Tri Counties Bank and North Valley Bank Receive Regulatory Approvals for Merger
03 Septiembre 2014 - 4:30PM
Business Wire
TriCo Bancshares (“TriCo”) (NASDAQ:TCBK), the holding company
for Tri Counties Bank, and North Valley Bancorp (“North Valley”)
(NASDAQ:NOVB), the holding company for North Valley Bank, today
jointly announced receipt of regulatory approvals from both the
Federal Deposit Insurance Corporation and the California Department
of Business Oversight for the merger of the two subsidiary banks.
The merger of TriCo and North Valley was approved by the
shareholders of TriCo and North Valley on August 7, 2014.
The transaction is expected to close on October 3, 2014, pending
final regulatory approval of the merger of Trico and North Valley
by the Federal Reserve Bank of San Francisco and the satisfaction
of other customary closing conditions. The combined bank will have
73 branches and approximately $3.5 billion in total assets.
“We are pleased to receive these approvals,” said Richard P.
Smith, president and chief executive officer of TriCo and Tri
Counties Bank. “We are eager to move forward together, serving our
customers and our communities as a strong community banking
franchise.”
Under the terms of the merger agreement between TriCo and North
Valley, North Valley shareholders will receive 0.9433 shares of
TriCo common stock for each share of North Valley common stock, for
an implied transaction value of approximately $145 million, based
on 6,836,463 shares of North Valley common stock outstanding as of
August 7, 2014 and the $22.49 per share closing price of TriCo
common stock on September 2, 2014, valuing each share of North
Valley common stock at approximately $21.31 per share.
Forward-Looking Statements
This press release contains certain forward-looking information
about TriCo and North Valley and the combined company after the
close of the mergers that is intended to be covered by the safe
harbor for “forward-looking statements” provided by the Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical fact are forward-looking statements. In
some cases, you can identify forward-looking statements by words
such as “may,” “hope,” “will,” “should,” “expect,” “plan,”
“anticipate,” “intend,” “believe,” “estimate,” “predict,”
“potential,” “continue,” “could,” “future” or the negative of those
terms or other words of similar meaning. You should carefully read
forward-looking statements, including statements that contain these
words, because they discuss the future expectations or state other
“forward-looking” information about TriCo, North Valley and the
combined company. Such statements involve inherent risks and
uncertainties, many of which are difficult to predict and are
generally beyond the control of TriCo, North Valley and the
combined company. Forward-looking statements speak only as of the
date they are made and we assume no duty to update such statements.
In addition to factors previously disclosed in reports filed by
TriCo and North Valley with the SEC, risks and uncertainties for
each institution and the combined institution include, but are not
limited to: the possibility that any of the anticipated benefits of
the proposed mergers will not be realized or will not be realized
within the expected time period; the risk that integration of North
Valley’s operations with those of TriCo will be materially delayed
or will be more costly or difficult than expected; the inability to
close the mergers in a timely manner; diversion of management’s
attention from ongoing business operations and opportunities; the
failure to satisfy other conditions to completion of the mergers,
including receipt of required regulatory and other approvals; the
failure of the proposed mergers to close for any other reason; the
risk that integration of North Valley’s operations with those of
TriCo will be materially delayed or will be more costly or
difficult than expected; the challenges of integrating and
retaining key employees; the effect of the announcement of the
merger on TriCo’s, North Valley’s or the combined company’s
respective customer relationships and operating results; the
possibility that the mergers may be more expensive to complete than
anticipated, including as a result of unexpected factors or events;
and general competitive, economic, political and market conditions
and fluctuations.
TriCo BancsharesRichard P. Smith, 530-898-0300President &
CEOorNorth Valley BancorpMichael J. Cushman, 530-221-4018President
& CEO
North Valley Banco (MM) (NASDAQ:NOVB)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
North Valley Banco (MM) (NASDAQ:NOVB)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024