Sierra Bancorp Buys Ojai Bank

Sierra Bancorp has completed its acquisition of OCB Bancorp, parent of Ojai Community Bank, in a deal valued at $36 million. Porterville-based Sierra Bancorp, parent of Bank of the Sierra, will add Ojai Bank’s four branches to its network of branches and offices ranging from Santa Clarita in Los Angeles County north to Fresno County. Ojai Community Bank, headquartered in the Ventura County community of Ojai, had assets of $275 million and net income of $957,000 in the quarter ending June 30. Its branches are in Ojai, Ventura, Santa Paula and Santa Barbara. Bank of Sierra Chief Executive Kevin McPhaill thanked the teams from both banks for ensuring a smooth transition for the new customers. “We are excited to welcome the employees and customers of Ojai Community Bank, and each of its divisions, to Bank of the Sierra,” McPhaill said in a prepared statement.