Edition:
United Kingdom

Trico Bancshares Enters San Francisco Bay Area With Acquisition Of FNB Bancorp


Tuesday, 12 Dec 2017 

Dec 11 (Reuters) - Trico Bancshares ::ENTERS SAN FRANCISCO BAY AREA WITH ACQUISITION OF FNB BANCORP.‍WILL ACQUIRE FNB, PARENT CO OF FIRST NATIONAL BANK OF NORTHERN CALIFORNIA IN STOCK TRANSACTION VALUED AT ABOUT $315.3 MILLION IN AGGREGATE​.-BASED ON FINANCIAL INFORMATION AS OF SEPT 30, 2017, COMBINED COMPANY WILL HAVE ABOUT $6.1 BILLION IN ASSETS, $5.0 BILLION IN DEPOSITS​.COMBINED COMPANY WILL HAVE $3.7 BILLION IN GROSS LOANS, AND 78 BRANCHES THROUGHOUT CALIFORNIA​.TRICO- ‍UNDER THE AGREEMENT, FNB SHAREHOLDERS WILL RECEIVE 0.980 SHARES OF TRICO COMMON STOCK IN EXCHANGE FOR EACH SHARE OF FNB COMMON STOCK THEY HOLD​.‍MERGER AGREEMENT PROVIDES FOR TWO DIRECTORS OF FNB TO JOIN TRICO'S BOARD OF DIRECTORS​.EXPECTS TRANSACTION TO BE 2% ACCRETIVE TO ITS EARNINGS IN 2018, EXCLUDING TRANSACTION COSTS, AND 8% ACCRETIVE TO EARNINGS IN 2019​. 

Company Quote

36.32
-0.4 -1.09%
13 Nov 2018