Bank of the Sierra Announces Cancellation of Acquisition of Taft National Bank.Business Editors PORTERVILLE Porterville, city (1990 pop. 29,563), Tulare co., S central Calif., on the Tule River; founded 1859 on the old Los Angeles–San Francisco stage route, inc. 1902. , Calif.--(BUSINESS WIRE)--Feb. 22, 2001 James C. Holly, president & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Bank of the Sierra (Nasdaq:BSRR BSRR Birmingham Southern Railroad (Alabama) ), announced today that the previously announced proposed acquisition of Taft National Bank by Bank of the Sierra has been cancelled by mutual consent. "Due to unanticipated deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in Taft's loan portfolio," notes Holly, "they will be setting aside some additional reserves. The impact of this on Taft's profitability in 2000 has led us to conclude that completing the acquisition is not in Bank of the Sierra's best interest at this time." Bank of the Sierra is the largest independent bank headquartered in the South San Joaquin Valley Noun 1. San Joaquin Valley - a vast valley in central California known for its rich farmland Calif., California, Golden State, CA - a state in the western United States on the Pacific; the 3rd largest state; known for earthquakes , with Total Assets of more than $600,000,000. The Bank operates sixteen branch offices as well as five real estate centers, two agricultural credit centers and a bank card center. More information about Bank of the Sierra is available on the Bank's web site, www.bankofthesierra.com. |
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