Valley Republic Bancorp (OTCMKTS:VLLX) Stock In a Narrow Range: Gets Regulatory Approvals for Merger

Shares of Valley Republic Bancorp (OTCMKTS:VLLX) have been trading within a narrow range over the past few sessions.

Traders Corner

On Tuesday, VLLX stock decreased 1.23% to $40 with more than 300 shares, compared to its average volume of 344 shares. The stock moved within a range of $40.00 – 40.05 after opening trade at $40.05.

TriCo Bancshares and Valley Republic Bancorp Announce Receipt of Regulatory Approvals for Merger

TriCo Bancshares (Nasdaq:TCBK)and Valley Republic Bancorp (OTCMKTS:VLLX) on March 3, 2022 announced that all the necessary regulated approvals for merger have been received. The merger of Valley into Trico as well as Valley Republic Bank into Tri Counties Bank will be closed around March 25, 2022. This will be subject to satisfaction or waiver of other customary closing conditions set in agreement between Valley and TriCo.

TriCo Chairman and CEO Richard Smith expressed delight on receiving entire approval on merger of two robust firms with high level cultural alignment and complementary business models.  Smith added that it would be better for clients, communities, teammates and shareholders to be together.

Valley President and CEO Geraud Smith said that the company will be building on client-driven and community cultures for ensuring positive experience for stakeholders. Smith added that after months of collaborative planning, the company is prepared for implementing successful integration.

With Valley on pro forma combined basis, TriCo’s total assets of about $10.1 billion, total loans of about $5.7 billion, and total deposits of $8.6 billion as December 31, 2021.TCBK is bank holding company established in 1974. A wholly-owned subsidiary of TriCo Bancshares, it is headquartered in Chico, California, giving unique brand of customer Service. Its solutions are available throughout California.

Valley Republic Bank, established in 2009, is a wholly-owned subsidiary of Valley Republic Bancorp, headquartered in Bakersfield, California.

Key Quote

“We are pleased to have received all regulatory approvals to merge two strong companies with complementary business models and a high level of cultural alignment. We’ll be even better together for our clients, teammates, communities and shareholders,” said TriCo Chairman and CEO Richard Smith.

Technical Data

VLLX stock is trading below the 20-Day and 50-Day Moving averages of $41.30 and $41.20 respectively. However, the stock is trading above the 200-Day moving average of $38.1.