Local Bank Sold to Western Sierra Bancorp
Central Sierra Bank has been sold for $21.5 million in stock and cash to Western Sierra Bancorp, Central Sierra, with $137 million in assets, has branches in Lodi and six Foothills communities and is headquartered in San Andreas. The deal is expected to be completed in July.
This will be the fifth acquisition for the Cameron Park-based Western Sierra Bancorp since 1999. The deal will give Western Sierra a network of 26 branch locations and four loan production offices in 15 Northern California counties.
Central Sierra Bank was established in 1981 with branches in San Andreas and Angels Camp. Central Sierra will merge with Central California Bank, a Western Sierra subsidiary. Total assets of the combined multi-bank holding company will exceed $840 million, which also includes Western Sierra Bank, Lake Community Bank and Central California Bank.
Within the Western Sierra banking network, there are branches in such communities as Pollock Pines, Placerville, El Dorado Hills, Lincoln, Sacramento, Roseville, Granite Bay, Sonora, Twain Harte, Columbia and Lakeport.
The transaction will need regulatory approval as well as Central Sierra Bank shareholder approval, expected sometime in the second quarter of this year