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Fed OKs TriCo-FNB Bancorp deal

The Federal Reserve Board on June 6 approved Chico, Calif.-based TriCo Bancshares's pending acquisition of South San Francisco, Calif.-based FNB Bancorp.

In addition, the Fed also gave its nod to the merger of FNB Bancorp unit First National Bank Northern California into Tri Counties Bank, a unit of TriCo Bancshares.

The Federal Deposit Insurance Corp. and the California Department of Business Oversight have already approved the deal.

The merger completion is scheduled for July 6 when First National Bank will legally become part of Tri Counties Bank. However, First National Bank's operating systems will convert on July 21 and 22.