News Column

Tri Counties, North Valley banks report profits as merger draws nearer

May 1, 2014

By Mark Glover, The Sacramento Bee



May 01--Chico-based Tri Counties Bank and Redding-based North Valley Bank, which are in the process of completing a merger announced in January, reported profitable first quarter results. Both have a presence throughout Northern California.

TriCo Bancshares, parent of Tri Counties Bank, reported a profit of $7.36 million, or 45 cents a share, for the quarter ending March 31, down from $8.47 million, or 53 cents a share, in the first three months of 2013. The bank reported year-over-year gains in total assets, loans and deposits, but non-interest income decreased nearly $2 million over a year's time.

North Valley Bancorp, holding company for North Valley Bank, reported quarterly net income of $919,000, or 13 cents a share, down from $1.26 million, or 18 cents a share, in last year's first quarter. "We are pleased with the results from the first quarter as we move forward with our planned merger with TriCo Bancshares," said Mike Cushman, president and CEO.

There are about a dozen Tri Counties Bank branches in the Sacramento region. North Valley has commercial bank offices throughout the region, including Placer and Yolo counties. Under terms of the previously announced merger agreement, North Valley banks will carry the Tri Counties name, and their shareholders will receive proportional shares of TriCo Bancshares stock. The merger is expected to be completed by midyear.

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(c)2014 The Sacramento Bee (Sacramento, Calif.)

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Source: Sacramento Bee (CA)


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