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…