CVB Financial Corporation currently has assets worth approximately $7.7bn.
Sierra will assume approximately $22 million in deposits and approximately $1m in loans.
The deal is scheduled to be completed in the second quarter of 2016 after regulatory approval.
Bank of the Sierra president and CEO Kevin McPhaill said: "We are happy to welcome the Porterville customers of Citizens Business Bank into the Bank of the Sierra family, and we are committed to ensuring that the transition goes smoothly for them.
"We are confident that they will enjoy access to Bank of the Sierra’s broad range of financial products and personalized customer service."
A publicly-traded company, Sierra Bancorp has approximately $1.8bn in assets.
Based in Porterville, California, the company operates primarily through Bank of the Sierra, which is a multi-community financial institution that offers a full range of retail and commercial banking services.
CVB Financial Corp is the holding company for Citizens Business Bank. It is a leading financial institution headquartered in the Inland Empire region of Southern California with assets of approximately $7.7bn.
Sierra Bancorp earlier in 2014 had inked an agreement to acquire Santa Clara Valley Bank, NA of Santa Paula, California for an amount of $15.3m.
Image: The deal is scheduled to be completed in the second quarter of 2016 after regulatory approval. Photo: courtesy of FreeDigitalPhotos.net.
