Tri Counties Bank

Last updated
Tri Counties Bank
Type Public; Subsidiary
Nasdaq:  TCBK
Industry Banking
FoundedMarch 11, 1975;48 years ago (March 11, 1975) in Chico, California
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
Increase2.svg US$64 million (2020) [1]
Total assets Increase2.svg US$7.6 billion (2020) [1]
Number of employees
1,093 (2021) [1]
Parent TriCo Bancshares
Website www.tcbk.com

Tri Counties Bank is a financial institution headquartered in Chico, California. It is a subsidiary of holding company TriCo Bancshares (NASDAQ: TCBK) headquartered in Chico, California. [2] The first branch opened in 1975 to serve the Butte, Glenn, and Tehama counties, from which the bank received 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.

Contents

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. [4] [5]

TriCo Bancshares was 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. The bank opened in store branches in 1994 to bring financial services into supermarkets. [6] After Stevenson retired in 1999, Richard P. Smith became the president and CEO of the company.

In 2010, Richard P. Smith was named the chairman of the California Bankers Association and held the position through 2011, when the company acquired Citizens Bank of Northern California after regulators ordered it to permanently close due to financial loss from non-performing loans. [7]

The Tri Counties Bank campus building in Chico, California. Tri Counties Bank Campus Building 2016.jpg
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. [8]

The company then acquired North Valley Bank in 2014, expanding Humboldt, Trinity, and Sonoma counties. [9] Three members of North Valley's board of directors joined the Tri Counties Bank board, which grew from nine seats to twelve. In 2018, the company acquired First National Bank of Northern California, expanding into the Bay Area market. [10]

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 expand its footprint by launching twelve new branches. [11] A 2021 survey published in Forbes magazine of America's Best In-State-Banks ranked Tri Counties Bank as #2 in California. [12]

In 2021, the company acquired Valley Republic Bank. After the acquisition, the combined bank had more than $10 billion in assets. [13]

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. [14] [6]

The company's current headquarters opened in 1998 on Constitution Drive in Chico, California. [15]

In 2013, the company opened a training and operations campus at the Chico Airport complex. [16] 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. [17] 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. [18]

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. [19] [20] [21] [22]

Chief executives

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References

  1. 1 2 3 "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. ↑ "Chico's Tri Counties Bank executives ring Nasdaq bell to start trading day". chicoer.com. Chico Enterprise-Record. April 18, 2018.
  5. 1 2 "Robert H Steveson, Trico Bancshares: Profile and Biography - Bloomberg Markets". bloomberg.com. Bloomberg News.
  6. 1 2 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.
  7. ↑ Trina Kleist (September 23, 2011). "Feds shut down Citizens Bank; Tri-Counties takes over". theunion.com. The Union.
  8. ↑ Laura Urseny (July 16, 2013). "Business showpiece: Tri Counties Bank unveils its multimillion-dollar campus". chicoer.com. Chico Enterprise-Record.
  9. ↑ Eric Gneckow (January 22, 2014). "Tri Counties Bank to enter North Bay via North Valley Bank". northbaybusinessjournal.com. North Bay Business Journal.
  10. ↑ "TriCo acquires First National Bank of Northern California". northbaybusinessjournal.com. North Bay Business Journal. December 12, 2017.
  11. ↑ Brooke Strickland (December 5, 2020). "2020 Women Who Mean Business honoree: Bindu Jaduram with Tri Counties Bank". bizjournals.com. American City Business Journals.
  12. ↑ Antoine Gara (June 24, 2021). "Forbes Americas Best Banks in Each State". Forbes .
  13. ↑ Bank, Tri Counties (2022-03-28). "TriCo Bancshares (Tri Counties Bank) Completes Merger with Valley Republic Bancorp". YubaNet. Retrieved 2022-08-15.
  14. ↑ Mark Anderson (May 18, 2006). "Tri Counties branches out to Wal-Mart, grocery stores". bizjournals.com. American City Business Journals.
  15. ↑ "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)
  16. ↑ "Tri Counties Bank Operations Center". modernbuildinginc.com. Modern Building Company. 21 August 2019.
  17. ↑ "Ellis Partners Sells 3700 Douglas Boulevard in Roseville". ellispartners.com. Ellis Partners. February 11, 2016.
  18. ↑ Pat Maio (September 7, 2021). "Tri Counties Bank Opens Loan Office in Pasadena". labusinessjournal.com. Los Angeles Business Journal.
  19. ↑ "Bank backs Enloe project". chicoer.com. Chico Enterprise-Record. February 8, 2006.
  20. ↑ "Enloe cancer division gets $25,000 donation". chicoer.com. Chico Enterprise-Record. April 23, 2011.
  21. ↑ "Tri Counties starts Carr Fire fund with $25,000 donation". siskiyoudaily.com. Siskiyou Daily News. July 31, 2018.
  22. ↑ Mark Anderson (October 8, 2020). "Tri Counties Bank offers matching money for grants to Sacramento Black Chamber". bizjournals.com. American City Business Journals.
  23. ↑ "Long-time Chico banker Steveson dies". chicoer.com. Chico Enterprise-Record. November 25, 2011.
  24. ↑ "Richard P. Smith, Tri Counties Bank: Profile and Biography - Bloomberg Markets". bloomberg.com. Bloomberg News.
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