Central Valley Community Bancorp in Fresno, Calif., has agreed to buy Sierra Vista Bank in Folsom, Calif.
The $1.2 billion-asset Central Valley said in a press release Friday that it will pay $24 million, or $5.22 a share, in cash and stock for the $156 million-asset Sierra Vista. The deal is expected to close in the fourth quarter.
Sierra Vista is the fourth bank acquisition for Central Valley.
"Once completed, the merger will complete another step in our long-term strategy to increase our northern Valley presence which began 14 years ago in Sacramento County's Gold River business community," James Ford, Central Valley's president and chief executive, said in the release. "By combining our two great banks we believe our growth will enhance opportunities for businesses, customers, employees, the community and our bank."
Downey Brand advised Central Valley, and Keefe, Bruyette & Woods provided a fairness opinion. Sierra Vista Bank was advised by Sandler O'Neill and Manatt, Phelps & Phillips.
