Chico, Calif.-based TriCo Bancshares closed its acquisition of South San Francisco, Calif.-based FNB Bancorp.
Each common share of FNB Bancorp has been converted into the right to receive 0.98 common share of TriCo Bancshares, with cash to be paid in lieu of fractional shares. TriCo Bancshares issued about 7.4 million common shares in the deal. As a result, former FNB Bancorp shareholders will own about 24.3% of TriCo Bancshares' outstanding common stock immediately following the transaction.
After the completion of the deal, the combined company, operating as TriCo Bancshares with its banking unit Tri Counties Bank, has total assets of about $6.1 billion. While FNB Bancorp's unit First National Bank Northern California officially became part of Tri Counties Bank on July 6, First National Bank's branches will continue to operate under the First National Bank name until conversion of the operating systems, which is expected to occur in the third week of July.
In addition, TriCo Bancshares has appointed Thomas Atwood and Thomas McGraw, two former directors of FNB Bancorp, to its board.
Stephens Inc. served as TriCo Bancshares' financial advisers for the deal, with Sheppard Mullin Richter & Hampton LLP acting as its legal adviser. The Courtney Group LLC served as FNB Bancorp's financial advisers for the transaction, while Dodd Mason George LLP acted as the company's legal adviser.