Tri-Counties Bank has just merged with North Valley Bank.
The two banks will take the name of Tri-Counties Bank and will expand Tri-Counties locations to nearly 80 branches.
The merger came with a $180 million purchase of North Valley’s stock by Tri-Counties Bank.
Both presidents said the customers won’t notice much change, the biggest change will be that the president of North Valley Bank will change job titles, taking on a managerial role.
“I will not be on the board. I will be part of the management team,” says North Valley President and CEO Mike Cushman. “We will have three of our board members moving over to the Tri-Counties bank board.”
As for any layoffs, both CEOs admit there is always that chance, but right now they aren’t planning any.
“There are many branches of North Valley Bank where we don't have any locations,” says Tri-Counties President and CEO Rick Smith. “There are a few where we overlap. And so we'll try to make a very good decision.”
Smith said there are 40 positions open at his bank. He hopes that positions eliminated by any branch closures might be filled in the 40 current job openings.
The merger is still subject to regulatory oversight and should be completed in about eight months.