Trico to Acquire Sacramento-Area Thrift
CHICO, Calif. - Trico Bancshares has agreed to buy Sutter Buttes Savings Bank and merge it into Tri Counties Bank.
The deal will more than double Trico's market share in Yuba City to 10.9% of private-sector deposits, from 4.4%.
Specializing in small-business and agriculture loans, Trico expects to continue expanding. The banking company recently opened loan production offices in Sacramento and Bakersfield, two heavy agricultural regions.
Under the purchase agreement, Sutter Buttes shareholders will receive stock and cash worth about $3.84 million. About 51% of the total price will be paid in stock, which will be valued at the average market price for the 10 trading days prior to the closing.
The purchase, which is still subject to shareholder and regulatory approval, is expected to be completed in the third quarter.
Trico has $578.6 million in assets and 21 branches in eight California counties, from the Oregon border to Sacramento. Sutter Buttes, with two branches, has $67 million in assets.
Aspen Bancshares Wraps Up Acquisition
ASPEN, Colo. - Aspen Bancshares has completed its $10 million acquisition of Val Cor Bancorp.
Val Cor is the holding company for $72.9 million-asset Valley National Bank of Cortez. Aspen is the $357.7 million-asset parent of Pitkin County Bank and Trust, and Centennial Savings Bank.
Denver's Vectra Buys Southwest State Bank
DENVER - Vectra Banking Corp. has completed its purchase of Southwest State Bank and parent Bank Land Co. for $22.2 million in cash and 7% convertible preferred stock.
The preferred stock may be converted at $13.25 per common share.
The purchase will add $110 million in assets to Vectra's current $525 million. The company operates 12 branches.
Mass. Thrift to Form a Holding Company
MIDDLEBORO, Mass. - Mayflower Cooperative Bank has approved a plan to form a holding company.
The new company would allow $113 million-asset Mayflower to initiate a stock repurchase program, and would help with mergers and acquisitions, though officials stressed that none are pending.
Under the plan, which is still subject to shareholder and regulatory approval, each share of Mayflower stock would be converted to one share of the holding company stock. No name has been designated yet for the new holding company.