TriCo Bancshares Will Not Apply for Federal Funds under the U.S. Treasury's Capital Purchase Program
November 13 2008 - 4:48PM
Business Wire
The Board of Directors of TriCo Bancshares (NASDAQ:TCBK), parent
company of Tri Counties Bank, today announced it will not apply for
funds available through the Capital Purchase Program (CPP), which
is part of the federal government�s Troubled Assets Relief Program
(TARP) to provide banks with additional capital for purposes of
providing increased lending into the US economy. �After thorough
consideration, we concluded that TriCo Bancshares can better serve
our shareholders and customers by not participating in the CPP
program,� said President and Chief Executive Officer Richard P.
Smith. �We are substantially above the standards for
�well-capitalized� under regulatory definitions and have sufficient
capacity to grow our business and take advantage of acquisition
opportunities without the need to obtain government assistance. We
have a vibrant lending platform in our market area and we are
committed to servicing the needs of the communities we serve during
these challenging economic times.� �As we have throughout our
history, we expect to grow our capital base through our proven
business strategies coupled with our long record of stable retained
earnings growth. Our financial success continues to provide the
necessary capital to continue to achieve our strategic objectives,�
Smith added. Smith expressed that, �we appreciate Congress�s
efforts to stabilize the financial markets and our opportunity to
access government funds, but we do not believe the capital purchase
program is necessary for the success of TriCo Bancshares and
therefore, those funds can be made available for others.� In
addition to the historical information contained herein, this press
release may contain certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
The reader of this press release should understand that all such
forward-looking statements are subject to various uncertainties and
risks that could affect their outcome. The Company�s actual results
could differ materially from those suggested by such
forward-looking statements. Factors that could cause or contribute
to such differences include, but are not limited to, variances in
the actual versus projected growth in assets, return on assets,
interest rate fluctuations, economic conditions in the Company's
primary market area, demand for loans, regulatory and accounting
changes, loan losses, expenses, rates charged on loans and earned
on securities investments, rates paid on deposits, competition
effects, fee and other noninterest income earned as well as other
factors detailed in the Company's reports filed with the Securities
and Exchange Commission which are incorporated herein by reference,
including the Form 10-K for the year ended December 31, 2007. These
reports and this entire press release should be read to put such
forward-looking statements in context and to gain a more complete
understanding of the uncertainties and risks involved in the
Company's business. Any forward-looking statement may turn out to
be wrong and cannot be guaranteed. The Company does not intend to
update any of the forward-looking statements after the date of this
release. TriCo Bancshares and Tri Counties Bank are headquartered
in Chico, California. Tri Counties Bank has a 33-year history in
the banking industry. Tri Counties Bank operates 32 traditional
branch locations and 25 in-store branch locations in 23 California
counties. Tri Counties Bank offers financial services and provides
a diversified line of products and services to consumers and
businesses, which include demand, savings and time deposits,
consumer finance, online banking, mortgage lending, and commercial
banking throughout its market area. It operates a network of 64
ATMs and a 24-hour, seven days a week telephone customer service
center. Brokerage services are provided at the Bank�s offices by
the Bank�s association with Raymond James Financial, Inc. For
further information please visit the Tri Counties Bank web-site at
http://www.tricountiesbank.com.
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