Sierra Bancorp, the holding company of Bank of the Sierra, and Coast Bancorp, the holding company of Coast National Bank, today announced that on June 20, 2016, at a special meeting, the shareholders of Coast Bancorp approved the Agreement and Plan of Reorganization and Merger, dated as of January 4, 2016 (the “Merger Agreement”), by and between Sierra Bancorp and Coast Bancorp, pursuant to which Coast Bancorp will be merged with and into Sierra Bancorp, and immediately thereafter Coast National Bank will be merged with and into Bank of the Sierra.  All required regulatory approvals have also been received and the transaction is expected to close on or about July 8, 2016, pending satisfaction of other customary closing conditions.

Sierra Bancorp also announced that Anita Robinson, President and Chief Executive Officer of Coast Bancorp and Coast National Bank, will become part of the Bank of the Sierra team as the Market President of the San Luis Obispo area upon completion of the acquisition.

Coast Bancorp further announced that, as required by the Merger Agreement, the rights issued under its Tax Benefits Preservation Plan issued to Coast Bancorp shareholders were redeemed effective June 20, 2016.  The termination of the plan and the redemption of the related rights is a closing condition to the Merger.  Coast Bancorp shareholders will receive formal notice of redemption shortly, including payment of the required redemption price.

About Coast Bancorp and Coast National Bank

Coast Bancorp is the holding company for Coast National Bank, which serves the communities of San Luis Obispo, Arroyo Grande, Paso Robles and Atascadero, California and had $144 million in assets as of March 31, 2016.  Established in 1997, Coast National Bank is a local community bank serving the needs of consumers and businesses through three branch locations and one loan production office throughout San Luis Obispo County.

About Sierra Bancorp & Bank of the Sierra

Sierra Bancorp is a publicly-traded company with approximately $1.8 billion in assets.  Headquartered in Porterville, California, the company operates primarily through Bank of the Sierra (the Bank).  The Bank is a multi-community financial institution that offers a full range of retail and commercial banking services, primarily in the central and southern sections of the San Joaquin Valley.  The Bank specializes in agricultural lending and works with many of the businesses in that region.  Since opening for business in January 1978, the Bank has grown to be the largest independent bank headquartered in the South San Joaquin Valley.