Two Northern California community banks – Chico-Based Tri Counties Bank and Redding-based North Valley Bank – have merged, the two companies announced Tuesday.
Under terms of the agreement, North Valley banks will carry the Tri Counties name and their shareholders will receive proportional shares of TriCo Bancshares stock. The merger is expected to be completed by mid-2014, subject to approval by shareholders and regulators. The companies said both banks’ boards of directors had unanimously approved the transaction.
Richard Smith, president and CEO of TriCo Bancshares, the parent company of Tri Counties Bank, said in a statement the merger is a “winning combination,” following TriCo’s acquisition of Citizens Bank and Granite Community Bank in 2011. Tri Counties Bank currently has 41 walk-in branches in 23 counties, including those in Roseville and Sacramento.
TriCo said the combined company will have about $3.5 billion in assets and $3.1 billion in deposits. Jointly, it will have 80 branches stretching from Crescent City to Bakersfield.
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