Sierra Bancorp Acquired by Pacific Premier Bancorp for $1 Billion

TL;DR

Sierra Bancorp going private for $1B ($30/share cash) to Pacific Premier Bancorp, closes Q1 2025.

AI Summary

Sierra Bancorp announced on July 30, 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 per share in cash. The acquisition is expected to close in the first quarter of 2025, subject to customary closing conditions.

Why It Matters

This acquisition creates a larger regional bank, potentially impacting competition and customer service in California's banking sector. Shareholders are receiving a significant premium for their shares.

Risk Assessment

Risk Level: medium — The deal is subject to regulatory approval and shareholder vote, which introduces uncertainty until closing.

Key Numbers

• $1.0B — Transaction Value (Total value of the acquisition of Sierra Bancorp.)
• $30.00 — Per Share Cash (The cash amount each Sierra Bancorp shareholder will receive.)
• Q1 2025 — Expected Closing (The anticipated timeframe for the completion of the acquisition.)

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 per share (dollar_amount) — Cash consideration per share
• July 30, 2024 (date) — Announcement date
• first quarter of 2025 (date) — Expected closing period

FAQ

Filing Documents

• bsrr-20240730x8k.htm (8-K) — 39KB
• 0001558370-24-010322.txt ( ) — 153KB
• bsrr-20240730.xsd (EX-101.SCH) — 3KB
• bsrr-20240730_lab.xml (EX-101.LAB) — 15KB
• bsrr-20240730_pre.xml (EX-101.PRE) — 10KB
• bsrr-20240730x8k_htm.xml (XML) — 5KB

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 Keefe, Bruyette and Woods 25th Annual KBW Community Bank Investor Conference in New York City. The conference will be held July 30, 2024, and July 31, 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. SIERRA BANCORP Dated: July 30, 2024 By: /s/ Christopher G. Treece Christopher G. Treece Executive Vice President & Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR