trending Market Intelligence /marketintelligence/en/news-insights/trending/yzvipbplymsmt-c8wwcf4w2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

TriCo Bancshares was among 17 institutions identified by FNB Bancorp for merger

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

Street Talk Episode 67 - Veteran investor tabs Mick Mulvaney to help with latest financial stock-focused fund

Street Talk Episode 65 - Deferral practices trap US bank portfolios in purgatory


TriCo Bancshares was among 17 institutions identified by FNB Bancorp for merger

FNB Bancorp was approached by seven financial institutions during 2016 and 2017 for a possible strategic transaction, including by its ultimate acquirer, TriCo Bancshares.

FNB Bancorp's board on June 14, 2017, formed a nonemployee directors committee to interview at least three investment banking firms that could advise the board in matters of a possible transaction. On the recommendation of the committee, Courtney Group LLC was selected as the South San Francisco, Calif.-based company's adviser.

FNB Bancorp and Courtney Group, in a meeting on Aug. 16, 2017, identified 17 financial institutions including Chico, Calif.-based TriCo Bancshares as suitable candidates. As of Sept. 8, 2017, seven of the 17 institutions had declined interest, and 10 institutions executed a confidentiality agreement with FNB Bancorp and were provided access to FNB Bancorp's information.

Four out of the 10 institutions, including TriCo Bancshares, submitted nonbinding expressions of preliminary interest. FNB Bancorp's board then shortlisted TriCo and another company.

TriCo's competitor, in the initial proposal, had indicated its willingness to present a 1% higher offer than any other competitors.

The competitor on Oct. 10, 2017, submitted an updated all-stock offer with an implied value of $38.00 per share as of Oct. 9, 2017. However, the company did not repeat its intention to one-up competing offers by 1%.

TriCo initially offered an all-stock deal worth $41.50 per share but later submitted a revised proposal of 1.000 share of TriCo Bancshares common stock for each share of FNB Bancorp's common stock. The offer had an implied value of $41.85 per share as of Oct. 10, 2017.

TriCo's offer was given precedence by FNB Bancorp's board, and it suspended negotiations with the other suitor. The companies entered into a confidentiality and nondisclosure agreement Oct. 18, 2017.

TriCo further revised its offer to an exchange ratio of 0.980 share of TriCo Bancshares common stock for each share of FNB Bancorp common stock. The offer had an implied value of $40.81 per share as of TriCo Bancshares common stock on Dec. 8, 2017.

The TriCo Bancshares and FNB Bancorp boards approved the merger agreement Dec. 11, 2017. FNB Bancorp would pay a $12.0 million termination fee to TriCo Bancshares should the acquisition fall through under certain circumstances.