PORTERVILLE, Calif., July 21 /PRNewswire-FirstCall/ -- Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra, today announced that it has filed with the Securities and Exchange Commission a Form S-3 Registration Statement utilizing a "shelf" registration process, which provides for the offer and sale from time to time of up to $100 million of common stock, preferred stock, warrants to purchase common or preferred stock, or any combination thereof, as described in the registration statement. Specific terms and prices will be determined at the time of each offering under a separate prospectus supplement, which will be filed with the SEC at the time of any offering.
James C. Holly, President & Chief Executive Officer, noted, "We don't have any immediate plans to issue any securities off of this shelf. Our current capital position is very strong. However, we feel that it is prudent to have an option we can access quickly should strategic opportunities become available or market or economic conditions become more severe."
The registration statement has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy these securities be accepted prior to the time the shelf registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offering of the securities covered under the shelf registration statement will be made solely by means of a prospectus and an accompanying prospectus supplement relating to that offering.
Sierra Bancorp is the holding company for Bank of the Sierra ( www.bankofthesierra.com), which is in its 33rd year of operations and is the largest independent bank headquartered in the South San Joaquin Valley. The Company has $1.3 billion in total assets with 25 branch offices, an agricultural credit center, an SBA center, an online "virtual" branch, and over 400 employees. In its June 2010 edition, US Banker magazine ranked Sierra Bancorp as the 3rd best performing publicly-traded community bank in California based on three-year average return on equity.The statements contained in this release that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Readers are cautioned not to unduly rely on forward looking statements. Actual results may differ from those projected. These forward-looking statements involve risks and uncertainties including but not limited to the bank's ability to maintain current dividend payments or increase dividend payouts to shareholder, its ability to continue to generate record financial results, changes in economic conditions, interest rates and loan portfolio performance, and other factors detailed in the Company's SEC filings. Sierra Bancorp undertakes no responsibility to update or revise any forward-looking statements. www.sierrabancorp.com SOURCE Sierra Bancorp