-based Sierra Bancorp, the parent company of Bank of the Sierra, is increasing its presence along the Central Coast with the acquisition of OCB Bancorp.
The Ojai-based bank company operates branches in Ojai, Santa Barbara, Ventura, and Santa Paula.
The value of the transaction, announced late Monday, is approximately $35.7 million. The boards of both banks have approved the deal, which is expected to close in the fourth quarter of this year once it receives regulatory and OCB shareholder approval.
Last July, Sierra Bancorp acquired a string of banks from Coast Bancorp in San Luis Obispo for $13.5 million. Its three branches are in San Luis Obispo, Paso Robles, and Arroyo Grande. And in 2014, Sierra Bancorp acquired Santa Clara Valley Bank, based in the Ventura County community of Santa Paula, for $15.3 million.
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“Enhancing our presence on the Central Coast fits in with our long term strategic plan,” said Kevin McPhail, president and chief executive officer of Bank of the Sierra. “We have been impressed by Ojai’s strong commitment to its communities, disciplined growth strategies and success and look forward to growing this part of our bank together.”
Bank of Sierra, now in its 40th year of operation, is the largest banking company based in the central San Joaquin Valley. It operates 34 full-service branches throughout the southern San Joaquin Valley, Central Coast, Southern California and Santa Clara Valley.