TriCo Bancshares, a bank holding company headquartered in Chico, Calif., has merged with Valley Republic Bancorp. The deal was completed March 25. The now combined company is operating as TriCo Bancshares. Its banking subsidiary, Tri Counties Bank, projects its assets to total $10.1 billion due to the merger.
In addition, TriCo will resume its existing stock repurchase plan. Under the repurchase plan, TriCo is able to repurchase its outstanding shares of common stock from open market or private transactions. Valley Republican Banks branches reopened under the Tri Counties brand on March 28, 2022. Clients of Valley prior to the merger now have access to the Tri Counties network of branches throughout California. Before the merger, Valley had $1.4 billion in assets.
Richard Smith, President and CEOof TriCo and Tri Counties Bank said, “We see this merger as a significant milestone in our company’s history that positions us for continued growth and success.”
The firm Keefe, Bruyette & Woods served as TriCo’s financial advisors for the transaction. Sheppard Mullin, Richter & Hampton LLP acted as its legal advisor. Stephens Inc. operated as Valley’s financial advisors for the transaction, with Duane Morris LLP as legal advisor.