Humboldt Bancorp announced the closing of its merger with Red Bluff, California-based Tehama Bancorp, whereby Tehama’s wholly owned subsidiary, Tehama Bank, has become a separate subsidiary under Humboldt Bancorp. As of March 1, 2001, the combined company currently had $895 million in assets and approximately 2,100 shareholders.
Under the merger agreement, Tehama shareholders will receive 1.775 shares of Humboldt Bancorp common stock for each Tehama Bancorp share in a tax-exempt exchange that will be accounted for as a pooling of interests. Humboldt will issue a total of 3.39 million new shares in connection with the merger and the outstanding Tehama stock options will be converted into 394,000 Humboldt options. Tehama shareholders will own approximately 37.5% of the combined company.
Humboldt Bancorp, headquartered in Eureka, California, offers consumer and business banking services through its bank subsidiaries. Humboldt Bank, founded in 1989, operates ten branches located in Humboldt, Trinity, and Mendocino counties. Capitol Valley Bank, founded in 1999, serves customers from its main office in Roseville, California. Capitol Thrift & Loan, a state-chartered industrial bank, operates nine offices throughout the state. Tehama Bank was founded in Red Bluff in 1984 and serves four Northern California counties through six branch offices.
This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Company is conducting its operations, including the real estate market in California and other factors beyond the Company’s control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. For a discussion of factors, which could cause results to differ, please see the Company’s reports on Forms 10-K and 10-Q as filed with the Securities and Exchange Commission and the Company’s press releases. Readers should not place undue reliance on the forward-looking statements, which reflect management’s view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.Details