TriCo Bancshares, parent company of Tri Counties Bank, has completed the previously-announced acquisition of FNB Bancorp in a transaction valued at $315.3m.
With the acquisition now completed, FNB’s First National Bank of Northern California has merged with TriCo’s Tri Counties Bank.
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The combined company is said to have total assets of nearly $6.1bn.
However, First National Bank branches will continue to operate under their original name until the operating systems are converted, expected to be completed in the third week of this month.
During this process, all First National Bank banking centres with their client relationships and accounts will be converted to Tri Counties Bank.
The acquisition, announced in December last year, strengthens Tri Counties Bank’s footprint throughout Northern California.
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By GlobalDataTrico president and CEO Richard Smith will continue to lead the combine company.
Under the terms of the agreement, two former FNB directors Thomas Atwood and Thomas McGraw have been appointed to the combined company’s board of directors.
Smith said: “We are excited to combine two community-focused financial institutions who are both significantly involved in the markets they serve.
“We look forward to providing our clients with additional lending capabilities and expanded product offerings while delivering our unique brand of Service With Solutions.”
The combined company will have a community based branch network throughout Northern and Central California.
Besides advanced online and mobile banking services, the customers will receive access to more than 25,000 surcharge-free ATMs.
