FIG Has Now Advised On 21 Whole Bank Transactions Nationwide
Totaling Over $1.6 Billion Since January 2015
ATLANTA, Jan. 5, 2016 — Sierra Bancorp (NASDAQ: BSRR), the holding company of Bank of the Sierra, announced an agreement to acquire Coast Bancorp (OTC: CTBP), the holding company of Coast National Bank.
The boards of Sierra Bancorp and Coast Bancorp unanimously approved the transaction. The outstanding shares of Coast Bancorp will receive $3.2 million in cash and 581,753 shares of Sierra Bancorp common stock.
Coast Bancorp shareholders may elect to receive cash, Sierra Bancorp common stock or a combination of both, subject to proration. Based on the closing price of Sierra Bancorp common stock on January 4, 2016, the transaction would have a value of $13.8 million, or $2.37 per Coast Bancorp common share.
FIG Partners served as Financial Advisor to Coast Bancorp, located in San Luis Obispo, California. The FIG Partners team included Greg Gersack, Senior Managing Principal and Co-Head of Investment Banking; Patrick Nicolini, Senior Vice President; and Jason Werner, Vice President.
Anita Robinson, President and Chief Executive Officer of Coast Bancorp and Coast National Bank, said, “Bank of the Sierra is the appropriate fit to continue the commitment by Coast National Bank for the past 18 years in our communities. Our customers will have access to many more products and services together with the additional benefit of a larger lending limit; enabling us to meet all of the needs of our customers and our community. This transaction benefits our shareholders who have been steadfast during difficult times and rewards them with shares in BSRR, providing opportunity into the future. I am also excited to become part of the Bank of the Sierra team as the Market President for the San Luis Obispo area upon completion of the acquisition.”
More information is available here.
To learn more about FIG Partners, visit www.figpartners.com.