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Updated 3:10pm - Apr 16, 2014
Updated 3:46pm - Apr 15, 2014

Home arrow News arrow Local News arrow Merger affects 2 local banks

Merger affects 2 local banks

Tri County, North Valley both have branches in CC

Two banks with branches in Crescent City announced their merger this week.

Chico-based Tri Counties Bank will purchase North Valley Bank, which is based in Redding, according to a joint press release from the two banks.

Crescent City has a North Valley Bank branch and the only Tri Counties branch on the coast, and the local impact is not yet known, said North Valley President Michael Cushman.

It will take eight months to close the merger. In the meantime, Tri Counties Bank will determine whether its branches can combine with North Valley’s, Cushman said.

“It’s hard to say whether they have the capacity or people power to do it,” he said. “They’ll go through that analysis and at some point in early summer will determine that they’re going to combine the branches or not. It’s possible they could remain unchanged.”

North Valley’s Crescent City branch at Northcrest Drive and Washington Boulevard was acquired when the company merged with Six Rivers National Bank in 2002, Cushman said. Tri Counties’ Crescent City branch on Third Street was acquired from Wells Fargo, he said.

The merger agreement was approved by the boards of directors for both companies.

Based on financial information as of Sept. 30, the combined company will have about $3.5 billion in assets, $3.1 billion in deposits, $2.2 billion in gross loans and 80 branches from Crescent City south to Bakersfield, according to the press release.

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