Platte Valley Financial Service Cos. of Scottsbluff, Neb., has agreed to acquire Tri-County Bancorp of Torrington, Wyo., for $11.67 million in cash.
Tri-County has $97 million of assets and three branches near the Nebraska border. Platte Valley has $225 million of assets, one branch in Wyoming, and six in Nebraska.
Together, our organizations will be in a position to offer our customers a wider range of products and services, such as brokerage, trust, and insurance services, while continuing both companies commitment to their communities, Hod Kosman, chairman and chief executive of Platte Valley, said in a press release.
Platte Valley has agreed to pay $12.60 for each share of Tri-County, which would be merged into Platte Valley National Bank.
The deal, which would be accounted for as a purchase, is scheduled to close by the second quarter.
Shares of Tri-County were trading at $11.4375 midday Friday, up 12.6% from Thursdays close.