TriCo Bancshares Amends Shareholder Rights Plan
July 08 2011 - 4:53PM
Business Wire
TriCo Bancshares (NASDAQ:TCBK), parent company of Tri Counties
Bank, today announced that it has amended its Shareholder Rights
Plan, which was originally adopted on June 12, 2001. The amendment
to the Rights Plan provides, among other things, for an extension
of the term of the Rights Plan to July 10, 2021.
The Rights Plan is designed to enable all of the Company’s
shareholders to realize the full value of their investment and to
provide for fair and equal treatment for all shareholders in the
event that an unsolicited attempt is made to acquire the Company.
The Rights Plan does not prohibit the Board of Directors from
considering any offer that it considers advantageous to its
shareholders. The amendment of the Rights Plan is not in response
to any particular proposal.
The Rights Plan, as originally adopted by the Company's Board of
Directors, issued preferred share purchase rights in the form of a
dividend to each common shareholder of record on July 10, 2001. The
rights will be exercisable only if a person acquires, or announces
a tender offer that would result in ownership of 15% or more of the
Company's outstanding common stock. The initial exercise price
remains unchanged at $49.00 per right. The rights will continue to
trade with the Company’s common stock, unless and until they are
separated upon the occurrence of certain future events.
The amended Rights Plan will be filed with the Securities and
Exchange Commission in a Form 8-K. A summary of the rights plan can
be obtained from the Company by written request.
TriCo Bancshares and Tri Counties Bank are headquartered in
Chico, California. Tri Counties Bank has a 36-year history in the
banking industry. It operates 34 traditional branch locations and
27 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 69 ATMs and a 24-hour, seven
days-a-week telephone customer service center. Brokerage services
are provided by the Bank’s investment services affiliate, Raymond
James Financial Services, Inc. For further information please visit
the Tri Counties Bank web site at
http://www.tricountiesbank.com.
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