Bank of the Sierra buys corporate headquarters
- Published on 12/29/2011 - 4:36 pm
- Written by Business Journal staff
After 25 years at its headquarters in Porterville, Bank of the Sierra decided it was time to purchase the building, which officially went into its name on Thursday.
Kevin McPhail, the bank’s executive vice president and chief banking officer, declined comment on the purchase price of the building located at 86 N. Main St., but confirmed it will bring the company some cost savings.
“It will give us the benefit of being able to deduct the expenditure for the capital,” McFail said.
The bank completely financed the purchase itself and did not borrow any money.
The Bank of the Sierra has more than $1.3 billion in assets, with 25 branches in 17 communities.
“The Porterville community has supported us from the beginning and after carefully considering all of our options we are delighted our corporate offices will stay in the original location,” stated Jim Holly, President and CEO.