California banks win approval for merger after delay

TriCo Bancshares in Chico, California, said regulators signed off on its deal to acquire Valley Republic Bancorp in Bakersfield, California.

The $165.6 million cash and stock deal was announced last July and was originally slated to close by the end of 2021. It is now scheduled to close on or around March 25, Trico said ate Tuesday.

Under pressure from President Biden, regulators last year ramped up scrutiny of bank mergers, causing delays and, in some cases, ending acquisition plans.

The $8.6 billion-asset TriCo said that after the acquisition it would have total assets of about $10.1 billion, loans of $5.7 billion and deposits of $8.6 billion.

"We are pleased to have received all regulatory approvals to merge two strong companies with complementary business models and a high level of cultural alignment," TriCo Chairman and CEO Richard Smith said in a press release.

"Following months of thoughtful collaborative planning, we are well-prepared to execute a successful integration,” Valley President and CEO Geraud Smith added in the release.