Business
TriCo Bancshares Completes Merger with Valley Republic Bancorp, Appoints New Director and Resumes Stock Repurchase Program
CHICO, Calif.--(BUSINESS WIRE)-- TriCo Bancshares (NASDAQ: TCBK) (“TriCo”) has completed its previously-announced merger with Valley Republic Bancorp (OTC:
About this update from Trico Bancshares
[{"type":"text","content":" CHICO, Calif.--(BUSINESS WIRE)--\nTriCo Bancshares (NASDAQ: TCBK) (“TriCo”) has completed its previously-announced merger with Valley Republic Bancorp (OTC: VLLX) (“Valley”) as of March 25, 2022. The combined company, operating as TriCo Bancshares with its banking subsidiary, Tri Counties Bank, anticipates having total assets of approximately $10.1 billion as the result of the merger.\n\n“We are excited to combine two community-focused financial institutions which are both significantly involved in the markets they serve,” said Richard P. Smith, President and CEO of TriCo and Tri Counties Bank. “We look forward to providing our new clients with additional lending capabilities and expanded product offerings while delivering our unique brand of Service With Solutions®.”\n\n“We see this merger as a significant milestone in our company’s history that positions us for continued growth and success,” continued Smith. “Our commitment to provide value to our clients, communities and shareholders remains our top priority.”\n\nPrior to the merger, Valley had approximately $1.4 billion in assets and its subsidiary, Valley Republic Bank, operated three branch offices in Bakersfield, one branch office in Delano, and one loan production office in Fresno, California. Valley Republic Bank also merged with and into Tri Counties Bank on March 25, 2022.\n\nValley Republic Banks former branches reopened under the Tri Counties brand on Monday, March 28, 2022. Clients now have access to a community based branch network throughout Tri Counties’ California footprint, access to a national network of over 37,000 surcharge-free ATMs, advanced online and mobile banking and banker support by phone 7 days per week. Valley Republic Bank clients previously received a welcome guide detailing the transition and the benefits of being a Tri Counties client. Team members are prepared to assist clients, answer their questions and process transactions with personalized attention as usual.\n\nWith the completion of the merger, TriCo has appointed Anthony L. Leggio to its board of directors. Mr. Leggio served as a director of Valley and Valley Republic Bank since incorporation in 2016 and 2008, respectively. Mr. Leggio has been President/Manager of Bolthouse Properties, LLC, Bakersfield, CA, a diversified real estate development company with commercial, residential and...