Tri Counties Bank

Tri Counties Bank is a financial institution headquartered in Chico, California, which constitutes the consumer and business banking subsidiary TriCo Bancshares.[2] The first branch opened in 1975 with 11 employees and $1 million in capital to serve the Butte, Glenn, and Tehama counties, giving it its name.[3] As of 2021, the bank has over 75 branches in California, over 37,000 ATMs nationwide, and total assets of approximately $8 billion. A 2021 survey published in Forbes magazine of "America’s Best In-State-Banks" ranked Tri Counties Bank as #2 in California.[4]

Tri Counties Bank
TypePublic; Subsidiary
Nasdaq: TCBK
IndustryBanking
FoundedMarch 11, 1975 (March 11, 1975) in Chico, California
HeadquartersChico, California
Number of locations
75 branches (2020)
Area served
United States
Key people
Richard P. Smith (President and CEO)
ProductsChecking; Savings; Consumer loans; Mortgage loans; Credit cards; Online banking; Investments
ServicesBanking
Financial services
US$64 million (2020)[1]
Total assets US$7.6 billion (2020)[1]
Number of employees
1,093 (2021)[1]
ParentTriCo Bancshares
Websitewww.tcbk.com

History

At its inception in 1974, a group of farmers and small business owners within the Chico area came together to form their own bank and assist local growers. The company began operations with Robert H. Steveson as the first President and CEO.[5][6]

TriCo Bancshares became incorporated in 1981. It was formed as a holding company with Tri Counties Bank as its sole subsidiary. Later that year, Tri Counties Bank merged with Shasta County Bank, bringing total assets to $96 million dollars. The company also doubled its number of employees.[7][8]

The bank began opening in-store branches in 1994 to bring financial services into supermarkets.[9] Richard P. Smith was named the President and CEO of the company in 1999, replacing Steveson who retired. Steveson passed away in 2011.[10][11]

In 2010, Richard P. Smith was named the chairman of the California Bankers Association and held the position through 2011. Smith has been an active member of the association for many years and, as chairman, Smith provided leadership to the association and members of its staff.[12]

Shortly after Smith attained chairman status, the company acquired Citizens Bank of Northern California after regulators ordered them to permanently close due to financial loss from non-performing loans. The company agreed to purchase all of the assets and deposits of the failed bank in 2011.[13]

The Tri Counties Bank campus building in Chico, California.

In 2013, the company opened a new $9 million campus at the Chico Airport complex, which houses information technology, operations, a call center, and training departments.[14]

The company then acquired North Valley Bank in 2014. The two banks combined total assets reached $3.5 billion and over 1,000 employees. Three members of North Valley's board of directors were invited to join the Tri Counties Bank board, growing it from 9 to 12 seats. This acquisition also allowed the company to expand into Humboldt, Trinity, and Sonoma counties.[15][16]

The company opened a new regional headquarters in Roseville. Property records show that the company paid $7.9 million for the building. The building is in the Douglas Boulevard financial corridor, where other banks and financial services are located. The company also opened a branch on the ground floor of the Renaissance Tower in downtown Sacramento.[17][18][19]

The company acquired First National Bank of Northern California in 2018. With the acquisition of this bank, Tri Counties Bank entered the Bay Area market.[20]

In 2020, the Sacramento Business Journal nominated Bindu Jaduram with Tri Counties Bank as one of the year's Women Who Mean Business honorees. Jaduram helped the company to expand their footprint by launching 12 new branches.[21]

In 2021, the company formally announced they would acquire Valley Republic Bank. The combined company will be the largest community bank in Bakersfield and Kern County by deposits.[22] There are now more than $9 billion in assets, $8 billion in deposits, and nearly $6 billion in loans.[4] Forbes magazine also ranked the company as #2 in California in their "America’s Best In-State-Banks" in 2021.[23][24][4]

Operations

The bank offers consumer banking products and services including mortgage loans, credit cards, online banking, and investments. It operates standalone branches as well as in-store branches, such as in supermarkets.[25][9]

The company's headquarters opened in 1998 on Constitution Drive, in Chico, California.[26]

In 2013, the company opened a training and operations campus at the Chico Airport complex.[27] In 2017, the company purchased a building in Roseville, California, for its new regional headquarters. Other Roseville facilities include a Small Business Administration loan office, and a separate commercial lending office.[28] In August 2021, the company entered Los Angeles County by opening a lending center in Pasadena, California. Other Southern California offices in Irvine and San Diego opened at the same time.[29]

Brokerage and investment management services are provided by Tri Counties Advisors in affiliation with Raymond James Financial Services, Inc.[30]

The company is active in philanthropy, having directly donated or helped raise over $450,000 for local causes including funds for a local medical center, aid for the victims of the 2018 Carr Fire, and funds for local black businesses.[31][32][33][34]

Chief executives
  • Richard P. Smith March, 2001 – present[35]
  • Robert H. Steveson November, 1999 – 2001[6][11]

References
  1. "Trico Bancshares 2020 Annual Report (Form 10-K)". sec.gov. U.S. Securities and Exchange Commission. March 1, 2021.{{cite web}}: CS1 maint: url-status (link)
  2. Tri Counties Bank 2021 Financial Snapshop (PDF). tcbk.com (Report). Tri Counties Bank. June 30, 2021.
  3. Ed Goldman (May 15, 2014). "You read it here first: How Tri Counties Bank got that name". bizjournals.com. American City Business Journals.
  4. Antoine Gara (June 24, 2021). "Forbes Americas Best Banks in Each State". Forbes.
  5. "Chico's Tri Counties Bank executives ring Nasdaq bell to start trading day". chicoer.com. Chico Enterprise-Record. April 18, 2018.
  6. "Robert H Steveson, Trico Bancshares: Profile and Biography - Bloomberg Markets". bloomberg.com. Bloomberg News.
  7. 1981 Merger Decisions Volume 2. books.google.com (Report). Washington, D.C.: Federal Deposit Insurance Corporation. 1981. p. 16.
  8. Tri Counties Bank 1981 Annual Report (PDF). tcbk.com (Report). Tri Counties Bank. 1981. p. 2.
  9. Karen L. Fields (1996). "Tri Counties Bank wins supermarket banking award with toothpicks, lemons, and tires". Journal of Retail Banking Services. SourceMedia, Inc. ISSN 0195-2064.
  10. "Richard P. Smith (Bio)". twst.com. The Wall Street Transcript. n.d.
  11. "Long-time Chico banker Steveson dies". chicoer.com. Chico Enterprise-Record. November 25, 2011.
  12. Mark Anderson (May 4, 2010). "Smith named chairman of California Bankers Association". bizjournals.com. American City Business Journals.
  13. Trina Kleist (September 23, 2011). "Feds shut down Citizens Bank; Tri Counties takes over". theunion.com. The Union.
  14. Laura Urseny (July 16, 2013). "Business showpiece: Tri Counties Bank unveils its multimillion-dollar campus". chicoer.com. Chico Enterprise-Record.
  15. Eric Gneckow (January 22, 2014). "Tri Counties Bank to enter North Bay via North Valley Bank". northbaybusinessjournal.com. North Bay Business Journal.
  16. Dave Brooksher (February 19, 2014). "Tri Counties, North Valley banks merge". theunion.com. The Union.
  17. Mark Anderson (February 25, 2016). "Fast-growing bank buys Roseville building for regional headquarters". bizjournals.com. American City Business Journals.
  18. Mark Glover (April 10, 2017). "Tri Counties Bank plans to open downtown Sacramento branch in June". sacbee.com. The Sacramento Bee.
  19. Mark Anderson (April 5, 2017). "Why Tri Counties Bank is opening a branch in downtown Sacramento". bizjournals.com. American City Business Journals.
  20. "TriCo acquires First National Bank of Northern California". northbaybusinessjournal.com. North Bay Business Journal. December 12, 2017.
  21. Brooke Strickland (December 5, 2020). "2020 Women Who Mean Business honoree: Bindu Jaduram with Tri Counties Bank". bizjournals.com. American City Business Journals.
  22. "Tri Counties Continues Active Year with Valley Republic Merger". bankingexchange.com. Banking Exchange. July 29, 2021.
  23. John Cox (July 28, 2021). "Valley Republic agrees to purchase offer by Chico-based bank". bakersfield.com. Bakersfield.com.
  24. Jignesh Mehta (July 28, 2021). "Valley Republic Bancorp inks merger deal with TriCo Bancshares valued at $165.6 million". seekingalpha.com. Seeking Alpha.
  25. Mark Anderson (May 18, 2006). "Tri Counties branches out to Wal-Mart, grocery stores". bizjournals.com. American City Business Journals.
  26. "Trico Bancshares 2018 Registration Statement (Form S-4)". sec.gov. U.S. Securities and Exchange Commission. March 21, 2018.{{cite web}}: CS1 maint: url-status (link)
  27. "Tri Counties Bank Operations Center". modernbuildinginc.com. Modern Building Company. 21 August 2019.
  28. "Ellis Partners Sells 3700 Douglas Boulevard in Roseville". ellispartners.com. Ellis Partners. February 11, 2016.
  29. Pat Maio (September 7, 2021). "Tri Counties Bank Opens Loan Office in Pasadena". labusinessjournal.com. Los Angeles Business Journal.
  30. "Company Profile". tcbk.com. Tri Counties Bank.
  31. "Bank backs Enloe project". chicoer.com. Chico Enterprise-Record. February 8, 2006.
  32. "Enloe cancer division gets $25,000 donation". chicoer.com. Chico Enterprise-Record. April 23, 2011.
  33. "Tri Counties starts Carr Fire fund with $25,000 donation". siskiyoudaily.com. Siskiyou Daily News. July 31, 2018.
  34. Mark Anderson (October 8, 2020). "Tri Counties Bank offers matching money for grants to Sacramento Black Chamber". bizjournals.com. American City Business Journals.
  35. "Richard P. Smith, Tri Counties Bank: Profile and Biography - Bloomberg Markets". bloomberg.com. Bloomberg News.
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