Finally, Six Rivers National Bank of Eureka, Calif., has agreed to a sale. Six Rivers announced late Thursday that its shareholders had "overwhelmingly" approved a $22.5 million merger with North Valley Bancorp of Redding, Calif. The announcement came just two weeks after a vote on the merger was adjourned because it lacked a two-thirds majority.A group of dissident shareholders had opposed the deal and had urged Six Rivers' board to reopen talks with a hometown rival, Humboldt Bank. Humboldt had made four bids for Six Rivers over the past three years, most recently offering $18 a share last summer.
North Valley, with $313 million of assets, would exchange 1.45 of its shares for each Six Rivers share. Based on North Valley's closing price of $10.50 on Thursday, the deal would equal $15.225 per share. Company officials said Six Rivers would continue to operate independently but that back-office operations would be centralized in Redding.