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Financial Advisor And Fairness Opinion

TriCo Bancshares

$315 Million 12/11/2017 Depository Complete
Lead Banker: Jimmy Troy
Show Tombstone

Transaction Details

  • Announcement Date: December 11, 2017
  • Expected Closing: 2Q’18
  • Deal Value: Approximately $315 million
  • Total consideration to consist of approximately 100% stock
  • Under the terms of the agreement, FNB shareholders will receive 0.980 shares of TriCo common stock for each share of FNB common stock
  • The pro forma company will be the largest community bank headquartered in Northern California
  • Transaction multiples as of 12/8/2017:
  • 22.5x price / LTM earnings(1)
  • 2.60x price / tangible book value
  • 2.38x price / marked tangible book value(2)
Sources: Company filings, SNL Financial and publicly available information.
  1. Note: Financial information is as of September 30, 2017. Deposit market share data is as of June 30, 2017. Deal value includes cash consideration for stock options.

    (1) Adjusted for an estimated $1.8mm pretax in non-recurring accelerated expense of FNBG's Management Continuity Agreements, less estimated ongoing accrual of $0.35mm pretax.

    (2) Adjusted for $18mm pre-tax write-up due to FMV of FNBG owned branches and buildings.

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