Tri Counties Bank
| File:The logo for Tri Counties Bank.png Tri Counties Bank regional headquarters in Roseville.jpg The current logo, in use since 1975 | |
| File:Tri Counties Bank regional headquarters in Roseville.jpg The Tri Counties Bank regional headquarters in Roseville, California. | |
| Public; Subsidiary | |
| Traded as | NASDAQ: TCBK |
| ISIN | 🆔 |
| Industry | Banking |
| Founded 📆 | March 11, 1975 in Chico, California |
| Founder 👔 | |
| Headquarters 🏙️ | Chico, California |
Number of locations | 75 branches (2020) |
Area served 🗺️ | United States |
Key people | Richard P. Smith (President and CEO) |
| Products 📟 | Checking; Savings; Consumer loans; Mortgage loans; Credit cards; Online banking; Investments |
| Services | Banking; Financial Services |
 US$33.64 billion (2021 Q1)[1] | |
| Total assets | US$8.03 billion (2021 Q1)[1] |
| Members | |
Number of employees | 1,000 (2021) |
| Parent | TriCo Bancshares |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
Tri Counties Bank is the primary subsidiary of TriCo Bancshares, headquartered in Chico, California, United States.[2] The first branch opened in 1975 with 11 employees and $1 million in capital to serve Butte, Glenn and Tehama counties, hence the name, Tri Counties Bank.[3] As of 2021, the bank has more than 75 branches in California, over 37,000 ATMs nationwide and total assets of approximately $8 billion.[4] Forbes magazine has ranked Tri Counties Bank as #2 in California in their "America’s Best In-State-Banks" in 2021.[5]
History
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 in March 1975.[6]
In 1975, the bank’s first branch was a mobile facility that opened at the current Chico Pillsbury branch site. The first branch had 11 employees and $1 million in capital to serve Butte, Glenn and Tehama counties, hence the name, Tri Counties Bank. Robert H. Stevenson was the first President and CEO.[3][7]
In 1981, TriCo Bancshares was incorporated. TriCo Bancshares, a holding company with Tri Counties Bank as its sole subsidiary, was formed. 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.[8][9]
In 1999, Richard P. Smith was named the President and CEO of the company, replacing Stevenson who retired. Stevenson passed away in 2011.[7]
In 2006, Tri Counties Bank became the first California-based company headquartered north of Sacramento to ring the NASDAQ opening bell.[6]
In 2010, Richard P. Smith was named the chairman of the California Bankers Association for a period from 2010-2011. 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.[10]
In 2011, the company acquired Citizens Bank of Northern California after regulators ordered them to permanently close due to financial loss from nonperforming loans. The company agreed to purchase all of the assets and deposits of the failed bank. Citizens bank had $288.8 million in total assets by comparison to the company, which held $2.2 billion in assets, according to FDIC reports.[11][12]
In 2013, the company opened a new campus at the Chico Airport complex, at a cost of $9 million dollars, which houses information technology, operations, a call center, and training departments. [13]
In 2014, the company acquired North Valley Bank. 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.[14][15]
In 2017, 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.[16][17][18]
In 2018, the company acquired First National Bank of Northern California. With the acquisition of this bank, Tri Counties Bank entered the Bay Area market.[19]
In 2020, 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.[20]
In 2021, the company acquired Valley Republic Bank. The combined company will have more than 75 branches in California, over 37,000 ATMs nationwide, more than $9 billion in assets, $8 billion in deposits, and nearly $6 billion in loans. Forbes magazine also ranked the company as #2 in California in their "America’s Best In-State-Banks" in 2021.[21][22][5]
Operations
The bank had its beginning specializing in farm and small-business banking, but today it has a range of consumer banking products and services which include Mortgage loans, Credit cards, Online banking and Investments. In 1994, the bank started opening in-store branches to bring financial services into the supermarket.[23]
Corporate culture
There is an acronym used within the company: Trust, Respect, Integrity, Communication and Opportunity (TRICO). CEO Richard Smith said in an interview that employees "hold true to it and it compliments our strong sales culture." All employee positions within the company are involved in the process of having these values.[24]
Offices
The company’s main and current headquarters building opened in 1998 on Constitution Drive, in Chico, California.[25]
In 2013, the company opened a training and operations campus at the Chico Airport complex.[26] In 2017, the company purchased a building on Douglas Boulevard in Roseville, California for a new regional headquarters. This is in addition to a Small Business Administration loan office, and a separate commercial lending office in the area.[27]
In 2020, the company announced that it would convert a branch on Salem Street in downtown Chico into additional office space. All customers were directed to do business with the branch on Mangrove Ave, and the branch was renovated to accommodate additional use.[28]
Wealth and Asset Management
Brokerage and investment management services are provided by Tri Counties Advisors in affiliation with Raymond James Financial Services, Inc.[29]
Community Initiatives
In 2005, the company made a donation of $125,000 dollars to the expansion project of Enloe Medical Center. Over the next 6 years, two additional donations of $25,000 were made towards Enloe’s Cancer Connections program.[30][31]
In 2014, the company donated $2,000 to help assist the local Habitat for Humanity to rebuild homes that were impacted by the Boles Fire in Weed, California.[32]
In 2018, the company setup a GoFundMe page with an initial deposit of $25,000 dollars to benefit the victims of the Carr Fire that burned through Trinity and Shasta county, California. The public was encouraged to make donations both online and in local branches. Over $250,000 in funds were raised.[33]
In 2020, the company matched donations up to a maximum of $25,000 to the Sacramento Black Chamber of Commerce as part of their initiative to support minority-owned businesses within the community where they operate.[34]
References
- ↑ 1.0 1.1 "TriCo Bancshares Announces Quarterly Results" (PDF) (Press release). Tri Counties Bank. March 28, 2021.
- ↑ "TriCo Bancshares Stock Quote and Profile". CNBC.
- ↑ 3.0 3.1 Ed Goldman (May 15, 2014). "You read it here first: How Tri Counties Bank got that name". Sacramento Business Journal.
- ↑ "About Tri Counties Bank". Tri Counties Bank.
- ↑ 5.0 5.1 Antoine Gara (June 24, 2021). "Forbes Americas Best Banks in Each State". Forbes.
- ↑ 6.0 6.1 "Chico's Tri Counties Bank executives ring Nasdaq bell to start trading day". Chico Enterprise-Record. April 18, 2018.
- ↑ 7.0 7.1 "Tri Counties Bank History Timeline". Tri Counties Bank.
- ↑ 1981 Merger Decisions Volume 2 (Report). Washington, D.C.: FDIC. 1981. p. 16.
- ↑ Tri Counties Bank 1981 Annual Report (PDF) (Report). Tri Counties Bank. 1981. p. 2.
- ↑ Jenna Mills (May 3, 2010). "Rick Smith Named New Chairman of the California Bankers Association" (Press release). California Bankers Association.
- ↑ "Tri Counties Bank, Chico, California, Assumes All of the Deposits of Citizens Bank of Northern California, Nevada City, California" (Press release). FDIC. September 23, 2011.
- ↑ Trina Kleist (September 23, 2011). "Feds shut down Citizens Bank; Tri Counties takes over". The Union.
- ↑ Laura Urseny (July 16, 2013). "Business showpiece: Tri Counties Bank unveils its multimillion-dollar campus". Chico Enterprise-Record.
- ↑ Eric Gneckow (January 22, 2014). "Tri Counties Bank to enter North Bay via North Valley Bank". North Bay Business Journal.
- ↑ Dave Brooksher (February 19, 2014). "Tri Counties, North Valley banks merge". The Union.
- ↑ Mark Anderson (February 25, 2016). "Fast-growing bank buys Roseville building for regional headquarters". Sacramento Business Journal.
- ↑ Mark Glover (April 10, 2017). "Tri Counties Bank plans to open downtown Sacramento branch in June". The Sacramento Bee.
- ↑ Mark Anderson (April 5, 2017). "Why Tri Counties Bank is opening a branch in downtown Sacramento". Sacramento Business Journal.
- ↑ "TriCo acquires First National Bank of Northern California". North Bay Business Journal. December 12, 2017.
- ↑ Brooke Strickland (December 5, 2020). "2020 Women Who Mean Business honoree: Bindu Jaduram with Tri Counties Bank". Sacramento Business Journal.
- ↑ John Cox (July 28, 2021). "Valley Republic agrees to purchase offer by Chico-based bank". Bakersfield.com.
- ↑ Jignesh Mehta (July 28, 2021). "Valley Republic Bancorp inks merger deal with TriCo Bancshares valued at $165.6 million". Seeking Alpha.
- ↑ Karen L. Fields (1996). "Tri Counties Bank wins supermarket banking award with toothpicks, lemons, and tires" (Press release). SourceMedia, Inc.
- ↑ "Richard Smith – Trico Bancshares Inc (tcbk)". The Wall Street Transcript. September 12, 2002.
- ↑ "History Timeline". Tri Counties Bank.
- ↑ "Tri Counties Bank Operations Center". Modern Building Company.
- ↑ "Ellis Partners Sells 3700 Douglas Boulevard in Roseville". Ellis Partners. February 11, 2016.
- ↑ Laura Urseny (January 22, 2020). "Tri Counties Bank to shift downtown Chico building use". Chico Enterprise-Record.
- ↑ "Company Profile". Tri Counties Bank.
- ↑ "Bank backs Enloe project". Chico Enterprise-Record. February 8, 2006.
- ↑ "Enloe cancer division gets $25,000 donation". Chico Enterprise-Record. April 23, 2011.
- ↑ Danielle Jester (December 30, 2019). "Tri Counties Bank supports Siskiyou Habitat for Humanity". Siskiyou Daily News.
- ↑ "Tri Counties starts Carr Fire fund with $25,000 donation". Siskiyou Daily News. July 31, 2018.
- ↑ Mark Anderson (October 8, 2020). "Tri Counties Bank offers matching money for grants to Sacramento Black Chamber". Sacramento Business Journal.
External links
- Official website
- Business data for TriCo Bancshares: Google Finance
- Yahoo! Finance
- Bloomberg
- Reuters
- SEC filings
This article "Tri Counties Bank" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Tri Counties Bank. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
|
This page exists already on Wikipedia. |
