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INVESTOR RELATIONS

Press Release

Bank of the Sierra Expands Business Loan Services in Southern California

Company Release - 2/4/2020 3:56 PM ET

Community-centric regional bank launches business development group focused on Los Angeles, Orange, Ventura, Santa Barbara, and San Luis Obispo counties

PORTERVILLE, Calif.--(BUSINESS WIRE)-- Bank of the Sierra announced today its plans to grow business loan services by targeting areas outside its current eight-county market. It has created a Southern California Business Development Group to offer loan services to companies throughout the region. The new group will be headquartered in the Bank’s branch at 26328 Citrus Street in Santa Clarita, Calif. In addition to the business development group, Bank of the Sierra has launched a similar group in Northern California and opened a Loan Production Office (LPO) in Rocklin, Calif. The Bank’s goal is to expand the footprint of its business loan services so it can help companies throughout the state with their lending needs.

The Southern California Business Development Group will be led by Bill Nethercott, Senior Vice President and Regional Business Development Manager. Nethercott has over 35 years of experience in commercial banking, having most recently worked for Premier America Credit Union and First Bank.

“Additional loan growth is vital to achieving the Bank’s strategic goals, including its return to shareholders,” said Kevin McPhaill, President and CEO of Bank of the Sierra. “This new business development group will enable us to reach beyond the eight counties covered by our 40 branches and meet the lending needs of businesses all over Southern California.”

“The Southern California Business Development Group is a logical extension to our growing Bank,” stated Michael Olague, Executive Vice President and Chief Banking Officer. “We expect solid loan activity in Southern California, and we look forward to developing additional lending relationships.”

About Bank of the Sierra

Bank of the Sierra is in its 43rd year of operations and is the largest independent bank headquartered in the South San Joaquin Valley. Bank of the Sierra is a community-centric regional bank, which offers a full range of retail and commercial banking services with full-service branches located within the counties of Tulare, Kern, Kings, Fresno, Los Angeles, Ventura, San Luis Obispo and Santa Barbara. The bank also maintains a loan production office and an online branch, and it provides specialized lending services through an agricultural credit center and an SBA center. In 2019, Bank of the Sierra was recognized as one of the strongest and top-performing community banks in the country with a 5-star rating from Bauer Financial.

Forward-Looking Statements

The statements contained in this release that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Readers are cautioned not to unduly rely on forward looking statements. Actual results may differ from those projected. These forward-looking statements involve risks and uncertainties including but not limited to the health of the national and local economies, the Company’s ability to attract and retain skilled employees, customers’ service expectations, the Company’s ability to successfully deploy new technology, the success of acquisitions and branch expansion, changes in interest rates, loan portfolio performance, and other factors detailed in the Company’s SEC filings, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recent Form 10-K and Form 10-Q.

Mitchell Lee, Communications Specialist
Matt Hessler, CFMP, Director of Marketing
(559) 782-4900 or (888) 454-BANK
NASDAQ Symbol:BSRR
www.bankofthesierra.com

Source: Sierra Bancorp


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