Sierra Bancorp (BSRR)

[56Chevy]

Statement of Beneficial Ownership (sc 13d)

Date : 08/21/2014 @ 4:52PM
Source : Edgar (US Regulatory)
Stock : Sierra Bancorp (MM) (BSRR)
Quote : $17.51 -0.21 (-1.19%) @ 2:08PM

Matthew Lindenbaum
Basswood Capital Management, L.L.C.
645 Madison Avenue, 10th Floor
New York, NY 10022

[....]

Item 1. Security and the Issuer

This Schedule 13D relates to the common stock, no par value (the “Common Stock”), of Sierra Bancorp, a California corporation (the “Issuer”), and is being filed pursuant to Rule 13d-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The address of the Issuer’s principal executive offices is 86 North Main Street, Porterville, California 93257.


Item 2. Identity and Background

(a) This Schedule 13D is being filed on behalf of:

(i) Basswood Capital Management, L.L.C. (the “Management Company”), Basswood Partners, L.L.C. (“Basswood Partners”), Basswood Enhanced Long Short GP, LLC (“Basswood Long Short GP”), each a Delaware limited liability company;

(ii) Basswood Financial Fund, LP, Basswood Enhanced Long Short Fund, LP, Basswood Financial Long Only Fund, LP, each a Delaware limited partnership, Basswood Financial Fund, Inc., Main Street Master, Ltd., each a Cayman Islands corporation, (collectively, the “Funds”); and

(iii) Matthew Lindenbaum and Bennett Lindenbaum.

[....]

Item 4. Purpose of Transaction.

Based on, among other things, the Issuer’s strong banking franchise in the Southern San Joaquin Valley and the Management Company’s belief that the shares of Common Stock are trading at a significant discount to their fair value, the Management Company acquired the shares of Common Stock for the purpose of investment.

As a result of the recent announcement that the Issuer has entered into an Agreement and Plan of Consolidation to acquire Santa Clara Valley Bank, N.A., the Management Company began to reassess its investment in the Common Stock and whether the Issuer’s current business strategy is adequate to enhance shareholder value. In connection with this ongoing reassessment, the Management Company will continue to monitor the strategy and performance of the Issuer and the actions of the Issuer’s management and board of directors, and if needed, will develop such plans or proposals, including those referred to in subparagraphs (a) – (j) of Item 4 of Schedule 13D, as the Management Company may determine are necessary to enhance shareholder value.

In addition, with respect to the Issuer, the Management Company may engage in discussions with the Board, the Issuer’s management, other shareholders of the Issuer, knowledgeable industry or market observers, potential acquirors of the Issuer and other persons regarding the Issuer’s business, strategy and future plans and alternatives that the Issuer could employ to increase shareholder value. Any such discussions may include plans or proposals relating to or resulting in any of the matters set forth in subparagraphs (a) – (j) of Item 4 of Schedule 13D.

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http://ih.advfn.com/p.php?pid=nmona&article=63340135

Marker:
Sierra Bancorp (BSRR)
$17.44 down -0.28 (-1.58%)
Volume: 17,336