TriCo acquires First National Bank of Northern California

TriCo Bancshares, parent company of Tri Counties Bank, will acquire FNB, parent company of First National Bank of Northern California, in a stock transaction valued at approximately $315.3 million, it was announced Monday.

The action will make TriCo one of the largest, if not the largest community banks in Northern California, said Richard Smith, president and CEO, TriCo Bancshares.

The partnership will be a good fit culturally, as both companies have a long record of success, Smith said.

“TriCo is very active in home and construction loans, and it’s an important market going forward. We are an active participant in the acquisitions market with growing interest in the San Francisco Bay area for a long time to make more loans,” he said.

TriCo most recently completed the integration of North Valley Bancorp and its branches which it purchased from Bank of America in 2016.

Based on financial information as of Sept.30, 2017, TriCo and FNB will have approximately $6.1 billion in assets, and 78 branches throughout California-spanning from Bakersfield to near the Oregon border.

TriCo is headquartered in Chico, with $4.7 billion in total assets, as of Sept. 30, 2017. It was founded in 1975 and has 66 branch locations throughout Northern and Central California.

FNB is headquartered in South San Francisco, with $1.3 billion in total assets. It was founded in 1963 and has 12 branches located across the San Francisco Peninsula.

Cynthia Sweeney covers health care, hospitality, residential real estate, education, employment and business insurance. Reach her at Cynthia.Sweeney@busjrnl.com or call 707-521-4259.