Bank of the Sierra, the banking subsidiary of Sierra Bancorp, announced that it has entered into an agreement with Citizens Business Bank, the banking subsidiary of CVB Financial Corp., to acquire the deposits and certain loan assets of a branch of Citizens Business Bank located in Porterville, California.
Pending regulatory approval, Sierra’s assumption of approximately $22 million in deposits and approximately $1 million in loans is scheduled to be completed in the second quarter of 2016.
Sierra plans to retain the current employees working at the branch.