8-K

UNITED STATES

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 (date of earliest event reported) October 20, 2010

SIERRA BANCORP

(Exact name of registrant as specified in its charter)

California	000-33063	33-0937517
(State or other jurisdiction of incorporation or organization)	(Commission File No.)	(I.R.S. Employer Identification No.)

86 North Main Street, Porterville, CA 93257

(559) 782-4900

(Registrant’s telephone number, including area code)

None

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events

On October 20, 2010, Sierra Bancorp (the “Corporation”) issued its press release announcing that it has completed the sale to selected investors of an aggregate of 2,325,000 shares of common stock, no par value, at a price of $10.00 per share in a registered direct offering pursuant to the Corporation’s existing shelf registration statement (the “Closing Press Release”). The Corporation received net proceeds of approximately $22 million after deducting placement agent’s fees and other offering expenses. A copy of the Closing Press Release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit Number	Description
99.1	Closing Press Release dated October 20, 2010

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SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: October 20, 2010	SIERRA BANCORP
	By:	/s/ Kenneth R. Taylor
		Kenneth R. Taylor
		Executive Vice President
		and Chief Financial Officer

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Date:	October 20, 2010
Contacts:	Jim Holly, President/CEO
	Ken Taylor, EVP/CFO
Phone:	(559) 782-4900 or (888) 454-BANK
Website Address:	www.sierrabancorp.com

Sierra Bancorp Announces Closing of

$23 Million Registered Direct Offering

PORTERVILLE, California, October 20, 2010 – Sierra Bancorp (NASDAQ: BSRR), (the “Company”), parent company of Bank of the Sierra, today announced the successful closing of its previously announced registered direct public offering of 2,325,000 shares of its common stock, at a price of $10 per share. The Company estimates that the net proceeds of the offering, after deducting the placement agent’s fees and other offering expenses, will be approximately $22 million.

Keefe, Bruyette & Woods, Inc. served as exclusive placement agent in connection with the offering.

The shares of Common Stock were sold pursuant to the Company’s effective shelf registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities, and no offer or sale will be made in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. A prospectus supplement and accompanying prospectus may be obtained from Keefe, Bruyette & Woods, Inc., Equity Capital Markets, 787 Seventh Avenue, 4th Floor, New York, New York, 10019, or by calling toll-free (800) 966-1559.

About Sierra Bancorp

Sierra Bancorp is the holding company for Bank of the Sierra (www.bankofthesierra.com), which is in its 33rd year of operations and is the largest independent bank headquartered in the South San Joaquin Valley. The Company conducts business from 25 branch offices, an agricultural credit center, an SBA center, and an online “virtual” branch, and has over 400 employees.

The statements contained in this release that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Readers are cautioned not to unduly rely on forward looking statements. Actual results may differ from those projected. These forward-looking statements involve risks and uncertainties including but not limited to the health of the national and California economies, the Company’s ability to attract and retain skilled employees, customers’ service expectations, the Company’s ability to successfully deploy new technology, the success of branch expansion, changes in interest rates, loan portfolio performance, the Company’s ability to secure buyers for foreclosed properties, and other factors detailed in the Company’s SEC filings, available at the SEC’s website at www.sec.gov and the Company’s website at www.sierrabancorp.com.