Bank of the Sierra Expands Business Loan Services in Northern California
Bank of the Sierra announced today its plans to grow business loan services by targeting areas outside its current eight-county market. It has created a Northern California Business Development Group to offer loan services to companies throughout the region. The Bank has also opened its 41st location, a new Loan Production Office (LPO) in Rocklin, Calif. In addition to the business development group and the Rocklin LPO, Bank of the Sierra has launched a similar group in Southern California. The Bank’s goal is to expand the footprint of its business loan services so it can help companies throughout the state with their lending needs.
The Northern California Business Development Group will be led by Deepak Bhakoo, Senior Vice President and Regional Business Development Manager. Bhakoo has over 15 years of experience in commercial banking, having previously worked for Wells Fargo, Community Business Bank, and Rabobank, N.A./Mechanics Bank.
“Additional loan growth is vital to achieving the Bank’s strategic goals, including its return to shareholders,” said Kevin McPhaill, President and CEO of Bank of the Sierra. “This new LPO and the business development group will enable us to reach beyond the eight counties covered by our 40 branches and meet the lending needs of businesses all over Northern California.”
“The loan production office in Rocklin and the Northern California Business Development Group are logical extensions to our growing Bank,” stated Michael Olague, Executive Vice President and Chief Banking Officer. “We expect solid loan activity in Northern California, and we look forward to developing additional lending relationships.”
The new loan production office will be located at 5701 Lonetree Boulevard, Suite 113, in the Rocklin Professional Building. Its functions will be limited to loan processing and production. Deposit gathering and other bank branch functions will not be available at this office due to regulatory requirements governing LPOs.
About Bank of the Sierra
Bank of the Sierra is in its 43rd year of operations and is the largest independent bank headquartered in the South San Joaquin Valley. Bank of the Sierra is a community-centric regional bank, which offers a full range of retail and commercial banking services with full-service branches located within the counties of Tulare, Kern, Kings, Fresno, Los Angeles, Ventura, San Luis Obispo and Santa Barbara. The bank also maintains a loan production office and an online branch, and it provides specialized lending services through an agricultural credit center and an SBA center. In 2019, Bank of the Sierra was recognized as one of the strongest and top-performing community banks in the country with a 5-star rating from Bauer Financial.
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 health of the national and local economies, the Company’s ability to attract and retain skilled employees, customers’ service expectations, the Company’s ability to successfully deploy new technology, the success of acquisitions and branch expansion, changes in interest rates, loan portfolio performance, and other factors detailed in the Company’s SEC filings, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recent Form 10-K and Form 10-Q.
Matt Hessler, CFMP, Director of Marketing
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