A small San Joaquin Valley-based bank has purchased a smaller bank that served the Santa Clarita area, it announced this weekend.
Branches of Santa Clara Valley Bank will be converted to Bank of the Sierra branches now that Porterville-based Sierra Bancorp has paid $15.3 million to SCVB’s shareholders and warrant holders, Sierra president Kevin McPhaill said. The deal was first announced July 17.
Santa Clara Valley Bank had branches in Fillmore, Santa Clarita and Santa Paula. Each acquired branch will remain open and will be rebranded as Bank of the Sierra, the bank stated.
Bank of the Sierra is in its 37th year of operations and has $1.6 billion in assets. It also claims to be the largest independent bank headquartered in the South San Joaquin Valley, with 440 employees and 28 branch offices, a real estate industries center and an agricultural credit center.
— City News Service