SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report: January 2, 1996
SIERRA TAHOE BANCORP
(Exact Name of Registrant as Specified in its Charter)
California File No. 0-15450 68-0091859
(State of Incorporation) (Commission File No.) (IRS Employer Identification No.)
10181 Truckee-Tahoe Airport Road, Truckee, California 96160-9010
(Address of Principal Executive Offices)
Registrant's Telephone Number (916) 582-3000
Item 5. Other Events
On January 2, 1996 the Company announced that it will be closing the Truckee
River Bank branch located in the Crescent V Shopping Center in South Lake Tahoe,
California. As a result of this closure, the Company will incur a one-time
pre-tax charge in 1995 of $530,000. A copy of the full text of the press
release is included in Item 7.
Item 7. Financial Statements and Exhibits
(c) Exhibits
28. Press release dated January 2, 1996
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Sierra Tahoe Bancorp
(Registrant)
Dated: January 2, 1996 By
Truckee, California David C. Broadley
Executive Vice President/
Chief Financial Officer
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Sierra Tahoe Bancorp
(Registrant)
Dated: January 2, 1996 By /s/ David C. Broadley
Truckee, California David C. Broadley
Executive Vice President/
Chief Financial Officer
EXHIBIT 28
FOR: SIERRA TAHOE BANCORP
APPROVED BY: William T. Fike
President and Chief Executive Officer
(916) 582-3000
CONTACT: Morgen-Walke Associates
Doug Sherk, Jenifer Kirtland, David Gennarelli
(415) 296-7383
Elissa Grabowski, Jill Ruja
(212) 850-5600
For Immediate Release
SIERRA TAHOE BANCORP CONSOLIDATES CALIFORNIA BRANCH OFFICES
TRUCKEE, CA (January 2, 1996) - Sierra Tahoe Bancorp (Nasdaq: STBS) announced
today that it will be closing the Truckee River Bank (TRUCKEE RIVER BANK)
branch located in the Crescent V Shopping Center in South Lake Tahoe,
California and transferring its customer accounts and safe deposit boxes to the
Truckee River Bank Bijou branch, located approximately one mile away, also in
South Lake Tahoe. As a result, the Company will incur a one-time pre-tax
charge of $530,000 in the fourth quarter ended December 31, 1995. This
represents $0.12 per share (primary, after-tax). The transaction is subject
to regulatory approval.
"The consolidation of the Crescent V branch operation into the Bijou
branch reflects our strategy to operate the branch network as efficiently and
cost-efficiently and cost-effectively as possible," said William T. Fike,
president and chief executive officer. "The financial performance of the
Crescent V branch operation was below our expectations. By combining the
businesses, we significantly increase the size of the deposit base at the Bijou
branch and will be able to maintain the high level of quality service to our
customers more cost-effectively. We anticipate savings of approximately $0.07
per share in 1996 as a result of this consolidation. With the closing, Truckee
River Bank now operates through nine branch offices."
Sierra Tahoe Bancorp is the holding company for Truckee River Bank in
Truckee, California and Sierra Bank of Nevada in Reno, Nevada.
