Pacific Premier to Acquire Sierra Bancorp for $1 Billion
Ticker: BSRR · Form: 8-K · Filed: Jul 19, 2024 · CIK: 1130144
Sentiment: mixed
Topics: acquisition, merger, financials
TL;DR
Pacific Premier buying Sierra Bancorp for $1B cash and stock, closing Q1 2025.
AI Summary
Sierra Bancorp announced on July 18, 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 0.775 shares of Pacific Premier common stock for each share of Sierra Bancorp common stock they own. The deal is expected to close in the first quarter of 2025.
Why It Matters
This acquisition creates a larger regional bank, potentially leading to increased competition and expanded service offerings for customers in California.
Risk Assessment
Risk Level: medium — The acquisition is subject to customary closing conditions, including regulatory and shareholder approvals, which introduce a degree of uncertainty.
Key Numbers
- $1.0B — Transaction Value (Total value of the acquisition of Sierra Bancorp by Pacific Premier Bancorp.)
- $30.00 — Cash Per Share (Amount of cash shareholders of Sierra Bancorp will receive for each share.)
- 0.775 — Stock Per Share (Amount of Pacific Premier common stock shareholders of Sierra Bancorp will receive for each share.)
Key Players & Entities
- Sierra Bancorp (company) — Acquired company
- Pacific Premier Bancorp, Inc. (company) — Acquiring company
- $1.0 billion (dollar_amount) — Transaction valuation
- $30.00 (dollar_amount) — Cash consideration per share
- 0.775 (dollar_amount) — Stock consideration per share
- July 18, 2024 (date) — Agreement announcement date
- first quarter of 2025 (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 0.775 shares of Pacific Premier common stock for each share they own.
When is the acquisition expected to close?
The acquisition is expected to close in the first quarter of 2025.
Who is acquiring Sierra Bancorp?
Pacific Premier Bancorp, Inc. is acquiring Sierra Bancorp.
What are the conditions for the closing of the acquisition?
The acquisition is subject to customary closing conditions, including regulatory and shareholder approvals.
Filing Stats: 516 words · 2 min read · ~2 pages · Grade level 11.4 · Accepted 2024-07-19 09:00:20
Key Financial Figures
- $0.24 — rly cash dividend of twenty-four cents ($0.24) per share of common stock will be paya
Filing Documents
- bsrr-20240718x8k.htm (8-K) — 36KB
- bsrr-20240718xex99d1.htm (EX-99.1) — 11KB
- bsrr-20240718xex99d1001.jpg (GRAPHIC) — 10KB
- 0001558370-24-009904.txt ( ) — 179KB
- bsrr-20240718.xsd (EX-101.SCH) — 3KB
- bsrr-20240718_lab.xml (EX-101.LAB) — 15KB
- bsrr-20240718_pre.xml (EX-101.PRE) — 10KB
- bsrr-20240718x8k_htm.xml (XML) — 5KB
01 Other Events
Item 8.01 Other Events. On July 18, 2024, the Board of Directors of Sierra Bancorp (the "Company") approved a cash dividend to shareholders. The quarterly cash dividend of twenty-four cents ($0.24) per share of common stock will be payable on August 15, 2024, to shareholders of record at the close of business on July 31, 2024. The press release issued by the Company in connection with the dividend is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated into this Item 8.01 by reference.
01 FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits. The information required to be furnished pursuant to this item is set forth in the Exhibit Index which appears below, immediately before the signatures. EXHIBIT INDEX Press release dated October 22, 2020 Exhibit No. Description 99.1 Press release dated July 19, 2024 104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)
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: July 19, 2024 SIERRA BANCORP By: /s / Christopher G. Treece Christopher G. Treece Executive Vice President & Chief Financial Officer