Tri Counties Bank Acquires Assets and Deposits of Citizens Bank of Northern California, Nevada City, California
September 23 2011 - 9:47PM
Business Wire
TriCo Bancshares (NASDAQ:TCBK - News) (the "Company"), parent
company of Tri Counties Bank, today announced that Tri Counties
Bank has acquired substantially all of the assets and deposits of
Citizens Bank of Northern California, headquartered in Nevada City,
California from the Federal Deposit Insurance Corporation (FDIC) as
Receiver, following Citizens Bank of Northern California’s closure
today, September 23, 2011. As of June 30, 2011, Citizens Bank of
Northern California had approximately $288 million in total assets
and $253 million in total deposits. Tri Counties Bank did not pay
the FDIC a premium for the deposits of Citizens Bank of Northern
California. In addition to assuming all of the deposits of the
failed bank, Tri Counties Bank agreed to purchase essentially all
of the assets.
Today’s acquisition announcement follows a decision by the
California Department of Financial Institutions to close Citizens
Bank of Northern California and appoint the FDIC as receiver.
All seven former Citizens Bank of Northern California branch
locations will reopen during normal business hours beginning
Monday, September 26, 2011, as branches of Tri Counties Bank.
Citizens Bank of Northern California depositors will automatically
become customers of Tri Counties Bank and will have uninterrupted
access to their funds, all of which will continue to be insured by
the FDIC up to the FDIC’s maximum limit. Former Citizens Bank of
Northern California customers should continue to bank as usual.
Checks drawn on Citizens Bank of Northern California will continue
to be processed. Loan customers should continue to make their
payments as they normally would.
Rick Smith, President and Chief Executive Officer at Tri
Counties Bank commented, “Our top priority is to assure all
customers that their deposits are safe and remain readily available
to them. We are excited to have the former Citizens Bank of
Northern California customers as part of the growing Tri Counties
Bank team. Tri Counties Bank is a well-capitalized community
banking institution with a strong history of providing high levels
of personalized service to banking customers throughout Northern
California. We believe that former Citizens Bank of Northern
California customers will benefit from our five existing Tri
Counties Bank branches in Placer County and our one branch located
in Nevada County, combined with the six branches in Nevada County
and one in Placer County we have now acquired in this purchase.
Through our existing branch network, former Citizens Bank of
Northern California customers will also gain an additional 61
banking locations, with an overall total of 68 locations,
throughout the state of California.”
Smith went on to say, “We are strong believers in the important
role that a community bank has in its community. We look forward to
offering superior banking service on deposit, loan and investment
products to individuals and businesses through a convenient branch
network in Nevada and Placer County.”
Smith added, “Former Citizens Bank of Northern California
customers should know that it will be business as usual for them.
Banking hours will remain the same. They will handle their everyday
banking needs at their existing banking offices with the friendly
employees that they have come to know. They can rest assured that
all deposits are insured up to the maximum coverage allowed under
FDIC insurance. We will continue to communicate details as soon as
they are available, and we will work hard to make certain the
transition is as seamless as possible for our customers. Customers
will find additional information at our Website,
www.tricountiesbank.com.”
Customers who have questions about today's transaction can call
the FDIC toll-free at 1-800-430-6165. The phone number will be
operational this evening until 9:00 p.m.; on Saturday, September
24, from 9:00 a.m. to 6:00 p.m.; on Sunday, September 25, from Noon
to 6:00 p.m.; and thereafter from 8:00 a.m. to 8:00 p.m. Interested
parties can also visit the FDIC's website at
http://www.fdic.gov/bank/individual/failed/banklist.html.
About TriCo Bancshares
TriCo Bancshares, Inc. is a bank holding company headquartered
in Chico, Ca. Its wholly owned subsidiary, Tri Counties Bank is a
community bank with a 36 year history of community banking in
Northern California. As of June 30, 2011, the company had
approximately $2.17 billion in total assets. It operates 34
traditional branches and 27 in-store branches 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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