October 15, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Sierra Bancorp (NASDAQ: BSRR), the parent of Bank of the Sierra, said that it has entered into definitive purchase agreements directly with several institutional investors to sell 2.325 million shares of its common stock at a price of $10 per share.

The company said it expects to receive net proceeds of around $22 million after deducting the placement agent's fee and other offering expenses.

Sierra said it currently intends to use the net proceeds for working capital and general corporate purposes, which may include, but not be limited to, investments in the Bank for regulatory capital purposes, funding asset growth, providing increased flexibility with respect to possible selective asset dispositions, and financing possible mergers or acquisitions.  

The closing of the offering is scheduled to occur on or about October 19.

California-based Sierra Bancorp is the holding company for Bank of the Sierra, which operates in the South San Joaquin Valley. The company conducts business from 25 branch offices, an agricultural credit center, an SBA center, and an online "virtual" branch, and has over 400 employees.

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