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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15 (d)of the Securities Exchange Act of 1934
Date of Report October 16, 1996 Commission file number 0-10661
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TRICO BANCSHARES
(Exact name of registrant as specified in its charter)
California 94-2792841
(State or other jurisdiction (I.R.S. Employer
incorporation or organization) Identification No.)
15 Independence Circle, Chico, California 95973
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code 916/898-0300
(Former name, former address and former fiscal year, if changed since last
report)
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Item 2. Acquisition of Assets
On October 16, 1996 TriCo Bancshares, Chico, California acquired Sutter Buttes
Savings Bank, F.S.B. of Yuba City, California. On the date of acquisition Sutter
Buttes Savings Bank was merged with and into Tri Counties Bank, the sole
subsidiary of TriCo Bancshares. The Acquisition Agreement set the purchase price
at $3,896,000 to be adjusted for income and certain other specified events
occurring between March 31, 1996 and the date of closing. The final purchase
price totaled $4,170,629. Shareholders of Sutter Buttes common stock will
receive approximately $2,036,118 or 49% in cash and 102,868 common shares of
TriCo Bancshares with a value of $2,134,511 based on a $20.75 average closing
market price of TriCo stock for the ten days preceding the closing date.
At close of business on the closing date, Sutter Buttes had assets totaling
$64,210,000, loans of $60,815,000, deposits of $56,023,000 and shareholders'
equity of $3,449,000. On September 30, 1996 TriCo had assets totaling
$621,039,000, deposits of $525,000,000 and shareholders' equity of $56,057,000.
Item 7. Financial Statements and Exhibits
Preparation of financial statements as required to be filed in connection with
the acquisition have been delayed due to the resignation of Sutter Buttes' chief
financial officer. Required financial statements will be filed when available
and not later than 60 days from the date of this filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TRICO BANCSHARES
Date October 23, 1996 /s/ Robert M. Stanberry
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Vice President and CFO