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.

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