TriCo Bancshares buys First National Bank of Northern California
TriCo Bancshares, parent company of Tri Counties Bank, has acquired FNB, parent company of First National Bank of Northern California, in a stock transaction valued at approximately $315.3 million.
Tri Counties Bank, which has locations in Grass Valley, Nevada City and Penn Valley, made big news in Nevada County in 2011 when federal bank regulators paid Tri Counties Bank $44.1 million to take over the failing Citizens Bank of Northern California.
TriCo is headquartered in Chico, with $4.7 billion in total assets, $2.9 billion in gross loans, and $3.9 billion in deposits. Tri Counties Bank was founded in 1975 and has 66 branch locations throughout Northern and Central California. First National is headquartered in South San Francisco, with $1.3 billion in total assets, $0.8 billion in gross loans, and $1 billion in deposits; First National Bank NorCal was founded in 1963 and has 12 branches located across the San Francisco Peninsula.
The combined company will have 78 branches throughout California,spanning from Bakersfield in the south to near the Oregon border in the north.
“We are thrilled FNB NorCal has agreed to join with Tri Counties Bank, strengthening and growing our position as the premier Northern California community bank,” said Richard P. Smith, President & CEO, TriCo.
“We admire FNB NorCal’s over 50-year commitment to the Bay Area and believe they are the ideal partner to enable us to enter the market. We strongly believe that the Bay Area will benefit from our full service community banking approach that combines contemporary products and services with personal service and community engagement. The transaction will strengthen the TriCo franchise and provide us with improved growth opportunities, greater earnings power, and the meaningful operational scale of an over $6 billion asset bank.”