Porterville-based Sierra Bancorp, the parent company of Bank of the Sierra, wrapped up its acquisition of Coast Bancorp in San Luis Obispo in a $13.5 million deal that closed Friday.
The two companies announced the merger in January. The terms call for Sierra Bancorp to pay Coast shareholders $3.3 million in cash with the balance of the deal paid in Sierra Bancorp common stock. Sierra Bancorp stock, which is traded on Nasdaq under the stock symbol BSRR, closed Friday at $16.38 per share. Coast Bancorp shares had been traded on over-the-counter stock boards under the stock symbol CTBP. Those shares were listed last week at $2.06.
Coast Bancorp was the parent company of Coast National Bank. Its three branches in San Luis Obispo, Paso Robles and Arroyo Grande and a loan office in Atascadero formally became Bank of the Sierra branches once the deal closed. As of March, the bank employed 32 people and had about $143.7 million in assets including a loan portfolio of more than $94 million.
The acquisition boosts Bank of the Sierra to 33 branches in addition to specialized loan, real estate, commercial and agricultural lending offices. Its assets now total nearly $2 billion. It now has offices in Tulare, Fresno, Kings, Kern, Los Angeles, Ventura and San Luis Obispo counties.