Placer Sierra Buys Bank of Lodi
The Bank of Lodi is being purchased for 50-Million dollars.
Wednesday, September 8, 2004
Bank of Lodi’s CEO, Leon Zimmerman, will retire, and the other executive staff will not be retained by Placer Sierra Bancshares, which announced the acquisition. Placer Sierra picks up a network of nine branches running south on Highway 99 from Sacramento…adding to the 22 branches it has in other locations. By consolidating a lot of duplicate functions into its own operations, Placer Sierra hopes to help its earnings growth and stock price. Bank of Lodi’s management was under fire from shareholders and some of its directors for lackluster performance during the past five years. Earnings had been improving this year, but lagged those of other banks.