March 15, 2023
The recent headline closures of Silicon Valley Bank and two other banks sent shock waves across the banking industry, resulting in depositor uncertainty and concern. The actions by regulators to shore up confidence in the safety of bank deposits appear to have calmed the markets and depositors. However, the economy continues to be affected by inflation, rising interest rates and other national and global forces.
Despite the turmoil, Tri Counties Bank operates with the same consistent and stable business practices we’ve employed for the last 48 years. Our financial condition is strong and backed by ample capital and liquidity, conservative risk management practices, sensible credit policies, and a talented management team. We will continue to focus on what has made us successful: enhancing the financial success of our shareholders, customers, communities and employees. We’ll be here to meet the needs of our business and consumer customers far into the future.
Tri Counties Bank operates a straightforward community banking business that serves consumers, small businesses and larger enterprises throughout California. Unlike many peer banks, more than half of our deposits are from consumer accounts, most with modest balances opened in smaller cities like Redding, Chico and Bakersfield. We serve businesses of all sizes, in small towns and big cities, and avoid concentration in any one location or industry. We also provide a wide range of services to meet the diverse needs of the people and commerce of California.
I’ve led Tri Counties Bank for more than 25 years. Along with our seasoned management team, we’ve guided the bank through the full range of economic conditions from astonishing prosperity to prolonged recession. Tri Counties Bank has grown and prospered through good times and bad because we never waver from our steadfast adherence to sound business practices and careful mitigation of risks, while serving the needs of customers and communities with trust, respect and integrity.
While we are always looking to attract more business, many of our customers have been with us for many years. Whether you’ve been a customer for a few days or a few decades, we deeply appreciate your loyalty and support, and work hard to serve you every day.
Richard P. Smith
Tri Counties Bank
President, CEO and Chairman of the Board