Bank of the Sierra Announces Formation of Holding Company.Business Editors/Banking Writers 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)--May 30, 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. for Bank of the Sierra (Nasdaq:BSRR BSRR Birmingham Southern Railroad (Alabama) ), announced that at the Bank's Annual Meeting, held May 23, 2001, the shareholders approved the formation of a bank holding company, Sierra Bancorp. "This is another milestone in the Bank's 24 year history. As we have grown in size, we find we have more need for a holding company than in the past," notes Holly. "This will give the Bank more flexibility under the recently passed Modernization modernization Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, Act (Gramm-Leach-Bliley Act The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. L. No. 106-102, 113 Stat. 1338 (November 12, 1999), is an Act of the United States Congress which repealed the Glass-Steagall Act, opening up competition ) and allow us to grow in areas that would otherwise be precluded." Also at the Annual Meeting, the shareholders elected Albert L. Berra, Robert H. Tienken, Vincent L. Jurkovich and Gordon T. Woods to a two-year term as Directors of Bank of the Sierra. Bank of the Sierra is the largest independent bank headquartered in the South Valley, and 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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