Hank Sims / Thursday, Oct. 29, 2015 @ 10:30 a.m. / Business
Bank of America Retreats From Humboldt; Arcata, Fortuna, Henderson Center Branches Will be Taken Over by Tri Counties Bank
Can anyone tell us how long Bank of America has operated out of this building on the Arcata Plaza? Longer than any of us can remember, anyway.
The last of Humboldt County’s Bank of America’s branches are set to disappear early next year, as the company’s current wave of branch closures and disemployment of human beings washes over the North Coast.
Fortunately for the locals who work at some of the once-ubiquitous California institution’s last local branches in Eureka, Fortuna and Henderson Center, Tri Counties Bank will be taking over those locations and hiring their employees. The move gives the rapidly growing regional bank, based in Chico, its first toehold in Arcata and Fortuna, with prime downtown storefronts in both cities.
Customers with accounts out of the above branches will be moved over to Tri Counties in what the company promises will be a “smooth transition.”
“We’re very excited to be beefing up along the upper North Coast, there,” Tri Counties marketing director Michael Murphy told the Outpost a few moments ago. “We have very high expectations that we’re going to be providing the customer service people want.”
Press release from Tri Counties Bank:
TriCo Bancshares (NASDAQ:TCBK) announced today that its subsidiary, Tri Counties Bank, has entered into an agreement to purchase three branches on the North Coast of California from Bank of America. The branches are located in the cities of Arcata, Eureka, and Fortuna in Humboldt County.
TriCo Bancshares anticipates assuming approximately $245 million in deposits and purchasing approximately $400 thousand in loans. Subject to regulatory approvals, the transaction is scheduled to occur in the first quarter of 2016.
“We look forward to welcoming our new customers and employees to our expanding branch network along the North Coast communities of Northern California,” stated Rick Smith, Trico Bancshares President and CEO. “This acquisition provides a great opportunity to expand our current branch network to better serve customers and further strengthens our abilities to offer competitive banking products and services throughout the North State.”
Tri Counties Bank will hire the current employees at each of the branches being acquired and is committed to a smooth customer transition. Tri Counties Bank currently has sixty-eight branches throughout Northern and Central California, including five branches along the North Coast of California extending from Crescent City to Ferndale.