North Valley Bancorp

North Valley Bancorp was a bank holding company headquartered in Redding, California. The company operated 22 branches. The company was acquired by TriCo Bancshares in October 2014, in a merger valued at more than $178 million.[2]

North Valley Bancorp
IndustryBanking
Founded1972 (1972)
DefunctOctober 3, 2014 (2014-10-03)
FateAcquired by Tri Counties Bank
HeadquartersRedding, California
Key people
 Michael J. Cushman, CEO & President
Kevin R. Watson, CFO
RevenueDecrease $32 million (2013)
Decrease $3 million (2013)
Total assetsIncrease $917 million (2013)
Total equityDecrease $93 million (2013)
Number of employees
319
Footnotes / references
[1]

History

In September 1972, North Valley Bank was established as a California-chartered bank. The company commenced operations in February 1973.[1]

In 1980, North Valley Bancorp was incorporated as the holding company for North Valley Bank.[1]

In 2000, the company acquired Six Rivers National Bank.[3][4][1]

In September 2004, the company acquired Yolo Community Bank for $23 million.[5][6][7][1]

In June 2006, the company merged its two subsidiary banks: North Valley Bank and NVB Business Bank.[8]

In 2007, Sterling Financial Corporation agreed to acquire the company for $196 million in cash and stock, but the merger was cancelled after failing to win regulatory approval.[9][10]

In October 2014, the company was acquired by Tri Counties Bank for $178.4 million in stock.[11][12]

References
  1. "North Valley Bancorp 2013 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Tri Counties, North Valley banks merge" (Press release). The Union. February 19, 2014.
  3. "Form 8-K Current Report". U.S. Securities and Exchange Commission.
  4. "In Brief (four items)". American Banker. April 10, 2000.(subscription required)
  5. "North Valley Bancorp and Yolo Community Bank Announce Merger" (Press release). Business Wire. April 26, 2004.
  6. "North Valley Bancorp completes purchase of Yolo bank". American City Business Journals. September 2, 2004.
  7. Anderson, Mark (May 2, 2004). "Woodland bank sells for $23M". American City Business Journals.
  8. Anderson, Mark (July 5, 2006). "North Valley Bancorp completes merger". American City Business Journals.
  9. "North Valley Bancorp cancels merger". American City Business Journals. December 3, 2007.
  10. Basu, Aniruddha (December 3, 2007). "North Valley ends merger agreement with Sterling Financial". Reuters.
  11. "TriCo Bancshares Announces the Completion of Its Merger with North Valley Bancorp" (Press release). Business Wire. October 3, 2014.
  12. "TriCo Bancshares and North Valley Bancorp Announce Agreement to Merge" (Press release). Business Wire. January 21, 2014.
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