EUREKA, Calif. - Humboldt Bancorp announced late Wednesday that it has a deal to buy Tehama Bancorp in Red Bluff, Calif., for about $35 million in stock.

Tehama, with six branches and $233 million of assets, would operate as of one of four Humboldt subsidiaries in Northern California. Its shareholders would receive 1.775 shares of Humboldt common stock - $20.41 worth at Humboldt's closing price Tuesday - for each share owned. The deal is expected to be completed in the first quarter.

Humboldt, with $530 million of assets, and Tehama jointly own Bancorp Financial Services Inc., a $35 million-asset leasing and finance company in Sacramento. The leasing company would become a subsidiary of Humboldt. Humboldt also owns Humboldt Bank, Capitol Valley Bank in Roseville, and Capitol Thrift and Loan Association in Napa.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.