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Santa Clara Valley Bank sells for $15.3 million

Posted: July 17, 2014 4:52 p.m.
Updated: July 17, 2014 4:52 p.m.
 

Santa Clara Valley Bank has agreed to a sale agreement in the amount of $15.3 million.

Founded in 1998, the Santa Paula-based bank has branch locations in Santa Paula, Fillmore and Valencia. It has marketed itself as SCV Bank.

Sierra Bancorp, holding company for Bank of the Sierra, signed the agreement for $15.3 million, which includes $3 million in cash and $12.3 million in purchase of common shares of the Santa Paula bank.

Porterville-based Bank of Sierra first opened in the San Joaquin Valley in 1978. It acquired Sierra National Bank in 2000, when the holding company Sierra Bancorp was formed.

The Santa Clara Valley is a strong agricultural region in close proximity to Sierra Bancorp’s primary market, said James Holly, CEO of Sierra Bancorp.

“The market is very similar to the region we already serve, and this opportunity is a natural extension for us,” Holly said in a statement. “In addition, beyond the Santa Clara Valley, we believe that we can serve the commercial and residential communities of Ventura, Oxnard and Santa Clarita.”

The low cash payment allows Sierra Bancorp to leverage its existing capital and use it for lending opportunities in the Santa Clara Valley and surrounding communities, according to Kevin McPhaill, president and COO of Sierra Bancorp.

“Bank of Sierra is large enough to offer a wide variety of products and services, but small enough to remain a community bank dedicated to serving its customers and communities,” said Cheryl Knight, president and CEO of Santa Clara Valley Bank. “This transaction should also preserve many local jobs.”

 

 

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