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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 February 21, 1997 Commission file number 0-10661
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 February 21, 1997 Tri Counties Bank, a wholly-owned subsidiary of TriCo
Bancshares, Chico, California, purchased and assumed substantially all of the
deposit liabilities of nine branches from Wells Fargo Bank, N.A, San Francisco.
In connection with the acquisition of such deposit liabilities and related cash
balances, Tri Counties Bank also acquired certain other assets of the branches,
including real estate (four branches), furniture and fixtures and a relatively
insignificant amount of loans which were secured by deposit accounts. All assets
constituting plant and equipment or other physical property will continue to be
used in the banking business. Wells Fargo Bank retained all other revenue
producing assets which had originated from these branches.
A preliminary summary of the deposit liabilities and limited assets acquired by
Tri Counties Bank is provided below:
Total deposits (liabilities) acquired $150,090,000
Less assets acquired
Furniture and fixtures 214,000
Land and premises 585,000
Loans 720,000
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Total assets acquired 1,519,000
Less premium paid for deposits 9,228,000
Net cash received by Tri Counties Bank
for the deposits acquired $139,343,000
Interest bearing deposit accounts other than time certificates of deposits
(CD's) were converted into Tri Counties Bank products on the acquisition date
and will earn interest at the current rates in effect for Tri Counties Bank's
deposit products. CD's and IRA's acquired will carry the rates of interest per
those contracts until their maturity dates. A summary of the deposit products is
shown below:
Non-interest bearing demand $27,111,000
Interest bearing transaction 16,655,000
Savings and money market investment 51,948,000
CD and IRA (average rate of 5.19%) 54,376,000
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$150,090,000
There is no relationship between Wells Fargo Bank, N.A. and registrant or
registrant's insiders.
Item 7. Financial Statements and Exhibits
Financial information has not been provided as we do not believe the Company has
acquired a "business" within the meaning of Rule 3-05 and 11-01(d) of Regulation
S-X because (a) 99% of the assets acquired by Tri Counties Bank was in the form
of cash balances relating to the deposit liabilities assumed and (b) a
relatively insignificant portion of the branches' revenue generating assets i.e.
loans, were acquired.
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 March 4, 1997 /s/ Robert M. Stanberry
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Vice President and CFO
