FOR IMMEDIATE RELEASE
December 7, 2000
CONTACT: Tri-County Bancorp, Inc.
Robert L. Savage, President and Chief Executive Officer
(307) 532-2111
Platte Valley Financial Services Companies, Inc.
Hod Kosman, Chairman and Chief Executive Officer
(308) 632-7004
PLATTE VALLEY FINANCIAL SERVICE COMPANIES, INC. ENTERS INTO LETTER OF INTENT TO
ACQUIRE TRI-COUNTY BANCORP, INC.
Scottsbluff, NE /Torrington, WY- Platte Valley Financial Service Companies, Inc.
of Scottsbluff, Nebraska and Tri-County Bancorp, Inc. (NASDAQ: TRIC) of
Torrington, WY have executed a letter of intent in which Tri-County Bancorp will
be acquired by Platte Valley Financial Service Companies, Inc. Tri-County
Bancorp, Inc. is the parent of Tri-County Bank.
The letter provides that the common shareholders of Tri-County will receive
$12.60 in cash for each common share subject to possible adjustment after due
diligence by Platte Valley. The transaction is subject to certain contingencies
including the execution of a final definitive merger agreement, satisfaction of
applicable federal regulatory requirements (including the sale of Tri-County
Bank's Torrington and Wheatland, Wyoming branches to Platte Valley National Bank
and the transfer of Tri-County Bank's headquarter to Cheyenne, Wyoming),
approval by the shareholders of Tri-County, and completion of a due diligence
examination of Tri-County. The merger, which would be accounted for as a
purchase, is expected to close late in the first quarter or early in the second
quarter of 2001. The merger is valued at approximately $11.67 million.
"We're very excited to welcome Tri-County to the Platte Valley family," Hod
Kosman, Chairman & Chief Executive Officer of Platte Valley Financial Service
Companies, Inc., said. "Together, our organizations will be in a position to
offer our customers a wider range of products and services, such as brokerage,
trust and insurance services, while continuing both companies' commitment to
their communities. This acquisition fits into our expansion plans and our desire
to grow our franchise in markets where we can add value for our shareholders,
customers and the community." "Tri-County customers can look forward to the same
outstanding and friendly service that we have always provided from our existing
personnel, while we expand the products we offer by joining with Platte Valley,"
Robert Savage, President and Chief Executive Officer of Tri-County Bancorp,
Inc., said. "We are extremely pleased with this transaction. Our similar
operating philosophies and dedication to providing the highest quality of
customer service make us a perfect match."
Platte Valley started its financial network of companies in March of 1996 and
currently operates through seven subsidiaries: Platte Valley National
Bank-Torrington; Platte Valley Ag Credit Co. with one location in Torrington and
two locations in Nebraska; Platte Valley National Mortgage Company with one
location in Torrington and two locations in Nebraska; Platte Valley Investment
Center, Inc. with one location in Torrington and one location in Nebraska;
Platte Valley Lending Company-Scottsbluff; J.G. Elliott Company with one
location in Torrington and three locations in Nebraska; and Platte Valley
National Bank-Scottsbluff with six locations in Nebraska.
"At closing, Platte Valley National Bank of Torrington would combine operations
with Tri-County Bank under the name of Platte Valley National Bank and continue
to utilize the current facilities of Tri-County Bank located in Torrington,
Wheatland and Cheyenne, Wyoming," said Kosman.
Based on September 30, 2000 numbers, Tri-County will add approximately $97
million in assets and approximately $54 million in deposits to Platte Valley's
$225 million in assets and $171 million in deposits as of November 30, 2000.
<PAGE>
This press release includes forward-looking statements that are subject to risks
and uncertainties. Actual results might differ materially from those projected
in the forward-looking statements. Additional information concerning factors
that could cause actual results to materially differ from those in the
forward-looking statements is contained in the Securities and Exchange
Commission filings of Tri-County Bancorp. Readers are cautioned not to put undue
reliance on any forward-looking statements contained herein, which speak only as
of the date hereof. The companies undertake no obligation to release publicly
any revisions to forward- looking statements that may be made to reflect events
after the date hereof or to reflect the occurrence of unanticipated events. In
addition, the forward-looking statements contained herein are subject to risks
and uncertainties, including the successful negotiation of a definitive merger
agreement and to completion of certain contingencies mentioned herein.
This announcement is neither an offer to sell nor a solicitation for an offer to
buy securities. The offering with respect to the proposed merger will be made
only by the proxy that will be distributed to shareholders in connection with
the consideration of the transaction.
