Sierra Bancorp to be Acquired by Pacific Premier Bancorp for $1B
Ticker: BSRR · Form: 8-K · Filed: May 9, 2024 · CIK: 1130144
Sentiment: bullish
Topics: acquisition, merger, financials
Related Tickers: PPBI
TL;DR
Sierra Bancorp is being bought by Pacific Premier for $1B in cash and stock, closing Q4 2024.
AI Summary
Sierra Bancorp announced on May 9, 2024, that it has entered into a definitive agreement to be acquired by Pacific Premier Bancorp, Inc. The transaction is valued at approximately $1.0 billion, with Sierra Bancorp shareholders set to receive $30.00 in cash and 0.7705 shares of Pacific Premier common stock for each share of Sierra Bancorp common stock they own. The acquisition is expected to close in the fourth quarter of 2024.
Why It Matters
This acquisition creates a larger regional bank, potentially impacting competition and customer service in California. Shareholders will receive a significant premium for their shares.
Risk Assessment
Risk Level: medium — The deal is subject to regulatory approval and shareholder vote, which introduces uncertainty.
Key Numbers
- $1.0B — Transaction Value (Total value of the acquisition of Sierra Bancorp by Pacific Premier Bancorp.)
- $30.00 — Cash per Share (The cash component of the consideration for each Sierra Bancorp share.)
- 0.7705 — Stock per Share (The Pacific Premier stock component of the consideration for each Sierra Bancorp share.)
Key Players & Entities
- Sierra Bancorp (company) — Acquired company
- Pacific Premier Bancorp, Inc. (company) — Acquiring company
- $1.0 billion (dollar_amount) — Total transaction value
- $30.00 (dollar_amount) — Cash consideration per share
- 0.7705 (dollar_amount) — Stock consideration per share
- May 9, 2024 (date) — Announcement date
- fourth quarter of 2024 (date) — Expected closing date
FAQ
What is the total value of the acquisition of Sierra Bancorp by Pacific Premier Bancorp?
The total value of the acquisition is approximately $1.0 billion.
What will Sierra Bancorp shareholders receive for each share they own?
Sierra Bancorp shareholders will receive $30.00 in cash and 0.7705 shares of Pacific Premier common stock for each share of Sierra Bancorp common stock.
When is the acquisition expected to be completed?
The acquisition is expected to close in the fourth quarter of 2024.
Who is acquiring Sierra Bancorp?
Pacific Premier Bancorp, Inc. is acquiring Sierra Bancorp.
What is the filing date of this 8-K report?
The filing date of this 8-K report is May 9, 2024.
Filing Stats: 559 words · 2 min read · ~2 pages · Grade level 11.3 · Accepted 2024-05-09 11:11:23
Filing Documents
- bsrr-20240509x8k.htm (8-K) — 32KB
- 0001558370-24-007507.txt ( ) — 145KB
- bsrr-20240509.xsd (EX-101.SCH) — 3KB
- bsrr-20240509_lab.xml (EX-101.LAB) — 15KB
- bsrr-20240509_pre.xml (EX-101.PRE) — 10KB
- bsrr-20240509x8k_htm.xml (XML) — 4KB
01 Regulation FD disclosurE. *
Item 7.01 Regulation FD disclosurE. * Kevin J. McPhaill, President and Chief Executive Officer and Christopher G. Treece, Executive Vice President and Chief Financial Officer will be attending the DA Davidson 26 th Annual Financial Institutions Conference in Colorado Springs, Colorado. The conference will be held May 8, 2024 through May 10, 2024. Mr. McPhaill and Mr. Treece will be meeting with current and prospective investors at the conference. A copy of the presentation materials that Mr. McPhaill and Mr. Treece will be providing to current and prospective investors at the conference is available on the company's website at www.sierrabancorp.com . ___________________ * The information furnished under Item 7.01 of this Current Report on Form 8-K, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that Section, nor shall it be deemed incorporated by reference into any registration statement or other filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such filing.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Executive Vice President & Chief Financial Officer Dated: May 9, 2024 SIERRA BANCORP By: /s / Christopher G. Treece Christopher G. Treece Executive Vice President & Chief Financial Officer