Tri Counties Bank, part of TriCo Bancshares, has acquired substantially all of the assets and deposits of California-based Granite Community Bank from the Federal Deposit Insurance Corporation (FDIC) as receiver, following Granite Community Banks closure on May 28, 2010.
As of March 31, 2010, Granite Community Bank had approximately $102.9m in total assets and $94.2m in total deposits. No premium was paid by Tri Counties Bank to the FDIC for the deposits of Granite Community Bank.
The FDIC and Tri Counties Bank entered into a loss-share transaction on $89.3m of Granite Community Bank’s assets. Tri Counties Bank will share in the losses on the asset pools covered under the loss-share agreement.
TriCo Bancshares has said that all former Granite Community Bank’s branch locations will reopen during normal business hours beginning June 1, 2010, as branches of Tri Counties Bank. Granite Community Bank depositors will automatically become customers of Tri Counties Bank.
Rick Smith, president and CEO at Tri Counties Bank, said: “Our top priority is to assure all customers that their deposits are safe and remain readily available to them. We are excited to have the former Granite Community Bank customers and employees as part of the Tri Counties Bank family.
“Tri Counties Bank is a well-capitalized community banking institution with a strong history of providing high levels of personalized service to banking customers throughout Northern California. We look forward to offering our deposit, loan and investment products to the individuals, businesses and communities that we serve.”