TriCo Bancshares and Valley Republic Bancorp Announce Receipt of Regulatory Approvals for Merger
March 01 2022 - 9:17PM
Business Wire
TriCo Bancshares (Nasdaq: TCBK) (“TriCo”) and Valley Republic
Bancorp (OTC: VLLX) (“Valley”) today announced that all required
regulatory approvals for the mergers of Valley into TriCo and
Valley Republic Bank into Tri Counties Bank have been received. The
transaction is scheduled to close on or around March 25, 2022,
subject to the satisfaction or waiver of the remaining customary
closing conditions set forth in the merger agreement between TriCo
and Valley.
“We are pleased to have received all regulatory approvals to
merge two strong companies with complementary business models and a
high level of cultural alignment. We’ll be even better together for
our clients, teammates, communities and shareholders,” said TriCo
Chairman and CEO Richard Smith.
“We will build upon our community- and client-driven cultures
and work to ensure a positive experience for all stakeholders,”
said Valley President and CEO Geraud Smith. “Following months of
thoughtful collaborative planning, we are well-prepared to execute
a successful integration.”
With the addition of Valley, on a pro forma combined basis,
TriCo would have total assets of approximately $10.1 billion, total
loans outstanding of approximately $5.7 billion, and total deposits
of approximately $8.6 billion as December 31, 2021.
About TriCo Bancshares
TCBK is a bank holding company established in 1974. Tri Counties
Bank is a wholly-owned subsidiary of TriCo Bancshares (NASDAQ:
TCBK) headquartered in Chico, California, providing a unique brand
of customer Service with Solutions available in traditional
stand-alone and in-store bank branches in communities throughout
California. Tri Counties Bank provides an extensive and competitive
breadth of consumer, small business and commercial banking
financial services, along with convenient around-the-clock ATMs,
online and mobile banking access. Brokerage services are provided
by Tri Counties Advisors through affiliation with Raymond James
Financial Services, Inc. Visit www.TriCountiesBank.com to learn
more.
About Valley Republic Bancorp
Valley is a bank holding company formed in 2016. Valley Republic
Bank, established in 2009, is a wholly owned subsidiary of Valley
Republic Bancorp, headquartered in Bakersfield, California. Valley
Republic Bank is a full-service, community bank with three
full-service banking offices in Bakersfield, one full-service
banking office in Delano, and a loan production office in Fresno.
Valley Republic Bank emphasizes professional, high quality banking
services provided to a wide range of businesses and professionals.
The bank also provides a full complement of banking services that
are available to individuals and non-profit organizations. Visit
www.valleyrepublicbank.com to learn more.
Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of the “Safe-Harbor” provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are necessarily subject to risks and uncertainties and
although they reflect TriCo’s and Valley’s current expectations
with respect to the timing of the closing of the mergers, no
assurances can be given that the mergers will be completed as or
when indicated above. Such risk and uncertainties include, but are
not limited to, the occurrence of any event, change or other
circumstances that could give rise to the right of one or both of
the parties to terminate the merger agreement or that could cause
the bank regulatory agencies to revoke their approvals of the
transaction. Additional factors that could cause results to differ
materially from those described above can be found in TriCo’s
Annual Report on Form 10-K for the year ended December 31, 2021, as
updated by its Quarterly Reports on Form 10-Q and other filings
with the Securities and Exchange Commission (the “SEC”), which are
available in the “Investor Relations” section of TriCo’s website,
https://www.tcbk.com/investor-relations. Pro forma amounts are not
forecasts and may not reflect actual results. TriCo is under no
obligation (and expressly disclaims any such obligation) to update
or alter its forward-looking statements except to the extent
required by applicable law or regulation, whether as a result of
new information, future events, or otherwise, except as required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220301006298/en/
Richard Smith, TriCo Bancshares, (530) 898-0300 Geraud Smith,
Valley Republic Bancorp, (661) 371-2000
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