This slipped past us when it happened last week, but Redding-based North Valley Bank, which has locations in Eureka, McKinleyville, Ferndale and Garberville, has agreed to merge with Chico-based Tri-Counties Bank.
Locals probably remember Six Rivers Bank, which was acquired by North Valley Bank back in 2004.
Tri-Counties Bank, meanwhile, recently acquired Nevada City-based Citizen’s Bank and Granite Bay-based Granite Community Bank, so a more accurate name at this point might be, like, 20-Counties Bank.
These mergers are part of a national trend; banks are melting together like the T-1000. Money News reports, “The number of U.S. banks has fallen to its lowest level since the government started keeping track 79 years ago … .” As of the third quarter of last year there were 6,891 federally insured institutions in the U.S., down from more than 12,500 in 1990.