FIG Has Now Completed 37 M&A Transactions
Totaling More Than $2.3 Billion Since 2015
ATLANTA, April 26, 2017 — Sierra Bancorp (NASDAQ:BSRR) has agreed to acquire OCB Bancorp (OTC:OJCB) under a definitive agreement announced April 24, 2017.
Under terms of the agreement, OCB Bancorp shareholders will receive $14 per share in Sierra Bancorp stock, which equates to 185% of tangible book value per share. The total aggregate value of the transaction is $35.7 million, representing 27.9x trailing 12-month earnings.
This represents the highest price-to-tangible book value multiple for banks in California with assets under $500 million since 2010.
OCB Bancorp is the holding company for Ojai Community Bank. Sierra Bancorp is the holding company for Bank of the Sierra. As of December 31, 2016, OCB Bancorp had total assets of $256.6 million, total loans of $209.2 million and total deposits of $208.4 million. The transaction is expected to close during the fourth quarter of 2017.
“We are very pleased to be joining with Bank of the Sierra and believe this is an excellent opportunity for our shareholders, customers and employees to realize enhanced value by being part of a larger financial institution with considerably deeper resources, operational scale and a steady stream of core earnings,” said David Brubaker, President and Chief Executive Officer of OCB Bancorp and Ojai Community Bank.
FIG Partners served as financial advisor to OCB Bancorp. The FIG team included Patrick Nicolini, Senior Vice President; Greg Gersack, Senior Managing Principal and Co-Head of Investment Banking; Jason Werner, Vice President; and Matthew Hobert, Analyst.
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