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: May 5, 1997
SIERRAWEST 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, CA 96160-9010
(Address of Principal Executive Offices)
Registrant's Telephone Number: (916) 582-3000
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Item 5. Other Events
Today, SierraWest Bancorp issued a press release announcing that its Board of
Directors has elected to redeem the remaining balance of its Convertible
Subordinated Debentures, due 2004, effective June 30, 1997. The Debentures may,
at the option of holders, be converted into an aggregate of approximately
360,000 shares of the Company's Common Stock.
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Item 7. Financial Statements and Exhibits
(c) Exhibits
99. Press release dated May 5, 1997.
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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.
SierraWest Bancorp
(Registrant)
Dated: May 5, 1997 By: /s/ David C. Broadley
Truckee, California David C. Broadley
EVP/Chief Financial Officer
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Exhibit 99
News Release
FOR: SIERRAWEST BANCORP
APPROVED BY: William T. Fike
President & Chief Executive Officer
(916) 582-3000
CONTACT: Morgen-Walke Associates, Inc.
John Swenson, David Gennarelli, Doug Sherk
(415) 296-7383
David Sasso, Joshua Passman
(212) 850-5600
For Immediate Release
SIERRAWEST BANCORP ANNOUNCES CONVERSION OF CONVERTIBLE
SUBORDINATED DEBENTURES INTO COMMON STOCK
TRUCKEE, Calif. (May 5, 1997) SierraWest Bancorp (Nasdaq: SWBS) today
announced that its Board of Directors has elected to redeem the remaining $3.6
million of its Convertible Subordinated Debentures, due, 2004, effective June
30, 1997. The Debentures may, at the option of holders, be converted into an
aggregate of approximately 360,000 shares of the Company's Common Stock.
"The complete redemption or conversion of the Debentures to Common
Stock eliminates our remaining long-term debt," said William T. Fike, president
and chief executive officer. "Assuming debenture holders convert their holdings
to common stock, our equity will increase by approximately $3.6 million."
SierraWest Bancorp is the holding company for SierraWest Bank, head-
quartered in Truckee, California with branches in Sacramento, the Sierra foot-
hills region of California and northern Nevada.
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